**Registered Charity Number**
**SC048214**
**REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
**FOR**
## **Objet-a Creative Studio**
**(Scottish Charitable Incorporated Organisation)**
## **Objet-a Creative Studio SC048214**
**CONTENTS OF THE FINANCIAL STATEMENTS For the year ended 31 March 2021**
|Report of the Trustees
Independent Examiner's Report
Statement of Financial Activities
Balance Sheet
Notes to the Financial Statements|Page|
|---|---|
||1 - 5
6
7
8
9 - 11|
**Objet-a Creative Studio SC048214 REPORT OF THE TRUSTEES**
## **For the year ended 31 March 2021**
The trustees present their report with the financial statements ofthe charity for theyear ended 31 March 2021. Thetrustees haveadopted theprovisions of Accounting and Reporting by Charities: Statement ofRecommended 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).
## **OBJECTIVES & ACTIVITIES**
## **Charitable Purposes**
The organisation’s purpose is:
For the benefit of the public, the advancement of the arts in and of Scotland, domestically and internationally, by:
- ・ (i) establishing and maintaining an arts production company;
- ・ (ii) educating the public through experiences of contemporary art;
- ・ (iii) producing exhibitions, events, performances, or other artworks for/to the public at fair and reasonable prices;
- ・ (iv) promoting high standards in the sphere of the arts, in particular but not limited to musictheatre, sonic- and/or time- based art.
## **Activities**
The charity acts as an arts organisation, which produces contemporary artworks and performances. Objet-a Creative Studio is engaged in:
- ・ producing high-quality interdisciplinary works which reach audiences across Scotland and internationally;
- ・ collaborating with artists leading in their field in Scotland and internationally;
- ・ developing a brand and recognition as a company leading in the interdisciplinary performance sector;
- ・ producing digital works which widen access for new audiences;
- ・ building the overall operational capacity of the organisation in order to ensure a sustainable future.
## **ACHIEVEMENTS & PERFORMANCE**
In the year ending 31 March 2021, Objet-a Creative Studio was engaged in two main projects, _**The Terror**_ and _**becoming-Feral.**_
## **The Terror**
Objet-a received funding from Creative Scotland’s Sustaining CreativeDevelopment fund to engagein a Research & Development phase for a new music-theatre work _**The Terror**_ , which is a collaboration between Artistic Director Josh Armstrong and Composer Beldina Odenyo Onassis (aka Heir of theCursed). Whilemainly a digital and remote project, Objet-a enjoyed an in-person 3-day residency at TheCentre for Contemporary Arts Glasgow in September 2020 supported by the arts house organisation Cryptic. This phase ofthe project culminated in a short audiovisual work which was presented online as part of Cryptic’s Sonic Bites in December 2020.
Page 1
**Objet-a Creative Studio SC048214 REPORT OF THE TRUSTEES For the year ended 31 March 2021**
## **ACHIEVEMENTS & PERFORMANCE (continued)**
## **becoming-Feral**
In November 2020, Artistic Director Josh Armstrong joined with collaborators from University of WisconsinMadison and University of California Santa Cruz to launch a call for submissions for the organisation’s second creative-research publication, _**becoming-Feral**_ . By the end of the submission phase in February 2021, the project had received 110 submissions from a range of international contributors. The publication is due for launch in Autumn 2021.
## **becoming-Botanical**
Over the course of the year, sales continued of the organisation’s first publication, _**becoming-Botanical.**_
Page 2
## **Objet-a Creative Studio SC048214 REPORT OF THE TRUSTEES**
## **For the year ended 31 March 2021**
## **FINANCIAL REVIEW**
## _**Principal Funding Sources during the period**_
The charity's principal funding souce during this period has been derived from grant funding from Creative Scotland's Open Fund: Sustaining Creative Development Programme.
## _**Summary of financial performance during the period**_
In summary, during the year ended 31st March 2021, the charity recorded net expenditure on Unrestricted Funds of £161 (2020 ; net income £189) and net income on Restricted Funds of £3,685 (2020 - net income £nil). Total funds per the BalanceSheet at 31st March 2021 totalled £3,706, comprising Unrestricted Funds of £21 and Restricted Funds of £3,685 (2020 - £182 Unrestricted and £nil Restricted).
## _**Reserves Policy**_
As the charity is project funded and its activities driven by the resultant funds from its fundraising activities, there is no reserves policy currently in place.
