REGISTERED COMPANY NUMBER: 01274280 (England and Wales)
REGISTERED CHARITY NUMBER: 272007
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FOR
STEVE ROSS FOUNDATION FOR THE ARTS
Bright Brown Limited
Chartered Accountants
Exchange House
St. Cross Lane
Newport
Isle of Wight
PO30 5BZ
STEVE ROSS FOUNDATION FOR THE ARTS
CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
|
Page |
|
Report of the Trustees |
1 to |
5 |
Independent Examiner's Report |
6 |
|
Statement of Financial Activities |
7 |
|
Balance Sheet |
8 to |
9 |
Cash Flow Statement |
10 |
|
Notes to the Cash Flow Statement |
11 |
|
Notes to the Financial Statements |
12 to |
22 |
Detailed Statement of Financial Activities |
23 to |
24 |
STEVE ROSS FOUNDATION FOR THE ARTS
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
The trustees who are also directorsof the charityfor the purposes of the CompaniesAct 2006, present their report with
thefinancialstatementsof thecharityfor theyearended31 March2024.The trusteeshaveadoptedtheprovisions of
AccountingandReportingbyCharities:StatementofRecommendedPracticeapplicabletocharitiespreparing their
accountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS 102)
(effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objects and policies
To fosterandpromotethe improvement,developmentandmaintenanceof artisticknowledgeandunderstanding, and
appreciationoftheartsamongtheinhabitantsofGreatBritainandinparticularamongtheinhabitantsoftheIsle of
Wightand the surroundinglocalityby providingfacilitiesfor the educationof the publicin the fieldsof art,craft, music
and drama.
Public benefit
AlltheactivitiesoftheCharityfocusondeliveringcommunitybenefitandareinaccordancewiththeobjectsof the
Charity.
TheTrusteeshavecompliedwiththeirdutytohavedueregardtotheCharityCommission'spublicbenefit guidance
when exercising any powers or duties to which the guidance is relevant.
Page 1
STEVE ROSS FOUNDATION FOR THE ARTS
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
ACHIEVEMENT AND PERFORMANCE
Trustee's Summary
2023/24was a significantyear for the Quay;It was our first year as a NationalPortfolioorganisationand we delivered a
widerangeofactivitieswiththefundingreceived.OntopofourworkundertheNationalPortfoliowecontinued to
deliverourbroadandengagingrangeofcreativeandinnovativeArtsprogrammingwithanemphasison showcasing
Islandworkwhileengagingwiththeworldaroundus.Wecontinuetodevelopourreputationasathrivingsocial hub
with turnoverat the café increasingby 10%, hosting12 weddingsand being a warm inclusivemeeting space for outside
Groupsofalldescriptions.Wealsocontinuetogrowoursocialmediaprofilewith9,000followersonFacebook and
4,000 on Instagram.
WeareproudthatourcontributiontotheIslandwasrecognisedwiththeChamberofCommerceawardfor Creative
Impact.WecontinuetopromotetheneedtoprotectourbeautifulislandworkingwithgroupslikeIsland Biosphere,
Repair Café, Wildlife Trusts, and the Footprint Trust. This year we installed Swift nesting boxes at the Quay.
Financiallythe charityremainsin a stablepositionthanksto the contributionof £48,632from the tradingcompany and
£35,864fromtheKashmirstageattheisleofWightfestival.Wehaveinvested£42,000intherefurbishmentof the
Jubilee Stores following the end of the Isle of Wight Council's tenancy.The turnover of the CharitableFoundationsaw an
increasein incomeof 45% to £536,690andthe tradingsubsidiaryalsoincreasedby 11% to £478,285.The contribution
fromthetradingcompanytothecharitablefoundationwas£60,120managementfeeand£48,632donation. The
conditionof themainbuilding,particularlytheRopeStoreandthedecking,remainsourmajorconcernandwe will be
running a crowdfunding appeal in 24/25 to partially address this.
Our Arts Programme
During the year we delivered 50 plus ticketed live events. Audiences for live events were stronger towards the end of the
year,atrendthathasbeenseenacrossthesectorasthecostoflivingcrisishaslimiteddisposableincomes.
