REGISTEREO COMPANY NLIMBER- 01274280 (England and Wale$l REGISTERED CHARITY NUMBER., 272(X)7 REPORT OF THE TRUSTEÉS ANO UNAVOITED FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 FOR STEVE ROSS FOUNDATION FOR THE ARTS Bright Brown Limited Chartered Accountants Exchange House St. Cross Lane Newport Isle of Wight P030 58Z
STEVE ROSS FOUNDATION FOR THE ART5 cowrENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Page Report of the Trustees Independent Examlner's Report Statement of Financ1 ActItIeS Balance sheet 9 to 10 Notes to the Financlal Statements li to 22 Detalled Statement of Fin2nclal Aclivltles 23 to 24
SIEVE ROSS FOUNDATION FOR THE ARTS REPORT Of THE TAUSTEES FOR THE YEAR ENDED 31 MARCH 2023 The trustee5 who are also direttcrs of the charity forthe purposes of the Companles Act 201%. present their report with the financial 5t*è.mÈrnts of the charity for the year e ded 31 March 2023. ThÈ trStee5 have adopted the PTovisions of Accountln8 and ReportinE by Charities.. Statefflent of Recommended Practice app15cable to charitlP_5 preparlng their ccounts in accordance with the Financial ReportSnE Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective I january 20191. OBJECTIVES ANO AcfMTIES Objert5 and policies To foster and promote the Improvement. development and mainten1n ol artistic knowledge and understanding, and Appreciation of the arts 2mong the inhabitants of Grezt Britain and in particular amonB the inhabitants of the Isle of Wight and the surTounding locality by p¥ovitling facilities for the education of the public in the fields of art, craft, music and drarn3. Publlc benefit All the activilies of the Charity focus on delivering cofflmunity benefit and are in accord3nce wlth the objects of the Charity. The Trustees have complied with their duty to have due regard to the Charity Commission's public bÈnÈfft guidafi when exercising any powers or duties to whSch the guidance IS Televant. Page I
STEVE ROSS FOUNDATION FOR THE ARTS REPIJRT OF THE TRUSTEÉS FOR THE YEAR ENOED 31 MARCH Z023 ACHIEVEMENT AND PERFORMANCE Trustee'5 Summary l am happy lo report the Quay had a fulfllllne year with a continuing rise in visitor numbers following the pandemic 35 wdl a5 the chance to fiNa11y stage some of our lonE-delayed performance5. Our ambition is to be the Island's hub for creativr(y and culture. We are bold and ambltious about art and culture as a force for prosperity. We run an ambitious program that ks inclusive, accessible, 3nd welcoming. We dellwered IO0+ ticketed live events in addition to our regular free events. We a150 had 381 tlasses and workshDP sessions available for the year. Courses and Workshops were ivell 5UPPOrted, and we provided courses Including poiiery, life drawingi J2wellery, Rafla, and Ukulele. l am especially pleased to report that we secured National Portfollo Status from the Arts Council durift8 the year. and thi5 has formed the basis for our extended prograrnme of Educational and cultural activitlÈs in 2023 an(J bcyond. The 'Lets Create programme Is a hu8e opportunity to SUPPOrt dyn3misrn and cre3tivity the Island and we are Imrnen5ely proud to be part of it. In addltlon, the new funding wlll enable us to achieve significant art15tic In-re4ch and out-reach to island schools. The first tranche of funding was received in April 2023. Amontst the highlights of ouv zzI23 pfograrn.. Mu5Ic evÈnts included the IOW Ja2z Festlv31, Music Madness - foodbank blues in 5UPPOrt of local foodbanks, music lor Ukraine, the Sunday recitals 5eriesi plus regular Jazz, and Folk clubs as well as the reEular Irish and Acoustic sessions ITI the café. The Quay continues to 5UPPOrt the upcyde Orchestra ISEN muslc provision for all) In the VIS81 Arts we were proud to have exhibited a showcase of wark from twenty island Schools as part of the low touncils'PEACH' progrdmrne. The programme is designed to nsPIte our thildren towards active and healthy Ilve5. This was the second year we have Eollaborated on PEACH. The Tactile exhibition by blind-braillo artist Clarke Reynolds attrartpd 2,727 live wsitors and athieved a 17road reach on Instagram. Thls vibrant and groundbreaking exhIbli0n explored themes around sight Ioss and was 5UPPOrted by è very powèrful talk and farnily drop-in workshop. Paradoxe5 brou8ht the work of fifty-two painters based throuEhoyt th& British Isles to the QL*ay ar+d explored the breadth of colliemporary 8rit15h painting. This was a follow up event from the Summer 2016 exhibition. The comedy pro¥ram included a lange of national icts, several ol whom had perfom)ed at the Edinburgh festlval, as well as local151afjd artists. We contTrnued our support for Deadman's Theatre IFreshwater