```
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
```