Consequently,wehaveaimedtofocusonfewerhigherqualityevents.Converselycomedyandfolkeventshave had
limitedsuccess,andwehavecutdownonthese.MajorLiveeventsincludedtheRecordfair,theBubble show,
WaterstonesFantasyFellowshipevent,I.W.Ginfestival,TheisleofWightTattooconvention,HeroesComicCon and
OutcastWrestlingandWeekendresidenceoftheTashiLhunpomonks.TheHorseboxtheatrecametoperform Jess
Butterworth's play Jerusalem as well as the political satire 'Bob - The Half A Sausage Musical'.
TheKashmirstageatthelegendaryIsleofWightfestivalwasonceagainafirmfavouriteandtheQuayisgrateful to
Vicky Spencer for her hard work that makes this event such a success.
HighlightsamongawiderangeofprogrammingincludedTheUgandanChildren'sChoir,TheNightSkyShow, The
Haunting,Paul Foot,Mark Simmonsand Cherry& The ChoclitFactory.We held 'IntoFilm' fundedfilm screeningsin the
runuptoChristmasforIslandSchoolsandthehome-schoolingnetwork.Amongthemanychildren'seventswe held
Little City was particularly successful.
Duringtheyearweran335classesandworkshops,andwehosted17visualartsexhibitions:withtheintention of
showing a wide variety of work.
The QuayArts open exhibition'The Art of Sculpture'attracted25 artistsaround8,000visitorsand positiveresponse on
Instagram.OverChristmasweexhibitedthecarnivalcostumesfromShademakers'AdAstra'whichattracted 5,000
visitors.OtherexhibitionsincludedManifestations(SarahKendall),Transience(MelanieSwan,SylviaRadford, Amanda
Seale)andOliviaamultimediainstallation(TeresaGrimaldiandSarahVardy).ThelatterwascoveredbytheBBC. A
successfulandstimulatingyearwasroundedoffwith'111NotOut',ashowbytheLondonGroupthetitlereferring to
theirinaugural1913show.Wealsoheldarangeofartists'talksincludingBrightonbasedcontemporaryartist Kerry
Lemon who gave a free thinking talk exploring abortion based on her Ventnor Botanic Gardens residency.
The Mike Howley Trust Fund was successfullyadministeredby Quay Arts, with awards given during the year to emerging
young artists and performers, which enabled them to launch a variety of projects.
Page 2
STEVE ROSS FOUNDATION FOR THE ARTS
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
National Portfolio Organisation
TheQuayhastakenawiderangeofartsactivitiestotheYoungPeopleontheIslandacrossallageranges.We have
enabledcreativestovisitIslandschoolstoconductsessionsandhostedschoolvisitstotheQuayincluding creative
workshops,exhibitionsand artisttalksincludingtailoredactivitiesfor SEN. We have offeredbursariesforour portfolio
preparationcoursesandwecuratedsomefantasticshowsincludingstreetartwallmural"Speak"(partneredwith the
Island Learning Centre and Steve Miles) as well as the schools open exhibition(PEACH- Connect) supportedby the isle of
wightcouncil.We undertooka softrelaunchof 'YoungQuay'duringtheyearwithincreasedartsactivitiesforthe 8-12
agegroupandaredevelopinga 12-15-year-oldofferadswellasan18-30phasedtheatreofferworkingwith Deadman
theatre,StoneCrabstheatreandin partnershipwiththe Mayflower(MAST).We alsocontinuedto supportthe In Tune
Upcycle Orchestra connecting inspirational individuals to the power of music.
ArtsCouncilfundingenabledtheQuaytosupporttheartistPaulWoodsleadingtothewell-received'Messing with
Headsexhibitionthatattracted6,000visitors.Thiswasfollowedupwithaschool'sexhibitionbasedonthe workshops
Paul led. We delivered our first hybrid real/virtualevent with internationalimpact in collaborationwith the Artist Emma
Critchley.
I want to finish by paying tribute to all the staff at the quay who contributeso much to the success of the organisation as
wellasourtutorgroup(numberingsome21)andtoVickySpencerandherteamof volunteerswhomakethe Kashmir
event at the fringesuch a fun and vibrantspaceyear afteryear.Staffnumbersemployedby the charitywere 13 and in
the tradingcompany12. I would also like to thankmy fellow Trusteesand especiallyLee Peckhamwho resigneddue to
work commitments but who continues to support our legal needs when required.