Five), held Ouf much-loved outdoor theatre at Newport Cricket Ground and the Steam Railway, as well as Murder mystery (Red tie theatrel, and Ston? Cr3bs, amongst others. We ran 3n experimeFJtal cinema programme In conjunction wth the BFI. The theatre also hosted the filming of scenes from a Bollywood Movle. From our wide range of chldren'S show5 a highlight was the Bubble show. where Mr. Bubbles broke the world retord for the longest bubble rally with his daughter. Besides theJaz2 Festiv31 we ran the Gin Fest1V31, Beer Festival, the Tattoo Conventlon (with twenty-faur artists) the IW story festival lincludiD8 horrible hi5torios SIMO Farnsworthl and our Christm35 Crackor festival all of which attracted dIVee audiences to the Quay. The Kashmir staEe at the legendxry Isle of Wi8hi fÈstlval was once again a flrm favourite and the Quay is &ratelul tc Vlcky Spencer for her hard work that makes this event such a Success. Page 2
STEVÉ R05S FOUNDATION FOR THE ART5 REPORT OF THETRUSTEES FOR THE YEAR ENDÉD 31 MARCH 2023 The Mike Howley Trust Fund was successfully administeTed by Quay Arts, with awards given during the year to emer8lng youn8 artists and performers, which enabled them to launch a variÈty of projects. We are grateful to the Daisy Rich Trust for 5pon5011n8 all our family drowlns includlng the extremely popular Cre3turama workshops. We actively engaged In the NHAZ Irenew Newpartl prolert, In conjunction wlth the Island Collection, the Isle of WiBhi Council and the Isle ol Wight Cultural Con50rtium to boost the cultural life of Newport and support the re8eneratioTh of the Islands capital. We were also p3rticipants In the Isle ol Wight 8i05pherp projÈtt. Pilolin8 new ways of engaging young people and promoting sustalnablliiy and appreciation of our beautiful Island. A5 part of this projott, we co-in5t3lled a window rnural 3t Cowes Enterprise College based on designs made by studÈnt5 from the projecu We are keen to promote 5ustslnability across the Quay, from reduclng our ener8¥ footprint. hostin8 environTnenially drwen activities such as the repair café and hosting exhibithjns that communicate key environmentsl themes such as David Rodford's Detritus, The Debri5 of ConsumÉrlsm. The tumover of the Charitable Foundation nCreased 7.8% to £368,292 and of the tradin8 subsidiary £341,653 an increasè of 33.7%. The tradlng company cantinue5 to recover fram Covid and finished the year profltalAy althtsugh still not the level the 8oard would like to achieve. The tontributK)n frorn the trading Company to the charTrtable foundation was £60,120 managemerntfee and £7,138 donation. We are introducing stron8 based 8r3nds such as Tatty Divine to our shop. The Board and Management are committed to the task of continuing to irnprove the financial resiliencè of Quay Arts. Staff number5 in ihÈ charity remairted at 9 and in the trading company werE reduced frorn 13 to 11. On the operational 5idp. there were repairs to the roof, lift and electrical compliance work Grant funding wlll need to be sought in the comin8 years to address the fabric of the building. Impacts of infiation ÈspÈcially on fotsd and energy and performer feed5 have Inevitably driven Increases in pricing. The"frustees remain committed to ensuring thatthe Quay remains a greèt place to work for its peoplo. I would like to give thanks to the hard work of the 5tafl who have mnsbstently gone above and beyond to keep the Quay the livÈ and vibrant place it is today. to my fellow Tru5teeswho have given so unstiniingly of theiT tTrme and our tenants, the Isle of Wight Council ai Jubilee stores and the Quakers in the rope store, I nute that the Jubilee stores tenanry will end ITT 2023 and WÈ will need to lind new tenants. During the yeaF we welcomed Jeanette Howells to the Board of Trustees. She brings a wealth of experTrenee in the not-for-profit sector lo the Board. Andy Dutton. Chair of SRFA Board of Trustees. P3ge 3
STEVE ROSS FOUNDATION FOR THE ARTS REPQRT OF THE TRUSTEES FOR THE YEAR ENOÉD 31 MARCH 2023 FINANCIAL REVIEW Flnancial performance Total income generated in the year was £368,29212022: £341,525) of which £21,93512022.. £13.