REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2022 |
FOR |
HERTFORD ARTS HUB |
(A COMPANY LIMITED BY GUARANTEE) |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2022 |
FOR |
HERTFORD ARTS HUB |
(A COMPANY LIMITED BY GUARANTEE) |
HERTFORD ARTS HUB |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2022 |
Page |
Reference and Administrative Details | 1 |
Report of the Trustees | 2 | to | 4 |
Statement of Financial Activities | 5 |
Balance Sheet | 6 | to | 7 |
Notes to the Financial Statements | 8 | to | 12 |
HERTFORD ARTS HUB |
REFERENCE AND ADMINISTRATIVE DETAILS |
FOR THE YEAR ENDED 31ST MARCH 2022 |
TRUSTEES |
REGISTERED OFFICE |
REGISTERED COMPANY NUMBER |
REGISTERED CHARITY NUMBER |
HERTFORD ARTS HUB (REGISTERED NUMBER: 10436402) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31ST MARCH 2022 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 2022. The trustees have adopted the provisions of 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). |
Hertford Arts Hub is a company limited by guarantee that provides education to the public on contemporary visual art. Its activities include exhibiting original works of Alan Davie, a famous artist who lived in Hertford for 60 years, organizing artist in residence opportunities and managing participatory public outreach activities such as arts festivals. |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
Our charity's purposes as set out in the objects contained in the company's memorandum of association are to: |
> benefit the public by promoting education into contemporary art |
> provide exhibitions for the benefit of the public |
The aims of the charity are to educate the public with regards to contemporary art and particularly to promote contemporary art as an important well being factor in the community. |
Ensuring our work delivers our aims |
We review our aims, objectives and activities each year. This review looks at what we achieved and the outcomes of our work in the previous 12 months. The review looks at the success of each key activity and the benefits they have brought to those groups of people we are set up to help. The review also helps us ensure our aim, objectives and activities remained focused on our stated purposes. We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set. |
The focus of our work |
Our main objectives for the year continued to be the promotion of contemporary art. |
The strategies we used to meet these objectives included: |
> Maintaining an online art gallery to display the work of Alan Davie on the theme of Hopi Indians, replacing the in person exhibition that was curtailed due to the pandemic restrictions. |
> Development and publishing of two books, one of Alan Davie's work in Hertford and the other from Laura Hudson inspired by her experiences while undertaking the artist in residency program. |
Public benefit |
Our services provided benefit to the local community in Hertford, the artistic community in the region and contemporary art enthusiasts throughout the UK |
Outreach |
The outreach work of the charity provides support to young people who are vulnerable through Hertfordshire County Council virtual schools. |
Our Artist in residence, Laura Hudson drew on her workshop experiences by developing a book of images inspired by the experience. |
Hertford Arts Hub developed an Arts Council bid with the University of Hertfordshire titled "Everyone is an Artist" designed to interact with new audiences as well as existing Art Practitioners. Unfortunately a large part of the work that should have begun last year was for programs which would run throughout the COVID 19 pandemic and have unfortunately now been put on indefinite hold until the crisis has passed. |
Due to continuing difficulties and restrictions caused by the pandemic the focus of the charity currently remains on the digital gallery and book publication, rather than in person outreach activities. |
HERTFORD ARTS HUB (REGISTERED NUMBER: 10436402) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31ST MARCH 2022 |
FINANCIAL REVIEW |
Financial position |
Against the backdrop of limited resources and insecurities over funding, it has continued to be difficult to plan or develop services. Nevertheless the charity, with the aid of sound financial management and the support of both its staff and volunteers generated a very positive financial outcome for the period with reserves at the end of the period totalling £20,648 (2021: £31,508). Grants were received during the year of £111 (2021: £3,683) and donations were received of £1,170 (2021: Nil) |
Expenditure was managed in line with funds available and activities and events are only held where funding is received. |
Overheads remain at a very low level and the reserves on hand are sufficient to allow the charity to continue for the foreseeable future. |
Principal funding sources |
The principal funding sources were grants from Hertfordshire County Council and Arts Council England. There is also some revenue from membership of East Herts lottery scheme to support local charities, the sales of some artists work and donations. |
Reserves policy |
The Directors have examined the charity's requirements for reserves in light of the main risks to the organisation. It has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be 6 months of the expenditure. Budgeted expenditure for 2022 is £5,000 and therefore the target is £2,500 in general funds. The reserves are needed to meet the working capital requirements of the charity and the directors are confident that at this level they would be able to continue the current activities of the charity in the event of a significant drop in funding. |
FUTURE PLANS |
The charity plans continuing the activities outlined above in the forthcoming years subject to satisfactory funding arrangements. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10. |
The directors of the company are also charity trustees for the purposes of charity law and under the company's Articles are known as members of the Management Committee. |