FINANCIAL REVIEW
Financial performance
Totalincomegeneratedintheyearwas£536,690(2023:£368,292)ofwhich£2,750(2023:£21,935)are restricted
funds.£108,752(2023:£67,258)wasgeneratedbythemanagementchargeandgiftfromtheQuayArts Trading
Company,£155,250,(2023:£21,935)wasprovidedbygrants,£19,597(2023:£83,907)fromrentalpropertyand bank
interest, and £253,091(2023: £195,192) from other donations and income.
Totalexpenditurefor the year was £530,983(2023:£438,184).Unrestrictedand restrictedfundscarriedforwardat the
end of the year amounted to £1,995,207, and £2,746 respectively (2023: £1,989,169 and £3,077).
Investment policy and objectives
Thecharitablecompanyhasthepowertoinvestinsuchassetsastheyseefit.Thecharitablecompany'spolicyis to
maintainsufficientreservesintheformofinstantaccessbankaccounts.Thisenablesthetrusteestorespond to
unexpecteddemandsonworkingcapitalwithouttheneedtorecoursetoanoverdraft,andtotakeadvantage of
unexpectedopportunities.ThetrusteeswereprovidedwiththeJubileeStorespropertybytheIsleofWight County
Council, which was unoccupied during this financial year and marketed for occupancy.
Reserves policy
Itisthepolicyofthetrusteestomaintainandincreasefundstoprovidefreereservesequivalenttoatleast three
months expenditure. The charity has now achieved this level of reserves.
Risk management
The trusteeshave identifiedpotentialrisks to which the charitablecompanyis exposed,which includewear and tear on
thebuilding,replacementofcapitalequipmentandcommercialpressurefromchangingeconomicclimate.These risks
arefullyconsideredinthebusinessplandrawnupbythetrustees,whichoutlinesthestepstakentomitigate and
control the key risks identified.
Page 3
STEVE ROSS FOUNDATION FOR THE ARTS
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Structuredasanon-profitmakingcompany,theSteveRossFoundationfortheArtsisanindependent organisation
constitutedundertheMemorandumandArticlesdated9July1976(amendedbyspecialresolutionpassed 17
September 1976, 14 March 1977, 25 August 2021 and 2 December 2021) and based at Quay Arts Centre in Newport, Isle
of Wight.
Recruitment and appointment of new trustees
New trustees are nominatedby 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.
Organisation and management
Thecharitablecompany'sactivitiesincludeprovidingartisticworkshopsforthegeneralpublic,studiosfor creative
practitionersandabroadartisticprogrammeofeventsincludingtheatre,livemusicandcomedy,and exhibitions
featuring the work of international, national and local artists.
The charitablecompany is controlledand directed by the committee of the trustees which meets a minimum of six times
a year.
The charitablecompany owns 100% of the issued share capitalof the Quay Arts Trading Company Limited. This operates
a café, craft shop and conferencingfacilitiesand any profits chargeableto corporationtax are donatedto the charitable
company.
New trustees are nominatedby 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.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
01274280 (England and Wales)
Registered Charity number
272007
Registered office
Quay Arts Centre
15 Sea Street
Newport
Isle of Wight
PO30 5BD
Trustees
J Howells
V A Spencer
L Peckham (resigned 9/10/2023)
A Dutton
L Blacksell
R Thompson (resigned 26/09/2023)
K M A Purton
No trustee held any interest in the charitable company during the two years ended 31 March 2024.
Page 4
STEVE ROSS FOUNDATION FOR THE ARTS
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
REFERENCE AND ADMINISTRATIVE DETAILS
Independent Examiner
Bright Brown Limited
Chartered Accountants
Exchange House
St. Cross Lane
Newport
Isle of Wight
PO30 5BZ
Approved by order of the board of trustees on 19 December 2024 and signed on its behalf by:
A Dutton - Trustee
Page 5
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
STEVE ROSS FOUNDATION FOR THE ARTS
Independent examiner's report to the trustees of Steve Ross Foundation For The Arts ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.
Responsibilities and basis of report
As the charity'strustees of the Company (and also its directors for the purposes of company law) you are responsible for
the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Havingsatisfiedmyselfthatthe accountsof the Companyare not requiredto be auditedunderPart16 of the 2006 Act
and are eligible for independentexamination,I report in respect of my examinationof your charity'saccountsas carried
outunderSection145oftheCharitiesAct2011('the2011Act').IncarryingoutmyexaminationIhavefollowed the
Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Sinceyourcharity'sgrossincomeexceeded£250,000yourexaminermustbeamemberofalistedbody.Ican confirm
thatIamqualifiedtoundertaketheexaminationbecauseIamamemberoftheAssociationofChartered Certified
Accountants, which is one of the listed bodies.