(fill are restricted funds. £67,25812022.. £36,450) was generated by the mana8ement charge and glft from the Quay Art5 TradlnÉ Company, £21,935, 12022.. £97.4131 was provided by grant5, £83,90712022.. £70.8041 froFn rerital property and bank interest, and £195,192 12022.. £136.8581 from other donations and income. Total expenditure for the yeai was £438,18412022.. £357,0211. Unrestricted and restrKtod funds cariied forward at the end of the year amounted to £1,989,169, and £3,077 rEspectlvely12022.. £2,055,946 and £6.1921. Investment polky and objectives The charitablÈ company ha5 the power to invest in such a55et5 as they see fit. The charitable company'5 pollcy Is to maintsin Sufficient reserves in the form of instant acce55 b3Trk accounts. This enables the trustees to respond to unexpected dém2nds on worklnE Capltal without the need to recourse to an ovordraft. and to take advantage of unexpected opportunitTres. The trustoes were provided with the jubilee Stores prDPÈrty by thelsle of Wight County Council, which it lets back to the Council and also to local artists. Reserves policv It is the po1CY ol the trustees to Fnaintaln and increase funds ro prode free reserves equivalent to at least three months expend5ture. The charity has now achleved this level ol resÉrvÈs. Risk man4gement The trustees have identified potentl31 risks to which the charitsble company15 exposed. whith include wear and tear on the buildlnE. replacement of captal equipment and Commerci31 pressure from ch3nging economic Ilimate. These risks are fvlly considered in the busTrness plan drawn up by the tnJstee5. which outlines the steps 13ken to mitig3te and control the kev STRucfuRE. GOVERNAPJCE AND MANAGEMENT Governing dorument StructurÈd as a non-profit makin8 c(xmpany, the Steve R05s Foundation for the Art5 is an independent organisatlon constituted under the Memurdndum and Articles dated 9 July 1976 (amended by 5peclal resolution passed 17 September 1976, 14 March 1977, 25 August 2021 and 2 December 202113nd based at Quay Arts Centre in Newport, Isle of Wight. Recwitment and appolntment of newtrustees New trustees are nominated by the existlng board of trustees and are elected by the membership on the basis that thev have the necessary skills to contribute to the further development ol the charitable companv. Page 4
STEVE R05S FOUNDATION FOR THE AATS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Organisatlon and manatement The charitable company's activitie5 include provlding artlstic workshops for the general public. studi05 for creative practitloners and a broad 3rt1Stic proEramrne of event5 Including theatre, live music and comedy, and exhibltions featurlng the wark of international. national and local art15ts. The ch3rltable company Is controlled and directed by the committee of the trustees which meets a minimum of slx times year. The charit3ble company owns l(MYA of the SSue.d share capital ctf the Quay Arts Trading Company Limited. This operates 3 café, crnft shop and conferencing facillties and any profts EharBeable to corporation tax alp donated to the charitable companv. New trustee5 arÈ nominated 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 companv. REFERENCE AND ADMINISTRATIVE DA]is Registered Company number 01274280 IEng13nd and Wales) Re8lstered Charlty number 272007 Registered office Quay Arts Centre 15 Sea Street Newport Isle of Wight P030 5BD Trustees J Howells lappolnted 24101120231 V A Spencer L Peckham A Dutto R Thompson KMAPurton No trustee held any interest in the charitable comf)any during the two years ended 31 March 2023. Independent EKamlner Bright BrDWTr Limited Chariered Accountants Exchange House st. Cross Lane Newport Isle of Wight P030 5BZ Pa8e 5
STEVE ROSS FOUNDATION FOR THE ARTS REPORT OF THE TRUSTEES FOR YHE YEAR ENDED 31 MARCH 2023 Approved by ordet of the b03rd of irustees on .. and signe(J on its behaw by.. A Dution .Trustee Page 6
INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEE5 OF STEVE ROSS FOUNDATI FOR THE ARTS Independent e¥amlner's report to the trustees of Steve Ross Foundation For The Arts I'the CompanVI report to the charity trustees on rny exbmlnation of the accounts ol the Company for the year ended 31 MarEh 2023. Responslbllltie5 and basls of report As the ch3rity's trustees ol the Company land also its directors for the purptsses of company lawl you are responsible far the preparation of the account5 in accordance wlth the requiremeF>ts of the Companies Act 20061'the 2006 Act'l. Having satisfied mysewthat the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independenl ex3minatior. I report in respect of my examination of your charity's 8ccounis as carried out undeT SectSon 145 of the chartieS Act 20111.tho 2011 Act'l. In carrying out m¥ exarninat I have followed thÈ Dlrertion5 given by the Charity Commkssion under Sectlon 145151 Ibl of the 2011 Act. Independent examlner's statement Since your charitV'5 gross income exceeded £250,(MJO your examiner must be a member of a listed body. I taTh confirm that I am 9ualifiÈd to undertake the examination because l am a member of the Association of Chartered Certified Accountants, which Is one of the listed bodles. I have cornpleted my