## **PLANS FOR FUTURE PERIODS**
In the upcoming year, Objet-a Creative Studio will publish the print and digital publication _**becoming-Feral**_ with support from the University of Wisconsin-Madison and the Royal Conservatoire of Scotland. The organisation will continue to raise funds for its charitable activities through the pre-sales of publications and accompanying project products. There is an in-person and digital hybrid launch event planned for Autumn 2021. Spring 2022 will seemoreengagement and outreach activities for becoming-Feral in the UK, the USA, and Norway.
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## **Objet-a Creative Studio SC048214 REPORT OF THE TRUSTEES**
## **For the year ended 31 March 2021**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The charity is a Scottish Charitable Incorporated Organisation (SCIO) registered on 19th March 2018.
## _**Governing Document**_
The charity is controlled by its governing document, a deed oftrust and constitutes an incorporated charity. It has a single tiered structure and the trustees are members of the charity.
## _**Recruitment and Appointment of New Members**_
Thetrustees—who arealso members—form theBoard ofTrustees which meets four times per annum. TheBoard of Trustees support the work of Objet-a Creative Studio and provide mission- based leadership and strategic governance. While day-to-day operations are led by the Artistic Director involvement of the Board is both critical and expected. The board is currently in a process of recruiting more trustees to diversify its expertise. There must be a minimum of three and a maximum of six trustees.
## _**Organisational Structure**_
The trustees meet quarterly to review the charities activities and performance and to guide and approve the charity's futureactivities. They also assess therisks facing thecharity and ensureproper procedure arein placeto mitigate such risks.
## _**Induction and Training of New Trustees**_
Induction and training is offered to Board members who are issued with thecharity's Constititution and with a copy of "Guidance and good practice for Charity Trustees" published by OSCR explaining the duties, roles and responsibilities of Trustees. The Board seeks to ensure that the needs of the charity are reflected in the Board appointments, through selecting people with a range of appropriate skills.
Page 4
## **Objet-a Creative Studio SC048214 REPORT OF THE TRUSTEES**
**For the year ended 31 March 2021**
**REFERENCE AND ADMINISTRATIVE DETAILS**
## **Registered Charity number**
SC048214
## **Registered office**
## _**Trustees**_
The trustees of the charity who served during the year and up to the date of the signing of the report were as follows:
(Artistic Director)
(Chair)
## _**Advisers**_
## **Independent examiner**
FCCA
5 Hillcrest Avenue
Duntocher Glasgow G81 6PD
## **Bankers**
RBS
Approved by order of the board of trustees on 8 December 2021 and signed on its behalf by:
(Trustee)
Page 5
**INDEPENDENT EXAMNIER'S REPORT TO THE TRUSTEES OF OBJET-A CREATIVE STUDIO SCIO (REGISTERED NUMBER SC048214))**
I report on the accounts for the year ended 31 March 2021 set out on pages nine to twelve.
## **Respective responsibilities of trustees and examiner**
The charity’s trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and TrusteeInvestment (Scotland) Act 2005 and theCharities Accounts (Scotland) Regulations 2006 (as amended). Thecharity trustees consider that theaudit requirement ofRegulation 10(1) (d) ofthe 2006 Accounts Regulations does not apply. It is my responsibility to examinethe accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.
## **Basis of the independent examiner's report**
My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison oftheaccounts presented with thoserecords. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would berequired in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
## **Independent examiner's statement**
In connection with my examination, no matter has come to my attention:
- (1) which gives me reasonable cause to believe that, in any material respect, the requirements
- to keep accounting records in accordance with Section 44(1)(a) of the2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
- to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations
have not been met; or
- (2) to which, in my opinion, attention should bedrawn in order to enable a proper understanding of the accounts to be reached.