Ihavecompletedmyexamination.Iconfirmthatnomattershavecometomyattentioninconnectionwith the
examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 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
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationtowhich attention
should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
J Palmer
The Association of Chartered Certified Accountants
Bright Brown Limited
Chartered Accountants
Newport
Isle of Wight
19 December 2024
Page 6
STEVE ROSS FOUNDATION FOR THE ARTS
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
5
Development of Arts
Other trading activities
3
Investment income
4
Total
EXPENDITURE ON
Charitable activities
6
Development of Arts
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
Unrestricted
funds
£
222,506
135,353
101,484
74,597
533,940
527,902
6,038
1,989,169
1,995,207 |
Restricted
funds
£
2,750
-
-
-
2,750
3,081
(331)
3,077
2,746 |
2024
Total
funds
£
225,256
135,353
101,484
74,597
536,690
530,983
5,707
1,992,246
1,997,953 |
2023
Total
funds
£
41,662
142,793
99,930
83,907 |
|
|
|
|
368,292 |
|
|
|
|
438,184 |
|
|
|
|
(69,892)
2,062,138 |
|
|
|
|
1,992,246 |
The notes form part of these financial statements
Page 7
STEVE ROSS FOUNDATION FOR THE ARTS
BALANCE SHEET 31 MARCH 2024
Notes
FIXED ASSETS
Tangible assets
12
Investments
Investments
13
Investment property
14
CURRENT ASSETS
Debtors
15
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one year
17
NET ASSETS
FUNDS
19
Unrestricted funds
Restricted funds
TOTAL FUNDS |
Unrestricted
funds
£
884,626
2
945,000
1,829,628
43,104
204,142
247,246
(61,667)
185,579
2,015,207
(20,000)
1,995,207 |
Restricted
funds
£
-
-
-
-
-
8,091
8,091
(5,345)
2,746
2,746
-
2,746 |
2024
Total
funds
£
884,626
2
945,000
1,829,628
43,104
212,233
255,337
(67,012)
188,325
2,017,953
(20,000)
1,997,953
1,995,207
2,746
1,997,953 |
2023
Total
funds
£
916,910
2
945,000 |
|
|
|
|
1,861,912
52,122
229,131 |
|
|
|
|
281,253
(130,919) |
|
|
|
|
150,334 |
|
|
|
|
2,012,246
(20,000) |
|
|
|
|
1,992,246 |
|
|
|
|
1,989,169
3,077 |
|
|
|
|
1,992,246 |
The charitablecompanyis entitledto exemptionfrom auditunderSection477of the CompaniesAct2006for the year
ended 31 March 2024.
Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsfortheyear ended
31 March 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 8
STEVE ROSS FOUNDATION FOR THE ARTS
BALANCE SHEET - continued
31 MARCH 2024
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicabletocharitable companies
subject to the small companies regime.
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon19December2024 and
were signed on its behalf by:
A Dutton - Trustee
The notes form part of these financial statements
Page 9
STEVE ROSS FOUNDATION FOR THE ARTS
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024
Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of the
reporting period |
2024
£
(17,233)
(17,233)
(1,850)
2,185
335
(16,898)
229,131
212,233 |
2023
£
24,851
24,851
(1,269)
331
(938)
23,913
205,218
229,131 |
|
|
|
The notes form part of these financial statements
Page 10
STEVE ROSS FOUNDATION FOR THE ARTS
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
Net income/(expenditure) for the reporting period (as per the Statement
of Financial Activities)
Adjustments for:
Depreciation charges
Loss on disposal of fixed assets
Interest received
Decrease in debtors
(Decrease)/increase in creditors
Net cash (used in)/provided by operations |
2024
£
5,707
34,000
134
(2,185)
9,018
(63,907)
(17,233) |
2023
£
(69,892)
34,602
-
(331)
30,393
30,079
24,851 |
|
|
|
2.ANALYSIS OF CHANGES IN NET FUNDS
|
At 1.4.23 |
Cash flow |
At 31.3.24 |
|
£ |
£ |
£ |
Net cash |
|
|
|
Cash at bank and in hand |
229,131 |
(16,898) |
212,233 |
|
229,131 |
(16,898) |
212,233 |
Debt |
|
|
|
Debts falling due after 1 year |
(20,000) |
- |
(20,000) |
|
(20,000) |
- |
(20,000) |
Total |
209,131 |
(16,898) |
192,233 |
The notes form part of these financial statements
Page 11
STEVE ROSS FOUNDATION FOR THE ARTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS102,have been
preparedin accordancewith the CharitiesSORP(FRS 102)'AccountingandReportingby Charities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
ReportingStandardapplicableintheUKandRepublicofIreland(FRS102)(effective1 January2019)', Financial
ReportingStandard102'TheFinancialReportingStandardapplicablein theUK andRepublicof Ireland'and the
Companies Act 2006. The financialstatementshave been prepared under the historicalcost convention,with the
exception of investments which are included at market value.