examination. I conflrm that no m3tters have come to my artÈntion in connectlon wlth the Èxamlnatlon giving rne cause to believe.. accountlng records were not kept in respect of the Company as reqUId by Sertion 386 of the 21X)6 Act- or the accouttts do not accord with those records., or thè accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a tnje and falr view which is not a matter considered as part of an independent examination,. or the accounts have not been prepared in zccordantt with the method5 and prlnciples of the Statement of Recornmended Practlce for accounting and reporting by charitie5 (applicable to chartIeS preparing their accounts in accordance wth the Financial RePOrtn8 Standard applicable In the UK and Republic of Ireland IFRS 10211. I have no cOnrn5 and have come acros5 no other matters in connertion wtth the examination to which attention should be drawn in thi5 report in order to en8e a proper undÈrstanding of the accounts to be reached. J PBlrner The AssociatSon of Chartered Certified Accountants Bright Brown Limited Chartered Accountants Newport Isle of Wight Date.. Page 7
STEVE ROSS FOUNDATION FOR THE ARTS STATEMENT OF FINANCSAL ACTIVITIES FOR THE VEAR ENOEO 31 MARCH 2023 2023 Total funds 2022 Total funds Llnrestricted funds Restrirted funds Notes INCOME AND ENDOWMENTS FROM Donation5 and legacies 19,727 21,935 41,662 104.256 Charftable actlvlties Development of Arts 142,793 142,793 103,805 Other trading activities Investment income 99,930 83.907 99,930 83,907 62,660 70,804 rotal 346,357 21,935 368,292 341,525 EXPENDITURE ON Charitable actlvltles Developrnent of Arts 418.434 19.750 438.184 357,021 NET INCOMEIIEXPENDtfuREI Transfers between fund5 172,0771 5,30D 2,185 15,3001 169,8921 115,4961 16 Net moverneAt In funds 166,7771 13,1151 169,8921 115,4961 RECONCILIATION OF FUNDS Totsl fvnds bfought ford 2,055,Y46 6,192 2,(2,138 2,077,634 TOTAL FUNDS CARRIED FORWARD 1,989.169 3.077 1,992,246 2,062,138 The notes form part of these financlal statements Page 8
STEVE ROSS FOUNDATION FOR THE ARTS BALANCE SHEET 31 MARCH 2023 2023 Total funds 2022 Total fud5 Unrestricted funds Restricted ftinds NrJte5 FIXED ASSET5 Tangible assets Investments 1nvestmenls vestment propertv 916,910 916.910 950.243 io li 945,OtK) 945,000 945,OLK> 1.861,912 1.861,912 1,895,245 CURRENT ASSE[5 Det>tors sh at bank and in hand 12 52,122 216,209 S2,122 229,131 82,515 205.218 12,922 268,331 12,922 281,253 287,733 CREDITORS Amounts falling due within one year 13 1121,0741 19,8451 1130,9191 1100,8401 NET CURRENT ASSETS 147,257 3,077 150,334 186,893 TOTAL ASSETS iE5S CURRENT LIA8ILITIES 2.009,169 3,077 2,012,246 2,082.138 CREDITORS Amounts fallin8 due 3fteT more than one year 14 120,1XKII 120,(KM)I 120,0001 NET ASSETS 1,989,169 3,077 1,992,246 2,062.138 FUNDS Unrestricted funds Restricted funds 16 1,989,169 3,077 2,055,946 6,192 TOTAL FUNDS I,2,246 2,062.138 The charitable company 15 entitled to exemption ffom audit undw 5ettlon 477 of the Companies Act 2006 for the year ended 31 March 2023. The member5 have not required the company to obtaln an 3udlt af its financlal statements for the year ended 31 March 2023 in accordance wlth Section 476 of the Companies Act 2006. The notes form part of these fFnanclal staternents Page 9 continued...
STEVE ROSS FOUNDATIOTrI FOR THÉ ARTS BALANCE SHEET- Contlnued 31 MARCH 2023 The trustees ackncwlÉdge their re5ponsibllitles for ensuring that the charitable company keeps arcountlng record5 that comply wlth Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and falr view of the state of affalrs of the chaiitable ctsmpany as at the end of each financ31 ye3T and of its surplus or deflcit for each financial year in accDrdance with the requlrements ol Sections 394 and 395 and wh1ch otherwlse compty wlth the requirements of the Companies Act 2QK)6 relating to financial statements. so far ?5 applicable to the charitable companv. These financial statements have been pr¥ared in accordance wth the provisions applicable to charltable companies subject to the Small compani£s regime. The linancial statements were approved t>y the Board of Trustees and authorlsed for i55ue on and were slgned on it5 beham bv.. A Dutton- Trustee The notes form part of these fillancial statement5 Page 10
