Registered number: 02190577 Charity number: 298241
THE SOCIETY OF WOMEN ARTISTS LIMITED
(A Company Limited by Guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
THE SOCIETY OF WOMEN ARTISTS LIMITED (A Company Limited by Guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Company, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 - 7 |
| Notes to the Financial Statements | 8 - 15 |
| The following pages do not form part of the statutory financial statements: | |
| Charity Detailed Income and Expenditure Account and Summaries |
THE SOCIETY OF WOMEN ARTISTS LIMITED (A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021
| Trustees | Mrs S J Jelley, Director |
|---|---|
| Mrs R D Miller, Director | |
| Miss D A Humberstone, Director | |
| Mrs S French, Director | |
| Company registered number 02190577 Charity registered number 298241 Registered office Old Station Road Loughton Essex IG10 4PL Accountants Haslers Chartered Accountants Old Station Road Loughton Essex IG10 4PL |
Page 1
THE SOCIETY OF WOMEN ARTISTS LIMITED (A Company Limited by Guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021
The Trustees present their annual report together with the financial statements of the The Society Of Women Artists Limited for the year 1 January 2021 to 31 December 2021. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Objectives and aims
The principal activity of the company is to promote, improve and advance the education of the public by encouraging the visual arts undertaken by women.
b. Public benefit
The trustees have complied with their duty under section 4 of the Charities Act 2011 to have regard to the public benefit guidance published by the Charities Commission.
Achievements and performance
a. Charitable activities
Given the Covid pandemic in 2021, the Society held its 160th annual exhibition online, instead of its usual exhibition at the Mall Galleries, London. With over 3,000 artworks submitted for potential selection, the online exhibition proved a success and once again the SWA made a donation to Breast Cancer Now from the sales proceeds.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Financial review
The charity generated a surplus for the year of £25,576. THe charity's reserves have increased to £105,742 at the balance sheet date (2020 £80,166).
Page 2
THE SOCIEff OF WOMEN ARTISTS UMITED (A Company Umlted by (arantse) TrUSTEES' REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 . Reserves policy The trustees consider the reserves to be quato to me fLAure needs e Surrlent to cover contingencies that cannot met from fulLe ifthme. Strn¢ture. governance and management . Goveming document Tho charity was ncorpored on 10th of No¥emt 17. as a charltable panY limiied by guarantee. It is governed by its memcfandum and articles of ass1.0n. b. Methods of appointment or eleiOn of Trustees Trusls are appointed by the twJard Trustees in with the g)veming downent statement of Trustses, responsibllltles The Trustees (who are also the dIreCtS of the Company for PLwposes of ¢xthpany lawl responsible for prepariFVJ the Trust, Rewrt and financial statements ui accordance with applicable Lgw and United Kingdom Accounting Standards (United Gewdty Accepted Awjnting Practice). Company law require5 the Trustees to prepare finarKial statements for each financial year. Under company law, the Trustees must not apFYove the finClaI statements unless they are satisfied that they give a true and fair view of the slate of affairs of the Company aThJ of ils incoming reswrces and application of res(yJrces, includirrfJ its income and expenditure, that penod. In preparing these financk81 statements, the Trustees are qUIred to.. select suitable accounting wlicies K1 then y them COLstent. observe the methods and prir1pleS of the Ctrritv6 SORP IFRS 102); make ju&Jments and accounlir¥J estimates that are reasonable and WLthIt: state whether applble UK Accountir¥J Standards {FRS 1021 have been followed. subject to ary material departures disclosed and explained in the finarcrdl statements.. prepare the financial slatefflents th8 goirvJ cCrtn basis unSS it is inappropriate to presume that the Compary will continue IsIness. The Trustees are rèsponsible for keepiro adewe acc£Junling rd5 that are suffrient to show and explain the CoMpaS transactions and disclose wth reascnable accLKacy al any time the financial position of the Company and enable them to ensure that the financial 51atemwls comply with the Companies Act 20C6. They are also res[X)nsle for safeguarding Ihe assets of the C(Jnpany a1 for taking reasonable steps for the prevention and detecti of fraud and other irregukartbes. Approved by order of the membws cl Ihe board of Trustees 29 jL 2022 and signed on their b8haW by. L tL_(ThJ Mrs R D Miller (Trusleel Page 3
THE SOCIETY OF WOMEN ARTISTS LIMITED IA Company Limlted by Guaranteg) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 Independent Examlnerfs Report to the Trustees of The Society of Women Artists Limited I'the Company.) report lo the charity Trustees on my examination of the accounts of the Company for the year ended 31 December 2021. Responsibilities and Basis of Report As the Trustees of the Company land its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance wth the requirements of the Companies Act 2006 {'Ihe 2006 Acf l. Hamng satisfied myself that the accounts of the Company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination ol the Company's accounts carried out under section 145 of the Charities Act 2011 I'lhe 2011 Acl'l. In carryng out my examination I have followed the Directions given by the Charity Commission under section 145{5llb} of the 2011 Act. Independent Examiner's Statement I have completed my examinatn. I confimi that no matters have Come lo my attention in connection with the examination giving me cause to believe.. accounting records were not kept in respect of the Ccfnpany as required by section 386 of th9 2006 Act.. or the accounts do not accord wlh those records,. or the accounts do not comply with the accounting requirements of section 3% 01 the 2006 Act other than any requirement that the accounts give a Irue and fairf view which is not a matter considered as part of an independent examination; or 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 lapplicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 10211. I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understsnding of the a¢count5 to be reached. This report is made solely to the Companls Tru5tee5, as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might slate lo the Company's Trustees those matters l am required lo slate to them in an Independent Examiner's Report and for no other purF)ose. To the fullest extent permitted by law, I do not accept or assume responsibilty to anyone other than the Company and the Company's Trustees as a body. for my work or for this report. Signod.. Paul Thain Dated.. 