The charitable company is registered in England and Wales and is limited by guarantee.
Income
Voluntary income
Donationsandgrantsarerecognisedwhenrecieved,exceptwherethereareperformancerelatedterms and
conditionsthatmust be met beforethe charityis unconditionallyentitledto the money.Where thisis the case,
the income is recognised once these conditions have been met.
Covenanteddonationsarerecognisedwhenthedonationiscovenantedtobemadeandtheamountof the
donation can be measured reliably.
Income from charitable activities
Boxoffice,exhibitionssalesandeducationalprogrammeincomeisrecognisedwhentheeventtakes place.
Subscription income is recognised over the period of the subscription.
Income from fundraising and other trading activities
Managementchargesandadministrationfeesarerecognisedovertheperiodthattheserviceis provided.
Fundraisingincomeisrecognisedwhentheeventtakesplace,andanyfundraisingsalesarerecognisedat the
point of sale.
Investment income
Interest receivable is recognised over the period it is accrued and rents receivable are recognised over the period
that the property is let.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charityto that expenditure,it is probablethat a transferof economicbenefitswill be requiredin settlement and
the amount of the obligationcan be measured reliably. Expenditureis accountedfor on an accruals basis and has
beenclassifiedunderheadingsthataggregateallcostrelatedtothecategory.Wherecostscannotbe directly
attributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwiththeuse of
resources.
Tangible fixed assets
Depreciationisprovidedatthefollowingannualratesinordertowriteoffeachassetoveritsestimated useful
life.
Freehold property- Over fifty years
Office equipment- Straight line over 5 years, Straight line over 10 years and Straight line over 3 years
Investment property
Investment properties are held at fair value and gains or losses are recognised in the income statement.
continued...
Page 12
STEVE ROSS FOUNDATION FOR THE ARTS
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024
1. ACCOUNTING POLICIES - continued
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particularrestricted 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 notes to the financial statements.
Hire purchase and leasing commitments
RentalspaidunderoperatingleasesarechargedtotheStatementofFinancialActivitiesonastraightline basis
over the period of the lease.
Investments in group undertakings
Investmentsingroupundertakingsareshownatcostlessimpairmentasamarketvalueisnotreadily available
for unlisted shares.
2. DONATIONS AND LEGACIES
Donations
Grants
Grants received, included in the above, are as follows:
Artists Rooms
Daisie Rich Trust
Flood recovery grant
Arts Council NPO Funding
Other grants |
2024
£
70,006
155,250
225,256
2024
£
-
2,000
2,500
150,000
750
155,250 |
2023
£
19,727
21,935 |
|
|
41,662 |
|
|
2023
£
15,435
-
-
-
6,500 |
|
|
21,935 |
continued...
Page 13
STEVE ROSS FOUNDATION FOR THE ARTS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
3. OTHER TRADING ACTIVITIES
Management charge from trading subsidiary
Administration fees
Fundraising
4.
INVESTMENT INCOME
Rents received
Dilapidation contribution
Interest received
5.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Box office
Development of Arts
Members subscriptions
Development of Arts
Income
Development of Arts
Educational programme
income
Development of Arts
6.
CHARITABLE ACTIVITIES COSTS
Direct
Costs
£
Development of Arts
528,263 |
2024
£
60,120
5,500
35,864
101,484
2024
£
17,412
55,000
2,185
74,597
2024
£
45,016
5,648
8,501
76,188
135,353
Support
costs (see
note 7)
£
2,720 |
|
2023
£
60,120
5,500
34,310 |
|
|
|
99,930 |
|
|
|
2023
£
83,576
-
331 |
|
|
|
83,907 |
|
|
|
2023
£
45,828
6,112
12,977
77,876 |
|
|
142,793 |
|
|
|
Totals
£
530,983 |
|
continued...