STEVE ROSS FOUNDATION FOR THE ARTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POUCIES Bas15 of preparlng the fmanclal statements The lirbancial 5taternents of the charitable. company. which is a publlc benefit entity under FRS 102, have been piepared in atcordance with the Charities SORP IFRS 1021 'AccDunting aad Reporting by Charitie5.' StateTh£nt of Recommended Prattice applicable to charities preparillg thelr account5 in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191,, Financial Repcrting Standard J02'Tl>e Finarcial Reporting Standard applltable in the UK and Republic ol Ireland, and the CL¥mpanies Act 2006. The financial statements have been prepared under the historical cost conventson, with the exception of investments which are induded at market value. The charitable company15 re8lstered in England atTrd Wales 3nd Is limited by guarantee. Income Volunta 5ncome Oonatlons and gr3nt5 are recognised when retieved, except where there are performance related terms and condltions that must be met before the charity is unconditionally entitled to the money. Where this is thE case. the D£ome Is recognised once these coDdit5ons have been met. Covenanted donations are recognised when tho donation Is covenanted to be made and the amount of the donation can be rneasure(J rdiably. Incorne from chafltable activitlÈs Box office. exhibitions sales and educational programme Income is recognised when the event t3kes place. Subscription income is recognised overthe period of the subscription. Income from fUndraIn and othertradin Management ch3rges and administration fees are recognised over the period that the service is PTovidÈd. Fundrai5in8 income is recognised when the event takes place. and any fundr315ing $3les are recognised at thè point of sale. Investment income Interest ieceivable 15 recoEnised over the period It is accrued and rents reIable are Yecognised over thÈ period that the property is let. Expendfture Liabilities 3r& recognlsed as expenditure as soon 3S there is a legal or constructive obligation commitiing thE charitv to that expendlture, it is probable that a transfer of Èconomic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basts and has been classified under headings that areRate all cost related to the cate8ory. Where costs cannot be directly attributed to particul3r headings they have been alloc3ted to activities on 3 bbsis eonsistent with the of resouTces. TanElble fixed as5et$ Dopreciation K% provided at the following annual rates in order to write off eèch asset over its estimated useful Ilfe. Freehold property Office equpMent Over fifty years Straieht line over 5 years, StraiBht line over 10 years and Stralght line over 3 years Page 11 continued...
SYEVE ROSS FOUNDATION FOR THE ART5 NOTÉS TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2021 ACCOUNTING POUCIES- continued Investment propertv Investrnent properties are hdd at fairvalue and gains or105ses are retoenlsed In the incorne statement. Taxatlon The ¢h3rily is exempt from corporation t8K on Its charitable activitles. Fund a¢countin Unrestricted funds can be used in accordance with the charitable tsbjectlve5 at the discretion of the trustee5. Restricted funds can only be used for partlcular restricted purpose5 Wlthln the objects of the charity. Restrlction5 arise when specified by the donor or when funds are r3ised for partlcular restricted purposes. Further explanatio of the nature and purpose of each funij is intludtd in the notes to the financlal stat&rnents. Hbre purth2se and lea51n% commitrnents Rentals paid under operating leases are charged to the Statement of Financial A¢tNities on a raight line basis over the period of the lease. InveStntS in group undertak4ngs Investments in Eroup undertakings are shown at tost1Éss impairment Bs a rnarket value is readily 3vallable for nlisted shares. DONATIONS AND LEGACIES 2023 2022 Donations Grants Donated services and fac511ties 19,727 21.935 5,343 97,413 1,500 41,662 104,256 Grants received, included in the atrM)ve, are £s follows.. 2023 2022 Arts Counal En8land ArtSt5 Rooms Dai51e Rich Trust Furlough scheme Other grants 92,840 15.435 1,087 1,486 6,500 21,935 97,413 Page 12 contlnued...
STEVE ROSS FOUNDATION FOR THE ARTS NOTES TO THE FINANCIALSTATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2023 OTHER TRADING ACnVITIES 2023 2022 Mana8em@nt charge frorn tradlng subsidiary Admlnlstration fees Fundraising 60,120 s,5j 34,310 36,45Ql 6,00 20,210 99,930 62,660 INVESTMENT INCOME 2023 2022 Renis received Interest recelved 83.576 33J 70,788 16 83.907 70.804 NET INCOMEIIEXPENDITUREI Net incomellexpendlturel is stated after chafgingllcreditingl.. 2023 2022 Deprectation- owned assets Other operatin8 leases Surplus on disposal of fi¥ed assets 34,602 7,787 35,123 7,640 11001 TRUSTEES, REMUNERATION AND BENEFITS There %verp no trustees, remuneration or other benefits for the year ended 31 March 2023 nor for the year ended l March 2022. Trustees. expenses ThÈre were no trustees, expenses paid forihe year ended 31 Marth 2023 nor for the year ended 31 March 2022. Page 13 tontlnuod...