## FCCA
5 Hillcrest Avenue
Duntocher
Glasgow G81 6PD
8 December 2020
Page 6
## **Objet-a Creative Studio SC474449**
## **COMBINED STATEMENT OF FINANCIAL ACTIVITIES AND INCOME AND EXPENDITURE**
## **For the year ended 31 March 2021**
|||||**2021**|||2020|
|---|---|---|---|---|---|---|---|
|||Unrestricted|Restricted|**Total**|
Unrestricted|Restricted|Total|
||Notes|funds|funds|**funds**|funds|funds|funds|
|||£|£|**£**|||£|
|**INCOME AND**||||||||
|**ENDOWMENTS FROM**||||||||
|Donations & legacies|2a|||**-**|-|-|-|
|**INCOMING RESOURCES**||||||||
|**FROM**||||**-**|||-|
|Charitable activities|2b|-|6,406|**6,406**|-|2,337|**2,337**|
|Other trading activities|2c|62|-|**62**|528|-|**528**|
|Investment income|2d|||**-**|-|-|**-**|
|**Total income**||62|6,406|**6,468**|528|2,337|2,865|
|**EXPENDITURE ON**||||||||
|**Charitable activities**||||||||
|Cost of charitable activities|3|(223)|(2,721)|**(2,944)**|(359)|(2,337)|(2,696)|
|Other expenditure||-|-|**-**|-|-|-|
|Total Expenditure||(223)|(2,721)|**(2,944)**|(359)|(2,337)|(2,696)|
|**NET MOVEMENT IN FUNDS**||(161)|3,685|**3,524**|169|-|169|
|**Taxation**||-|-|**-**|-|-|-|
|**NET MOVEMENT IN FUNDS**
**(after tax)**||(161)|3,685|**3,524**|169|-|169|
|**Reconciliation of funds**||||||||
|Total funds brought forward||182|-|**182**|13|-|13|
|**TOTAL FUNDS**
**CARRIED FORWARD**|7|21|3,685|**3,706**|182|-|182|
## **CONTINUING OPERATIONS**
All income and expenditure has arisen from continuing activities
The notes form part of these financial statements
Page 7
## **Objet-a Creative Studio SC474449 BALANCE SHEET**
## **At 31 March 2021**
|Notes
Unrestricted
funds
Restricted
funds
£
£
**FIXED ASSETS**
6
Tangible assets
-
1,134
**CURRENT ASSETS**
Cash at bank
221
2,401
Debtors
7
-
150
221
2,551
**CREDITORS**
**Amounts due**
**within 1 year**
8
(200)
-
**NET CURRENT ASSETS**
21
2,551
TOTAL ASSETS LESS
CURRENT LIABILITIES
21
3,685
**NET ASSETS**
21
3,685
**FUNDS**
9
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Notes
Unrestricted
funds
Restricted
funds
£
£
**FIXED ASSETS**
6
Tangible assets
-
1,134
**CURRENT ASSETS**
Cash at bank
221
2,401
Debtors
7
-
150
221
2,551
**CREDITORS**
**Amounts due**
**within 1 year**
8
(200)
-
**NET CURRENT ASSETS**
21
2,551
TOTAL ASSETS LESS
CURRENT LIABILITIES
21
3,685
**NET ASSETS**
21
3,685
**FUNDS**
9
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|**2021**
**Total**
**funds**
Unrestricted
funds
Restricted
funds
**£**
**1,134**
-
-
**2,622**
282
-
**150**
-
-|2020
Total
funds
£
-
282
-|
|---|---|---|---|
||221
2,551
(200)
-|**2,772**
282
-
**(200)**
(100)
-|282
(100)|
||21
2,551
21
3,685|**2,572**
182
-
3,706
182
-|182
182|
||21
3,685|**3,706**
182
-|182|
|||**21**
**3,685**
**3,706**|182
-|
||||182|
The financial statements were approved by the Board of Trustees and authorised for issue on 8 December 2021 and were signed on its behalf by:
(Trustee)
The notes form part of these financial statements
Page 8
**Objet-a Creative Studio SC474449 NOTES TO THE FINANCIAL STATEMENTS**
**For the year ended 31 March 2021**
## **1. ACCOUNTING POLICIES**
## _**Accounting Convention**_
The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'TheFinancial Reporting Standard applicablein theUK and Republic ofIreland' and the Charities and Trustee Investment (Scotland) Act 2005. The financial statements have been prepared under the historical cost convention.
## **Income :**
Items ofincomearerecognised and included in the accounts when thecharity has entitlement to the funds, any performance conditions are met (or are fully within thecontrol ofthe charity), there is sufficient certainty that receipt oftheincomeis considered probableand theamount can be measured reliably. Incomeis classified into the following categories:
_**Donations and Legacies**_ - This comprises income received from sources including donations and grants other than those whose conditions makethem similar in economic terms to trading income(see Charitableactivities below).
_**Charitable activities**_ - This comprises all items of incomereceived, which are a payment for goods and services provided for thebenefit of thecharity's beneficiaries. It includes trading activities in furtheranceof thecharity's objects and those grants, which have conditions, which make them similar in economic terms to trading activities.