Page 14
STEVE ROSS FOUNDATION FOR THE ARTS
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024
7. SUPPORT COSTS
SUPPORT COSTS |
|
|
|
|
|
Governance |
|
|
Finance |
costs |
Totals |
|
£ |
£ |
£ |
Development of Arts |
134 |
2,586 |
2,720 |
8. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
|
2024 |
2023 |
|
£ |
£ |
Depreciation - owned assets |
34,000 |
34,602 |
Other operating leases |
3,976 |
7,787 |
Deficit on disposal of fixed assets |
134 |
- |
9. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31March2024norforthe year
ended 31 March 2023.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended31March2024norfortheyear ended
31 March 2023.
10. STAFF COSTS
Wages and salaries
The average monthly number of employees during the year was as follows:
Full time equivalent |
2024
£
218,350
218,350
2024
10 |
2023
£
178,292 |
|
|
178,292 |
|
|
2023
9 |
No employees received emoluments in excess of £60,000.
Key management personnel remuneration
The Centre Manageris consideredto be key managementpersonneland the salarypaid for this post during the
year was £38,563.
continued...
Page 15
STEVE ROSS FOUNDATION FOR THE ARTS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Development of Arts
Other trading activities
Investment income
Total
EXPENDITURE ON
Charitable activities
Development of Arts
NET INCOME/(EXPENDITURE)
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
Unrestricted
funds
£
19,727
142,793
99,930
83,907
346,357
418,434
(72,077)
5,300
(66,777)
2,055,946
1,989,169 |
Restricted
funds
£
21,935
-
-
-
21,935
19,750
2,185
(5,300)
(3,115)
6,192
3,077 |
Total
funds
£
41,662
142,793
99,930
83,907 |
|
|
|
368,292 |
|
|
|
438,184 |
|
|
|
(69,892)
- |
|
|
|
(69,892)
2,062,138 |
|
|
|
1,992,246 |
continued...
Page 16
STEVE ROSS FOUNDATION FOR THE ARTS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
12. TANGIBLE FIXED ASSETS
COST
At 1 April 2023
Additions
Disposals
At 31 March 2024
DEPRECIATION
At 1 April 2023
Charge for year
Eliminated on disposal
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023
13.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 April 2023 and 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023 |
Freehold
property
£
1,615,275
-
-
1,615,275
712,587
28,504
-
741,091
874,184
902,688 |
Office
equipment
£
270,758
1,850
(18,056)
254,552
256,536
5,496
(17,922)
244,110
10,442
14,222 |
Totals
£
1,886,033
1,850
(18,056)
1,869,827
969,123
34,000
(17,922)
985,201
884,626
916,910
Shares in
group
undertakings
£
2
2
2 |
|
|
|
|
There were no investment assets outside the UK.
The company's 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
Quay Arts Trading Company Limited
Registered office: 15 Sea Street, Newport
Nature of business: Cafe and Bar |
Harbour, Newport, Isle of Wight |
|
|
|
% |
|
|
Class of share: |
holding |
|
|
Ordinary |
100 |
|
|
|
|
31.3.24 |
31.3.23 |
|
|
£ |
£ |
Aggregate capital and reserves |
|
25,281 |
23,922 |
Profit for the year |
|
49,991 |
7,417 |
continued...
Page 17
STEVE ROSS FOUNDATION FOR THE ARTS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
14. INVESTMENT PROPERTY
INVESTMENT PROPERTY |
|
FAIR VALUE
At 1 April 2023
and 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023 |
£
945,000 |
|
945,000 |
|
945,000 |
Theleaseholdproperty,JubileeStores,hasbeenvaluedby theTrusteesbasedonits estimatedopen market
value.
15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments |
2024
£
1,957
36,494
509
4,144
43,104 |
2023
£
44,655
-
3,162
4,305 |
|
|
52,122 |
16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Amounts owed to group undertakings
Social security and other taxes
VAT
Other creditors
Accrued expenses |
2024
£
6,505
-
4,085
16,244
26,948
13,230
67,012 |
2023
£
10,607
7,368
3,391
18,060
79,914
11,579 |
|
|
130,919 |
continued...
