2024-03-31-accounts - Artists Spaces SCIO

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Artists’ Spaces SCIO

REPORT AND ACCOUNTS

Scottish Charity Number SC051153

Year to 31 March 2024

Artists’ Spaces SCIO Report and Accounts Year to 31 March 2024

CONTENTS	Pages
Trustees’ Report	3-5
Independent Examiner’s Report	6
Statement of financial activities (including income and expenditure account)	7
Balance Sheet	8
Notes	9-12

Artists’ Spaces SCIO Report and Accounts Year to 31 March 2024

Trustees’ Report

The trustees present their report and the accounts of the charity for the year to 31 March 2024.

Reference and administrative information

Charity Name Artists’ Spaces SCIO Scottish Charity Number SC051153 Principal Contact Address 57 Henderson Row Edinburgh EH3 5DL

Trustees

Governing Document

Artists’ Spaces SCIO (known as Outer Spaces) was registered with OSCR as a charity on 27 July 2021. The SCIO is established under its Constitution which sets out its structure, its charitable purposes and powers.

Recruitment, Appointment, Role and Responsibilities of the SCIO Board

The members of the SCIO Board are the charity trustees for the purposes of charity law. The Board may appoint any person to be a charity trustee by way of a majority vote at a Board meeting. At each Annual General Meeting, one-third of the trustees shall retire from office but are eligible for re-appointment at the next Board meeting.

Subject to seven days’ notice and a quorum of 2 trustees, the Board meets on a regular, as required basis, but typically at five to six week intervals.

Objects of the Charity

The objects of the charity are Advancement of the Arts:

Increasing public exposure to, appreciation of, and involvement in the arts.
Improving facilities and venues where art is produced, displayed or performed by providing spaces for artists and creative practitioners.
Reaching out to new audiences by bringing art into public spaces.
Providing opportunities for participation by people who might otherwise be excluded.

Artists’ Spaces SCIO Report and Accounts Year to 31 March 2024

Trustees’ Report (continued)

Achievements and Performance

The Board is pleased to report that the charity’s third financial year was successful in terms of raising sufficient donations and grant funding to support the development of the charity and its activities. Artists’ Spaces SCIO gratefully acknowledges financial support from Creative Scotland and Creative Funding from Aberdeen City Council.

The charity supported 603 artists, artist-collectives and arts organisations with free, temporary studio and project spaces in vacant commercial property in 11 different local authorities: Aberdeen, Aberdeenshire, East Ayrshire, Edinburgh, Fife, Glasgow, Highland, Inverclyde, North Lanarkshire, Perthshire and Renfrewshire.

Doors Open Days in Aberdeen, Edinburgh, Glasgow and Perth were an opportunity for resident artists to open their spaces to the public and show how they transformed empty commercial spaces into studios, performance spaces and creative community hubs, attracting more than 1000 visitors over the September open weekends.

The Curators’ Day held in January in Edinburgh was attended by 50 programming colleagues and emerging and independent curators who were invited to discover more about the charity and how it can support curatorial practice and projects. Attendance was free and there were a number of travel bursaries available for freelance and low waged curators.

The charity became a member of the Sustainability Working Group that grew out of the Springboard Assembly for creative climate action, organised by Creative Carbon Scotland, and joined the following networks: Culture Aberdeen, Creative Renfrewshire, Culture NL Artists Network, Creative Edinburgh and Glasgow Connected Arts Network.

A number of strategic partnerships and collaborations have been developed and maintained, including:

British Council as part of their Venice Fellowships Programme to create an open call for a creative individual from our network at an early stage of their career.
Edinburgh College of Art, Grays School of Art and the University of the Highlands & Islands to support new graduates with free space.
Circular Arts Network to accommodate and support the redistribution of spare, used and surplus materials for artists.
Edinburgh Art Festival to provide space for community engagement in Wester Hailes, an area that scores highly on the Scottish Index of Multiple Deprivation.
Peacock Visual Arts to create ‘The Print Room’ showcasing their prints archive in a prime city centre space in Aberdeen.
Sculpture Placement Group (SPG) to bring work out of storage and engage audiences in some of Scotland's busiest high streets and shopping centres.
Creative Informatics to research public responses to the changes brought about by the charity’s vision to transform vacant spaces and the difference it makes to communities.