STEVE ROSS FOUNDATION FOR THÉ AR7S NOTESTOTHE FINANCIAL STATEMENTS- continued FOR THEYEAR ENDED 31 MARCH 2023 STAFF COSTS The 3veraEe monthty numbÈr of employees during ihe year w35 as follows.. 2023 2022 Full time e9uivalent No employee5 received emoluments in exces5 of £60,QOO. Key management personnel remuneration The Centre ManaEer Is considered to be key management personnel and the salary rjaid for this post durlng the year was £35,1)48. OMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unfe5tricted fund5 Restricted funds Tot31 funds INCOME AND tNDOWMEhlTS FROM Donations and legacies 91,195 13,061 104,256 Charitable actlvlties Development ol Arts 103,805 103.805 Other trading activities InvestmÈnt incorne 62.660 70,804 62,660 70,804 Total 328.464 13,061 341,525 EXPENDITURE ON Charitable athvitles Development of Art5 344,195 12.826 357,021 NET INCOMEIIEXPENDITUREI Transfers betWEen funds 115,7311 11,376 235 111,3761 115.4961 Net movement in funds 14,3551 111,1411 115,4961 RECONCILIATION OF FUNDS Total fund5 brought forward 2,060,301 17,333 2,077,634 TOTAL FiJhlDS CARRIED FORWARD 2,055,946 6.192 2,062,138 Page 14 continued...
STEVE R05S FOLINDATION FOR THE ARTS NOTESTO THE FINANCIAL STATEMENTS- ¢ontlnued FOR THE YEAR ENDED 31 MARCH 2023 TANGIBLE FIXED Assgrs Freehold propertv Office equipment Tot315 COST At l Aprll 2022 Addition5 1,615,275 269.489 1,269 1.884,764 1,269 At 31 March 2023 1,615.275 270,758 1.886.033 DEPRECIATIC At l April 2022 Charge lor year 684,084 28,503 250,437 6,099 934,521 34,602 At 31 March 2023 712,5S7 256.536 969.123 NEf BOOK VALUE At 31 M3rch 2023 902,688 14,222 916,910 At 31 March 2022 931,191 19,052 950,243 io. FIXED ASSET INVESTMENTS ShBres in roup undertakings MARKEfvALUE At l Apr1 2022 and 31 March 2023 NET BOOKVALUE At 31 March 2023 At 31 March 2022 There were no investment 3Ssets outside the UK. The company'5 investments 3tthe balance sheet date in the share capital of coMpane$ include the following.. Page contlnuÈd...
STEVE ROSS FOUNDATION FOR THE ARTS NOYESTO THE FINANCIAL STATEMENTS- tontlnued FOR THE YEAR ENDED 31 MARCH 2023 io. FIXED ASSET INVESTMENTS. continued QuayArts Trading Compzrry Llmlted Registered offlce.. 15 Sea Street, Newport HarbouT, Newport. Isle of Wight Nature of business= CafE and Bat Class of share.. Ordlnary holding loo 31.3.23 31.3.22 AÉgregate capital and reserves Profit for the year 23,922 7,417 23,643 28,930 ii. INVESTMEMf PROPERTY FAIR VALUE At l Ap1 2022 and 31 March 2023 945.CK NET BOOKVALUE At 31 March 2023 945,000 At 31 March 2022 945,000 The leasehold property. Jubilee Stores, IS stated at its curre.nt open market value. The v31uatlon was carried out on 9 October 2012 by Jamle Whittle IMRICSI and Nichola5 Buckle IMRICSI DI Gully Howard. Chartered Surveyor5. The trustees tonsider that there has been no indicatorn of material revaluation since the date of the last professional revalllation. 12. DEBTOR5: AMOUNT5 FALUNfj DU£ WITHIN ONE YEAR 2023 2022 Trade debtors Amounts owed by Broup undertaking5 Other debtors Prepayments 44,655 19,097 39,341 21,211 2,866 3,162 4,305 52,122 82.S15 Page 16 continued...
5fEVE ROS5 FOUNDATION FOR THE ARTS NOTES TO THE FINANCIAL STATEMÉNTS. colltlnued FOR THE YEAR ENDED 31 MARCH 2023 13. CREDOR5.. AMouNfs FALLING DUE WITHIN ONE VEAR 2023 2022 Trade creditors Arnount5 owed to group undertakn8$ SOC31 security and other taxes VAT other creditOT5 Accrued expenses 10,607 7.368 3,391 18,060 79,914 11,579 15,714 2,993 11.275 60,070 10,788 130,919 IIXl.840 14. CREDITOR5: AMOUNTS FALUNG DUE AFTER MORE THAN ONE YEAR 2023 2022 other loans (see note 151 20.( 20,000 15. LOANS An analS of the matursty of loans is gNen below.. 2023 2022 Amount5 falling due in more than live years.. Repayable otherwSE than by instalmerts.. Other1oans more 5yrs non-lnst 20.000 20.000 Pa8e 17 continued...