_**Investment income**_ - This comprises interest receivable.
## **Expenditure :**
Expenditureis recognised oncethereis a legal or constructiveobligation to make a payment to a third party it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified into the following headings:
_**Raising funds**_ - This comprises all expenditure to raise funds for the charity and includes the costs of all non charitable trading activities.
_**Charitable activities**_ - This comprises all expenditure on charitable activities to further the purposes of the charity together with those support costs incurred that enable those activities to be undertaken
## **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 particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
**Tangible fixed assets :** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life ;
_**Equipment**_ 33.3% straight line
**Pension :** No pension scheme is currently operated. There are no employees.
**Taxation :** The charity is exempt from taxation on its charitable activities.
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## **Objet-a Creative Studio SC474449**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **For the year ended 31 March 2021**
|**2. INCOME**
**a : Donations & Legacies**
Donations
**Total : Donations & Legacies**
**b : Charitable Activities**
Indiegogo : Fundraising Campaign
Creative Scotland : Sustaining Creative Development Programme
**Total : Charitable Activities**
**c : Other trading activities**
Book Sales
Other
**d : Investment income**
Bank interest
**Total Income**
**3. EXPENDITURE**
**CHARITABLE ACTIVITIES**
**BECOMING Programme**
**TERROR Programme**
**Management & Administration**
**Governance**
Independent Examiner
**Total : Charitable Activities**|**2021**
**£**
**-**|2020
-
£|
|---|---|---|
||**-**|-|
||**-**
**6,406**|2,337|
||**6,406**|2,337|
||**62**
**-**
**62**|478
50
528|
||**-**
**-**|**-**
-|
||||
||**6,468**|2,865|
||**2021**
**£**
**-**
**2,511**
**333**
**100**|2020
£
2,551
-
45
100|
||**2,944**|2,696|
Restricted expenditure was £2,721 (prior period £2,237)
Page 10
## **Objet-a Creative Studio SC474449 NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **For the year ended 31 March 2021**
## **4. TRUSTEES REMUNERATION AND BENEFITS**
The trustees received no remuneration or expenses in their capacity as trustees (2020 £nil). Nor any other remuneration or expenses during this accounting period.
## **5. STAFF COSTS**
No staff are currently employed by Objet-a. Human resources are currently contracted on a freelance basis as and when required.
## **6. TANGIBLE FIXED ASSETS**
|**COST at 1 April 2020**
Additions
**COST at 31 March 2021**
**DEPRECIATION at 1 April 2020**
Charge for year
**DEPRECIATION at 31 March 2021**
**NET BOOK VALUE at 31 March 2021**
NET BOOK VALUE at 31 March 2020
Accruals & Deferred income
Creditors
**7. DEBTORS : due within one year**
Debtors
**8. CREDITORS : due within one year**|**2021**
**£**
**150**
**150**
**2021**
**£**
**-**
**200**
**200**|**Computer**
**Equipment**
**£**
**-**
**1,325**|
|---|---|---|
|||**1,325**|
|||**-**
**191**|
|||**191**|
|||**1,134**|
|||-|
|||2020
£
**-**|
|||-|
|||2020
£
-
100|
|||100|
Page 11
## **Objet-a Creative Studio SC474449**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2021**
|**9. FUNDS**
At 1 April 2020
Movement in funds during the year
**At 31 March 2020**
General Fund
**Restricted Funds**
Creative Scotland : TERROR programme
**Movement in Funds**
**Unrestricted Funds**|At
01/04/2020
£
182
-
**182**|**Funds**
182
(161)
**21**
Incoming
Resources
£
62
6,406
6,468
**Unrestricted**|**Funds**
**£**
**-**
**3,685**
**3,685**
£
(223)
(2,721)
(2,944)
**Restricted**
Resources
Expended|**Total**
**Funds**
**£**
**182**
**3,524**|
|---|---|---|---|---|
|||||**3,706**|
|||||£
21
3,685
At
31/03/2021|
|||||**3,706**|
## **10. RELATED PARTY TRANSACTIONS**
In October 2020, the charity advanced funds of £1,598 to Trustee, to purchase a laptop on the charity's behalf. After deducting the purchase price and other expenses paid by on behalf of the charity, he owed a balance of £150 as of 31 March 2021 which was subsequently settled in June 2021.
Page 12