Artlsts. Spaces SCIO Report and Accounts Year to 31 March 2024 Trustées. Report Icontlnu8dl Awareness of the charty has spread through the promotion of opportunities for artists via social media and online. Waiting lists grew to 1567 artists looking for space, networks and opportunities. Press coverage includèd f8atur8s in The Scotsman. Edinburgh Evening News, Glasgow Times. The National and broadcasts on BBC and STV news channels. A contribution was made to an opinion piece in Third Force News about funding fears in Scotland's creative s8ctor. During the year, there were 8 paid staff. 2 employees earned between £60,{ and £70.000 Flnanclal Revlew Tho results for the year are sot out on page 7. The principal source of unrestricted funds was donations. These donations amounted to £481,956. A loan was obtained from Social Investment Scotland to assist with workin8 capital in 2022123. This amounted to £50,OLM). Ropaymonts of the principal stsrt¢d in Nov•mber 2023. This financial year saw staff costs as the main driver of expenditure at £299,237. This resource enabled our continuod expansion acros5 kotland, supportin8 many rnor• artists. Local Authority Rat•s ar• in lin• with extra properties o¢cupied. Other expenditure was retained at relatively low levels with the result that the charity had a Net Deficit of £10,893 for th• y•ar. Unr•strirt•d funds f•ll accordingly to £35.402. Pl4n$ for futur• porlods Since 31 March 2024, the charity has continued to make more space available to artists, artist-collertive$ and arts or8anisations in both existing and new locations. New opportunities for artists, professional development continue to be developed and strenohened through pro8r•mmin8 and partnerships across Scotland. Feedback from artists and wider evaluation will continue to inform programmin8 and future development across the charitrfs operations. On behalf of the Board Oate: 2011212024

Artists’ Spaces SCIO Report and Accounts Year to 31 March 2024

Independent Examiner’s Report on the Accounts

Report to the Trustees of Artists’ Spaces SCIO (Registered Charity Number SC051153)

On the Accounts of the Charity for the year to 31 March 2023 (set out on pages 7 to 12)

Respective responsibilities of the trustees and examiner

The charity trustees are responsible for the preparation of the Accounts in accordance with the terms of the Charities and Trustees Investment (Scotland) 2005 Act and the Charities Accounts (Scotland) Regulations 2006. The charity trustees consider that the audit requirement of Regulation 10(1) (d) of the Accounts Regulations does not apply. It is my responsibility to examine the Accounts as required under section 44(1) (c) of the Act and to state whether particular matters come to my attention.

Basis of independent examiner’s statement

My examination is 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 of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeks explanations from the trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently, I do not express an audit opinion on the accounts.

Independent examiner’s report

In the course of 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 the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and
to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Accounts Regulations

have not been met, or

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Date: 20/12/2024

Accountant, G Spratt & Co, Abbeylands, 20 High Street, Dunbar EH42 1EH

Artists’ Spaces SCIO Report and Accounts Year to 31 March 2024

Statement of Financial Activities (including Income and Expenditure Account)

	Note	Unrestricted Funds	Restricted Funds	Restricted Funds	Total Funds	Unrestricted Funds	Unrestricted Funds	Unrestricted Funds	Restricted Funds	Restricted Funds	Restricted Funds	Total Funds	Total Funds
		2024	2024		2024	2023					2023	2023
		£	£		£	£					£	£
Income from:
Donations andgrants	2	481,956	15,057		497,013	289,661					8,000	297,661

Total Income		481,956	15,057		497,013	289.661					8,000	297,661

Expenditure on:
Raisingfunds	3	5,203	-		5,203	5,559					-	5,559
Charitable activities	3	461,084	15,077		476,161	238,300				52,500		290,800
Other	3	26,542	-		26,542			6,897		-		6,897
Total Expenditure		492,829	15,077		507,906	250,756				52,500		303,256

Net Income/(Deficit)		(10,873)		(20))	(10,893)		38,905		(44,500)				(5,595)

Net Movement in Funds
Funds brought forward Net Income		46,275 (10,873)		20 (20)	46,295 (10,893)		7,370 38,905		44,520 (44,500)				51,890 (5,595)
Funds carried forward		35,402		-	35,402		46,275		20				46,295

The statement of financial activities includes all gains and losses in the year to 31 March 2023.

All incoming resources and resources expended derive from continuing operations.