29 June 2022 FCCA Haslers Chartered Accountants Loughton Page4
THE SOCIETY OF WOMEN ARTISTS LIMITED (A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2021
| Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ 53,495 9 53,504 27,928 27,928 25,576 80,166 25,576 105,742 |
Total funds 2021 £ 53,495 9 53,504 27,928 27,928 25,576 80,166 25,576 105,742 |
Total funds 2020 £ 45,710 54 45,764 |
|---|---|---|---|
| 28,727 28,727 |
|||
| 17,037 | |||
| 63,129 17,037 80,166 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
Page 5
THE SOCIETY OF WOMEN ARTISTS LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 02190577
BALANCE SHEET AS AT 31 DECEMBER 2021
| Note Fixed assets Current assets Debtors 9 Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 11 Unrestricted funds 11 Total funds |
10,584 99,433 110,017 (4,275) |
2021 £ - 105,742 105,742 105,742 105,742 - 105,742 105,742 |
11,233 73,680 84,913 (4,747) |
2020 £ |
|---|---|---|---|---|
| - 80,166 |
||||
| 80,166 | ||||
| 80,166 | ||||
| 80,166 | ||||
| - 80,166 |
||||
| 80,166 |
Page 6
THE SOCIETY OF WOMEN ARTISTS LIIIITED (A Company Limited by Guarantee) REGISTERED NUMBER: 021577 BALANCE SHEET {CONTINUED) AS AT 31 DECEMBER 2021 The Company was enlitled to exefflptic from audrt der secti(Yb 477 d the Companies Act 2C(6. The members have mt requ1 Ihe company to obtswi an alt year in questi¢X in accordance with section 476 of Comparuos Act 20CE. The Trustees ackrthvledge their resFonsibilth"es for comptyry with the requwements of the Act with resFect to aCCnting reccfds and preparation of finaKiai statements. The finawal stalements have been wepared in eordance wtth the wovisions akwlicable to entrties subject to th? small companies regime. The financial statements wwe approv& a1 authrffised for issue by the Trustees on 29 Jur 2022 and sKJngJ on their by. Mrs R D Mlller (Trusleel The notes on pages 8 to 15 f¢)mi p*t of these finarKial statanents. Page 7
THE SOCIETY OF WOMEN ARTISTS LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1. General information
The Society of Women Artists Limited is a private, charitable company, limited by guarantee, incorporated in England and Wales. The registered office is detailed on page 1 of the financial statements. The financial statements are presented in pounds sterling, which is the functional currency of the charitable company.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Society of Women Artists Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Page 8
THE SOCIETY OF WOMEN ARTISTS LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
2. Accounting policies (continued)
2.5 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
2.8 Financial instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.9 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2021 | 2021 | |
| £ | £ | |
| Donations, Submissions and Subscriptions | 53,495 | 53,495 |
Page 9
THE SOCIETY OF WOMEN ARTISTS LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
3. Income from donations and legacies (continued)
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2020 | 2020 | |
| £ | £ | |
| Donations, Submissions and Subscriptions | 45,710 | 45,710 |
4. Investment income
| Unrestricted funds 2021 £ Interest 9 Unrestricted funds 2020 £ Interest 54 |
Total funds 2021 £ 9 |
|---|---|
| Total funds 2020 £ 54 |
Page 10
THE SOCIETY OF WOMEN ARTISTS LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
5. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2021 £ Exhibition & Printing Expenses 7,694 Awards 3,100 Website Costs 1,245 Insurance 589 Sundry 213 Independent Examination 1,628 Executive Secretary Fees 10,259 Advertising and Promotion 2,550 Donations 650 27,928 Unrestricted funds 2020 £ Exhibition & Printing Expenses 9,328 Awards 2,600 Advertising & Promotion 1,250 Website Expenses 995 Insurance 587 Travel & Subsistence 137 Sundry 584 Independent Examination 1,651 Donations 2,150 Executive Secretary Fees 9,445 28,727 |
Total funds 2021 £ 7,694 3,100 1,245 589 213 1,628 10,259 2,550 650 27,928 |
|---|---|
| Total funds 2020 £ 9,328 2,600 1,250 995 587 137 584 1,651 2,150 9,445 28,727 |
Page 11
THE SOCIETY OF WOMEN ARTISTS LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
6. Analysis of expenditure by activities
| Exhibition and Printing Expenses Awards Website Costs Insurance Sundry Independent Examination Executive Secretary Fees Advertising and Promotion Donations Exhibition & Printing Expenses Awards Advertising & Promotion Website Expenses Insurance Travel & Subsistence Sundry Independent Examination Donations Executive Secretary Fees |
Activities undertaken directly 2021 £ 7,694 3,100 1,245 589 213 1,628 10,259 2,550 650 27,928 Activities undertaken directly 2020 £ 9,328 2,600 1,250 995 587 137 584 1,651 2,150 9,445 28,727 |
Total funds 2021 £ 7,694 3,100 1,245 589 213 1,628 10,259 2,550 650 27,928 |
|---|---|---|
| Total funds 2020 £ 9,328 2,600 1,250 995 587 137 584 1,651 2,150 9,445 28,727 |
Page 12
THE SOCIETY OF WOMEN ARTISTS LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
7. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £1,628 ( 2020 - £1,651 ).