STEVE AOSS FOUNDATION FOR THE ARTS NOTES TO THE FINANCIALSTATEMENTS- cotttlnued FOR THE YEAR ENDED 31 MARCH 2023 16. MOVEMENT IN FUNDS Net movement ilb funds 7ransfers between fund5 At 31.3.23 At 1.4.22 Unrestricted funds General fund Bullding Maintenance Fixed Asset5 and Revaluation Reserve CYP fund Kashmir Consultancy fund 118,319 25,IXIO 1,895,245 11,232 138,2571 14,454 94,516 25,000 1,861,912 134,6021 18091 2,ODO 14091 1,269 110.4231 2,000 5.741 6.15 2,055,946 172,0771 5,300 1,989,169 Restricted funds Daisie Rich Renew Newport AON8 Biosphere 2,437 3,255 500 640 13,2551 4,800 3.077 15,3001 6,192 2.185 IS,3001 3.077 TOTAL FUNOS 2,062.138 169,8921 1,992,246 Net movement in funds, included in the above are as follows.. Incomlng resource5 Resources expended Movernent in funds Unrestricted hJnds General lund Fixed Assets and Revaluation ReseNe CYP fund Kashmlr Consultancy fund 344,356 1382,6131 134,6031 18091 138,2571 134,6021 18091 2,IK)O 14091 2,000 14091 346,357 1418,4341 172,0771 Restricted fvnds Daisie Rlch Renew Newport AONU Blosphere 11,3601 17,7551 110.6351 640 13,2551 4,800 4,500 15,435 21,935 119,7501 2,185 TOTAL FUNDS 368,292 1438.1841 169,8921 Pa8e 18 continued.,.
STEVE ROSS FOUNDATION FOR THE ARTS NOTES TO THE FINANCIALSTATEMENTS- ¢antinued FOR THE YEAR ENDED 31 MARCH 2023 16. MOVEMENT IN FUNDS- contirbued Comparatives for movement in funds Net rnovement In funds Transfers between luThds At 31.3.22 At 1.4.21 Unrestrlcted funds GenÈral fund Buildin8 Maintenance Fixed As5et5 and Re¥aluation Resevve CYP fund Consultancy fund 97,939 25,000 1,927,865 9,497 14,755 5,625 118,319 25.000 1,895.245 11,232 6,150 135,1231 11.7631 6,400 2,503 3,498 12501 2,060,301 115,7311 11,376 2,055,946 Restricted funds Dglsle Rlch Mike HOE¥ Trust Fund Lift the Lid Apprenticeship DaLile and Disrupt Renew Newport AON8 Biosphere 1,380 3.243 3,748 5,92g 3,033 1,057 2,437 13.2431 13,4981 12501 15.9291 12731 a,255 2,375 12,7601 3,255 500 11,8751 17,333 235 111,3761 6,192 TOTAL FVNDS 2,077.634 115,4961 2,062,138 Page 19 tontinued...
STEVE ROSS FOUNDATION FOR THE ARTS NOTES TO THE FINANCIAL 5TATEMEMTS- continued FOR THE YEAR ENDED 31 MARCH 2023 16. MOVEMENT IN FUNDS- continuèd Comparative net movement in funds, included in the above a a5 follows.. ncoming resources Re50urce5 expended Movement in funds Unrestricted fvnds General fund Fixed Assets and Revaluation Reserve CYP fund Consultancy fvnd 321,864 1307.1091 135,1231 11,7631 12001 14,755 135,1231 11,7631 6,600 328,464 344,1951 115,7311 Restricted funds Daisie Rich Lift the Lid Appronticeship Da2zle and Disrupt Renew Newport AONB Biosphere 2,IK)O 19431 12501 15,9291 11,7591 11,2451 12,7LKII 1.057 12501 15,9291 12731 3,255 2,375 1,4S6 4,$00 5,075 13,061 112.8261 235 TOTAL FUNOS 341,525 1357,0211 115.4961 Dalslo Rlch Trust This fndIng 5UPPOrt5 lamily drop in prolects both around the land and on site. Mike Howley Trust Fund Funding was pyovided for the charity to purchase computer and other equlpment to improve facilities available for its award rec*p(ents use. Llft the Lld Lift the on Island Culture 15 a 2 year Art5 Council England and Artswork funded project (May 2018- May 20201. Led by Quay Aris and the Cultur31 Education Partnershlp, the project aimsto renIte a sense ol pridÈ and passion in cultural heritage on the Isle of WS8ht thiough four new art commisslons and a School rÈsponse exhibltion. Appfentlceshlp Fund This fund is to provide lor payroll and travel CDSts for a creative apprentice positlon, shared by Quay Art5 and Ventnor Exchange, in conjunction with Artswork. The apprentice will WD¥k equally across both organi5ations on a wide ran8e of events and projects gainlng valuable ÈxpÈriÈnce in events co-ordination, project planning and arts marketing. Dazzle and Dlsrupt PagÈ 20 continued.