Page 18
STEVE ROSS FOUNDATION FOR THE ARTS
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024
17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Other loans (see note 18)
18.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due in more than five years:
Repayable otherwise than by instalments:
Other loans more 5yrs non-inst
19.
MOVEMENT IN FUNDS
At 1.4.23
£
Unrestricted funds
General fund
94,516
Building Maintenance
25,000
Fixed Assets and Revaluation Reserve
1,861,912
Kashmir
2,000
Consultancy fund
5,741
1,989,169
Restricted funds
Daisie Rich
3,077
TOTAL FUNDS
1,992,246 |
Net
movement
in funds
£
40,998
-
(34,134)
(826)
-
6,038
(331)
5,707 |
2024
£
20,000
2024
£
20,000
Transfers
between
funds
£
3,891
-
1,850
-
(5,741)
-
-
- |
2023
£
20,000
2023
£
20,000
At
31.3.24
£
139,405
25,000
1,829,628
1,174
- |
2023
£
20,000 |
|
|
|
|
2023
£
20,000 |
|
|
|
1,995,207
2,746 |
|
|
|
|
1,997,953 |
|
continued...
Page 19
STEVE ROSS FOUNDATION FOR THE ARTS
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024
19. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Fixed Assets and Revaluation Reserve
Kashmir
Restricted funds
Daisie Rich
Renew Newport
TOTAL FUNDS |
Incoming
resources
£
533,940
(1)
1
533,940
2,000
750
2,750
536,690 |
Resources
Movement
expended
in funds
£
£
(492,942)
40,998
(34,133)
(34,134)
(827)
(826)
(527,902)
6,038
(2,331)
(331)
(750)
-
(3,081)
(331)
(530,983)
5,707 |
Resources
Movement
expended
in funds
£
£
(492,942)
40,998
(34,133)
(34,134)
(827)
(826)
(527,902)
6,038
(2,331)
(331)
(750)
-
(3,081)
(331)
(530,983)
5,707 |
|
|
|
6,038
(331)
- |
|
|
|
(331) |
|
|
|
5,707 |
Comparatives for movement in funds
Unrestricted funds
General fund
Building Maintenance
Fixed Assets and Revaluation Reserve
CYP fund
Kashmir
Consultancy fund
Restricted funds
Daisie Rich
Renew Newport
AONB Biosphere
TOTAL FUNDS |
At 1.4.22
£
118,319
25,000
1,895,245
11,232
-
6,150
2,055,946
2,437
3,255
500
6,192
2,062,138 |
Net
movement
in funds
£
(38,257)
-
(34,602)
(809)
2,000
(409)
(72,077)
640
(3,255)
4,800
2,185
(69,892) |
Transfers
between
funds
£
14,454
-
1,269
(10,423)
-
-
5,300
-
-
(5,300)
(5,300)
- |
At
31.3.23
£
94,516
25,000
1,861,912
-
2,000
5,741 |
|
|
|
|
1,989,169
3,077
-
- |
|
|
|
|
3,077 |
|
|
|
|
1,992,246 |
continued...
Page 20
STEVE ROSS FOUNDATION FOR THE ARTS
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024
19. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Fixed Assets and Revaluation Reserve
CYP fund
Kashmir
Consultancy fund
Restricted funds
Daisie Rich
Renew Newport
AONB Biosphere
TOTAL FUNDS |
Incoming
resources
£
344,356
1
-
2,000
-
346,357
2,000
4,500
15,435
21,935
368,292 |
Resources
Movement
expended
in funds
£
£
(382,613)
(38,257)
(34,603)
(34,602)
(809)
(809)
-
2,000
(409)
(409)
(418,434)
(72,077)
(1,360)
640
(7,755)
(3,255)
(10,635)
4,800
(19,750)
2,185
(438,184)
(69,892) |
|
|
|
Daisie Rich Trust
This funding supports family drop in projects both around the Island and on site.
Renew Newport
This project has been developed and partneredwith other cultural organisations,Heritage England,IOW Council,
and town councils to establish a cultural presence and provide cultural opportunities in Newport.
AONB Biosphere
ThisfundingispartofapartnerprojecttofindnewwaystoengageyoungpeoplewiththeIslands leading
cultural organisations, celebrating the Islands Biosphere status.