Artists’ Spaces SCIO Report and Accounts Year to 31 March 2024

Balance Sheet At 31 March 2023

		2024	2024	2023
	Note	£		£
Current Assets
Debtors and Prepayments	4	255,367		62,444
Bank and cash			13,650	78,316
		269,017		140,760
Creditors:amounts falling due within oneyear	5	195,589		46,485
Net Current Assets			73,428	94,275

Creditors:amounts falling due after one year	6		38,026	47,980

Net Assets			35,402	46,295

Funds
Unrestricted	7		35,402	46,275
Restricted	7		-	20
			35,402	46,295

Approved by the Trustees on (date)

and signed on its behalf by:

20/12/2024

Artists’ Spaces SCIO Report and Accounts Year to 31 March 2024

Notes to the Financial Statements

1. Accounting Policies

(a) Basis of Preparation

The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP FRS 102) and Financial Reporting Standard 102, the reporting standard applicable in the UK and Republic of Ireland (FRS102).

The financial statements are prepared in £ sterling which is the functional currency of the charity, rounded to the nearest £.

(b) Income

All incoming resources are included in the Statement of Financial Activities when the charity is entitled to the income, there is a probability of receipt and the amount receivable can be quantified with reasonable accuracy.

(c ) Expenditure

Expenditure is recognized on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be recovered.

Governance costs comprise those costs associated with meeting the constitutional and statutory requirements of the charity

(d ) Debtors

Debtors are recognized at the settlement amount due. Prepayments are values at the amount prepaid.

(e ) Cash

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less.

(f) Creditors and Provisions

Creditors and provisions are recognized where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Artists’ Spaces SCIO Report and Accounts Year to 31 March 2024

Notes to the Financial Statements (continued)

2. Income from Donations and Grants

	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	2024	2024	2024	2023	2023	2023
	£	£	£	£	£	£
Donations	481,956		481,956	289,661		289,661
Aberdeen Council Grant		217	217		8,000	8,000
Creative Scotland Grant		14,840	14,840
Total	481,956	15,057	497,013	289,661	8,000	297,661

3. Expenditure Analysis

	Unrestricted	Unrestricted	Unrestricted	Restricted			Total	Unrestricted	Unrestricted	Restricted		Total
			2024	2024			2024		2023	2023		2023
			£	£			£		£	£		£
Raising Funds:
Fund-raising Marketing			2,250 2,953 5,203	- -			2,250 2,953 5,203		3,559 2,000 5,559	- -		3,559 2,000 5,559

Charitable Activities:
Health & Safety	14,117				14,117				2,209			2,209
Rates/Bid Levy	140,736				140,736			113,635			113,635
Telephone	1,076				1,076			629			629
SalaryCosts	291,563			7,674	299,237			111,431		14,520	125,951
More Than Space Project				7,403	7,403					37,980	37,980
Door Open Day	1,296				1,296
Artist Payment					-			328			328
Travel & Subsistence	12,296				12,296			10,068			10,068
	461,084			15,077	476,161			238,300		52,500	290,800
Other Support Costs:
Insurance		421		-		421			392	-		392
Website IT		8,591				8,591			839			839
Other		13,068				13,068			4,502			4,502
Loan Interest		4,462				4,462			1,164			1,164
		26,542		-		26,542			6,897	-		6,897

Artists’ Spaces SCIO Report and Accounts Year to 31 March 2024

Notes to the Financial Statements (continued)

4. Debtors

	2024	2024	2023
	£		£
Accounts Receivable	245,246		54,037
Prepayments		1,714
Accrued Income		8,407	8,407
	255,367		62,444

5. Creditors

	2024	2023
	£	£
Accruals Local AuthorityRates	176,984	36,992
Accounts Payable	570	570
PAYE/NI	7,714	5,714
Pension	1,714	1,189
SIS loan	8,607	2,020
	195,589	46,485

6. Creditors falling more than one year

	2024	2023
	£	£
SIS Loan	38,026	47,980




	38,026	47,980

Artists’ Spaces SCIO Report and Accounts Year to 31 March 2024

Notes to the Financial Statements (continued)

7. Funds

	At 31 March 2023	Income 2024	Expenditure 2024	At 31 March 2024
	£	£	£	£
Restricted Funds:
Creative Scotland Grant	20	14,840	14,860	-
Aberdeen Council Grant		217	217	-
Total Restricted Funds	20	15,057	15,077	-

Unrestricted Funds	46,275	531,276	542,149	35,402
	46,295	546,333	557,226	35,402