STEVE ROSS FOUNDATION FOR THE AATS NOTES TO THE FINANCIALSTATEMENT5- contlnued FOR THE YEAR ENDED 31 MARCH 1023 16. MOVEMENT IN FUNDS- contSnued The ACE project grant funding for 'Daizle & Oisrupt, is to support the development of new 2rtWOTk by art15ts tisa Traxler & Jeannle Driver, resulting ill an exhibition in the West Gallery. The fundinK wlll also Support marketlng costs, some Quay Arts staff cost5, a printed publlcation and engagement programme to run alongside th& exhibition. Rènew Newport This project has been developed and partnered with other cultural organisations, Heritage England, IOW Council, and town councils to establlsh a cultural presence and provide cultural opportunlties in Newport. AON8 Blosphere I'his funding 15 Part of a partner project to f nd new ways to engage young peopl& with the Islands leading cultural organisations, celebralinethe Islands Biosphere status. Transfers between fvnd5 During the year, the lollowinE transfers were made itWeefi funds.. UNRESTRICTED FUNOS Flxed A55et and Revaluation Reserve A transfer was made in the year from the general fund to the flxed asset fund to tske account of the addlt5ons purchased during the year. The trustees consider it neSSary to disclose all unrestricted non-current asset5 sepèrately from Current assets in order to show a more transparent WÈW of the charty and it's free and available reserves. Kashmir The charity Is holding a balance of E2,rKJo to support volunteer5 Wlth fulure fittSnBs repl3cEmenttor the Stage Tent. RE5TRICYEO FUNOS During ihe year. fund transfers have been proce5sÈd in order to rertlfy restricted tunds in deficit, 35 well as 3ceounlin8 for other trall5fers that are deomed neSSarY to give 3 more accurate p051tion at the year end. PaBe 21 continued...
STEVE ROSS FOUNDATION FOR THE ARTS NOTESTO THE FINANCIAL SVATEMENTS- conth)ued FOR THE YEAR ENDED 31 MARCH 20Z4 17. RELATED PARTY DISCLOSLIRES During the year, Quay Arts Trading Company Llmited IQATCI. a wholly owned UK subsTrdiary of the charfLV shared facllities with the charity including admSnlstrative staff. premises and card processing facilities. Management tharge5 of £60,12012022.. £36,450) were charged to QATC the year. QATC donated profits of £7.138 12022.. £nill to the charity. As at 31 March 2023 QATC was owed £7,368 by the charitv. 18. FUNDS HELD AS AGENT During the year the charity held and admintstered fund5 from the Mike HouAey TrSt as agents. The charity made £14.136, of grants payments to individuals Dn behalf of the Trust. E5,5(K)12022= £3,000) was paid in fegs to the charityfor administering the fvnds and award5 on behalf ol the Trust. The Charity held unspent funds ol £9,845 as 3t 31 March 2023, a5 well as holding the Trust cash and investrnents, totalling £169.482 as at 31 March 2023. Page 22
STEVE ROSS FOUNDATION FOR THE ARTS DETAILED STATEMENT OF FINANCIALACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 INCOME AND ENDOWMENTS Donatlons and legades Donations Grants Donated services and facilities 19,727 21,935 5,343 97,413 1,500 41,662 104,256 Other trading actlvitie5 Management charge from tradln8 subsidiary Administration fees FundratsSng 60,120 5,5(M) 34,310 36,450 G,000 20,210 99,930 62,660 Investment In¢txne Rents received Interest received 83,576 331 70,788 16 83,907 70,804 Charitable artivitles Rox office Members sub5criptlons Income Educational programme income 45.828 6,112 12,977 77.876 31,259 6,968 11,238 54,340 142,793 103,805 Total Incomlng resources 368,292 341,525 ExPENDVRE Charltable actlvttles Salaries and fees Equipment hire Educational ¢ost5 Exhibition costs Carrled forward 178,292 7,?87 48,118 1,801 235,998 160,143 7,640 31,054 4,540 203.377 This page doe5 hot form part of the statutory financial statements Page 23
STEVE ROSS FOUNDATION FOR THE ARTS DETAILED STATEMENT OF FINANaAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Charltable actbvitles Brought forward Theatre costs MarketlnE and advertising staff rrainine and welfare Light, heat and water surance Repairs and maintenance 235.998 35,499 5,157 954 49,445 25,692 17,141 203,377 24,508 2,685 465 19,461 17,803 22,060 L li Telephone and QadInd 8usiness rates Office costs cleanng and waste disposal Licenses Computer maintenance and 50ftwafe licences Hospitality Bank and card charge5 Sundry costs Depreclation of tangible fixÈd asset5 5,113 3,491 3,110 3,567 771 9,768 1,303 2,815 665 34,603 4,938 1,7SI 1.388 5,563 2,036 8,534 926 2,278 364 35.123 435,092 353,260 Support cost5 Flnance Loss on sale ol taXEible fixed assets Governance tosts Accountancy fees Legal and professional fees Leg31 & profession31 owerprovlslon 2,683 2,911 1,950 11,(M)01 3,092 3,861 Totzl Tesources expendp.d 438.184 357,021 Nei expendlture 169,8921 115,4961 This page does not form part ol the statutoryfinan¢lal statements PH8e 24