Transfers between funds
During the year, the following transfers were made between funds:
UNRESTRICTED FUNDS
Fixed Asset and Revaluation Reserve
A transferwasmadeintheyearfromthegeneralfundtothefixedassetfundtotakeaccountofthe additions
purchasedduringtheyear.Thetrusteesconsideritnecessarytodiscloseallunrestrictednon-current assets
separatelyfrom current assets in order to show a more transparentview of the charityand it's free and available
reserves.
Kashmir
Thecharityisholdingabalanceof£1,174tosupportvolunteerswithfuturefittingsreplacementforthe Stage
Tent.
RESTRICTED FUNDS
continued...
Page 21
STEVE ROSS FOUNDATION FOR THE ARTS
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024
19. MOVEMENT IN FUNDS - continued
Transfers between funds - continued
Duringtheyear,fundtransfershavebeenprocessedinordertorectifyrestrictedfundsindeficit,aswell as
accounting for other transfers that are deemed necessary to give a more accurate position at the year end.
20. RELATED PARTY DISCLOSURES
During the year, Quay Arts Trading Company Limited (QATC), a wholly owned UK subsidiaryof the charity shared
facilitieswiththecharityincludingadministrativestaff,premisesandcardprocessingfacilities. Management
chargesof £60,120(2023:£60,120)were chargedto QATC in the year.QATC donatedprofitsof £48,632 (2023:
£7,138) to the charity. As at 31 March 2024 QATC owed £36,494 to the charity.
21. FUNDS HELD AS AGENT
DuringtheyearthecharityheldandadministeredfundsfromtheMikeHowleyTrustasagents.The charity
made£19,000,of grantspaymentsto individualson behalfof theTrust.£5,500(2023:£5,500)was paidin fees
to the charity for administering the funds and awards on behalf of the Trust.
TheCharityheldunspentfundsof£5,345asat31March2024,aswellasholdingtheTrustcash and
investments, totalling £159,285 as at 31 March 2024.
Page 22
STEVE ROSS FOUNDATION FOR THE ARTS
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
INCOME AND ENDOWMENTS
Donations and legacies
Donations
Grants
Other trading activities
Management charge from trading subsidiary
Administration fees
Fundraising
Investment income
Rents received
Dilapidation contribution
Interest received
Charitable activities
Box office
Members subscriptions
Income
Educational programme income
Total incoming resources
EXPENDITURE
Charitable activities
Salaries and fees
Equipment hire
Educational costs
Exhibition costs
Theatre costs
Marketing and advertising
Staff training and welfare
Light, heat and water
Carried forward |
2024
£
70,006
155,250
225,256
60,120
5,500
35,864
101,484
17,412
55,000
2,185
74,597
45,016
5,648
8,501
76,188
135,353
536,690
218,350
3,976
64,025
485
38,115
5,758
718
54,719
386,146 |
2023
£
19,727
21,935 |
|
|
41,662
60,120
5,500
34,310 |
|
|
99,930
83,576
-
331 |
|
|
83,907
45,828
6,112
12,977
77,876 |
|
|
142,793 |
|
|
368,292
178,292
7,787
48,118
1,801
35,499
5,157
954
49,445
327,053 |
This page does not form part of the statutory financial statements
Page 23
STEVE ROSS FOUNDATION FOR THE ARTS
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
Charitable activities
Brought forward
Insurance
Repairs and maintenance
Telephone and broadband
Business rates
Office costs
Cleaning and waste disposal
Licenses
Computer maintenance and software licences
Hospitality
Bank and card charges
Bad debts
Sundry costs
Depreciation of tangible fixed assets
Support costs
Finance
Loss on sale of tangible fixed assets
Governance costs
Accountancy fees
Legal and professional fees
Total resources expended
Net income/(expenditure) |
2024
£
386,146
20,915
49,804
5,250
1,087
3,231
4,545
8,605
9,067
1,634
2,958
500
522
33,999
528,263
134
2,586
-
2,586
530,983
5,707 |
2023
£
327,053
25,692
17,141
5,113
3,491
3,110
3,567
771
9,768
1,303
2,815
-
665
34,603 |
|
|
435,092
-
2,683
409 |
|
|
3,092 |
|
|
438,184 |
|
|
(69,892) |
This page does not form part of the statutory financial statements
Page 24