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .
During the year ended 31 December 2021, no Trustee expenses have been incurred (2020 - £245) .
9. Debtors
| Due within one year Prepayments and accrued income |
2021 £ 10,584 10,584 |
2020 £ 11,233 |
|---|---|---|
| 11,233 |
10. Creditors: Amounts falling due within one year
| Other creditors Accruals and deferred income |
2021 £ 1,807 2,468 4,275 |
2020 £ - 4,747 |
|---|---|---|
| 4,747 |
Page 13
THE SOCIETY OF WOMEN ARTISTS LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
11. Statement of funds
Statement of funds - current year
| Balance at 1 January 2021 £ Income £ Expenditure £ Unrestricted funds General Funds - all funds 80,166 53,504 (27,928) Statement of funds - prior year Balance at 1 January 2020 £ Income £ Expenditure £ Unrestricted funds General Funds - all funds 63,129 45,764 (28,727) Reconciliation of net movement in funds to net cash flow from operating activities 2021 £ Net income for the year (as per Statement of Financial Activities) 25,576 Adjustments for: Net cash provided by operating activities 25,576 |
Balance at 31 December 2021 £ 105,742 |
|---|---|
| Balance at 31 December 2020 £ 80,166 |
|
| 2020 £ 17,037 |
|
| 17,037 |
12. Reconciliation of net movement in funds to net cash flow from operating activities
Page 14
THE SOCIETY OF WOMEN ARTISTS LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
13. Analysis of cash and cash equivalents
| Cash in hand Total cash and cash equivalents |
2021 £ 99,433 99,433 |
2020 £ 73,680 |
|---|---|---|
| 73,680 |
14. Analysis of changes in net debt
| Cash at bank and in hand | At 1 January 2021 £ 73,680 73,680 |
Cash flows £ 25,753 25,753 |
At 31 December 2021 £ 99,433 99,433 |
|---|---|---|---|
Page 15
THE SOCIETY OF WOMEN ARTISTS LIMITED (A Company Limited by Guarantee)
INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021
| Income Donations & Sponsorship Sale of Works Submission Fees Catalogue Advertising Subscriptions Interest Received Gains on investments Gross income in the reporting period Less: Expenditure Group 1 Insurance Sundries Donations Executive Secretary Fees Advertising and Promotion Website Expenses Travel and Subsistence Exhibition and Printing Expenses Awards Independent Examination Total expenditure Net income before taxation for the reporting period Tax payable Net income for the reporting period Surplus for the reporting period |
2021 £ 5,320 3,499 20,561 975 23,140 9 589 213 650 10,259 2,550 1,245 - 7,694 3,100 1,628 |
2021 £ 53,504 - 53,504 27,928 27,928 25,576 - 25,576 25,576 |
2020 £ 2,600 5,848 15,397 - 21,865 54 587 584 2,150 9,445 1,250 995 137 9,328 2,600 1,651 |
2020 £ |
|---|---|---|---|---|
| 45,764 | ||||
| - | ||||
| 45,764 | ||||
| 28,727 | ||||
| 28,727 | ||||
| 17,037 | ||||
| - | ||||
| 17,037 | ||||
| 17,037 |
Page 16
THE SOCIETY OF WOMEN ARTISTS LIMITED (A Company Limited by Guarantee)
INCOME AND EXPENDITURE ACCOUNT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
| 2021 £ Surplus brought forward at 1 January 2021 Surplus carried forward at 31 December 2021 |
2021 2020 £ £ 17,037 42,613 |
2020 £ - |
|---|---|---|
| 17,037 |
Page 17