All trustees except for the Managing Director give their time voluntarily and received no benefits from the charity. In the event that Arts Council England grant funded projects make use of professional skills of the trustees then such trustees may be paid for professional services (ie not for their time in the role of a trustee) in accord with Arts Council guidelines. |
Contemporary art expertise is well represented on the Board of Directors with a broad skill mix, from management, gallery direction, practicing artist and art critic for a national newspaper. |
Decision making |
The Charity has four directors/trustees who are responsible for the Charities decision making, they meet formally every quarter and this is attended by a representative of East Herts District Council, the Director of Hertford Theatre. |
Induction and training of new trustees |
Induction is provided for new trustees as and when required and the Chair has attended training at the Charity Chairs organization. |
HERTFORD ARTS HUB (REGISTERED NUMBER: 10436402) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31ST MARCH 2022 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Risk management |
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. |
Approved by order of the board of trustees on |
HERTFORD ARTS HUB |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 31ST MARCH 2022 |
2022 | 2021 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Other trading activities | 3 |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 31,508 |
HERTFORD ARTS HUB (REGISTERED NUMBER: 10436402) |
BALANCE SHEET |
31ST MARCH 2022 |
2022 | 2021 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
CURRENT ASSETS |
Stocks | 8 |
Debtors | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 11 |
Unrestricted funds | 31,508 |
TOTAL FUNDS | 31,508 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2022. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2022 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. |
HERTFORD ARTS HUB (REGISTERED NUMBER: 10436402) |
BALANCE SHEET - continued |
31ST MARCH 2022 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
HERTFORD ARTS HUB |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2022 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, 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 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Going Concern Justification |
The trustees have assessed various factors and risks affecting the company and its ability in these difficult economic times to continue as a going concern. The trustees have not identified any material uncertainties or risks related to events or conditions that could affect the carrying values of the company's assets and liabilities as at the balance sheet date. Therefore the financial statements for the year ended 31st March 2022 have been prepared using the going concern basis of accounting. |
The COVID 19 pandemic has meant that a number of planned objectives in recent years could not be achieved and have been put on hold indefinitely. Where possible the trustees have utilised government support schemes available to them. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Improvements to property | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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 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. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
HERTFORD ARTS HUB |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2022 |
2. | DONATIONS AND LEGACIES |
2022 | 2021 |
£ | £ |
Donations |
Grants |
Grants received, included in the above, are as follows: |
2022 | 2021 |
£ | £ |
Hertfordshire County Council | - | 1,999 |
Arts Council England | - | 1,500 |
East Herts Lottery | 111 | 183 |
111 | 3,682 |
3. | OTHER TRADING ACTIVITIES |
2022 | 2021 |
£ | £ |
Painting Sales | - | 13,200 |
4. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2022 | 2021 |
£ | £ |
Depreciation - owned assets |
5. | TRUSTEES' REMUNERATION AND BENEFITS |
2022 | 2021 |
£ | £ |
Trustees' fees |
S Mayson was paid £600 during the year (2021: £3,000) for work as Managing Director. |
M Hudson was paid £1,500 during the year (2021: £6,000) as advances for writing a book about the works of Alan Davie. These costs have been included in publishing costs in the SOFA. |
None of the fees relate to time spent in the role of trustee. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31st March 2022 nor for the year ended 31st March 2021. |
HERTFORD ARTS HUB |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2022 |
6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
fund |
£ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Other trading activities |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Total |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 31,508 |
7. | TANGIBLE FIXED ASSETS |
Improvements |
to | Computer |
property | equipment | Totals |
£ | £ | £ |
COST |
At 1st April 2021 and 31st March 2022 |
DEPRECIATION |
At 1st April 2021 |
Charge for year |
At 31st March 2022 |
NET BOOK VALUE |
At 31st March 2022 |
At 31st March 2021 |
HERTFORD ARTS HUB |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2022 |
8. | STOCKS |
2022 | 2021 |
£ | £ |
Stocks |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
VAT |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Accrued expenses |
11. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.4.21 | in funds | 31.3.22 |
£ | £ | £ |
Unrestricted funds |
General fund | 31,478 | (10,830 | ) | 20,648 |
TOTAL FUNDS | (10,830 | ) | 20,648 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 1,281 | (12,111 | ) | (10,830 | ) |
TOTAL FUNDS | ( |
) | (10,830 | ) |
Comparatives for movement in funds |
Net |
movement | At |
At 1.4.20 | in funds | 31.3.21 |
£ | £ | £ |
Unrestricted funds |
General fund | 52,234 | (20,726 | ) | 31,508 |
TOTAL FUNDS | 52,234 | (20,726 | ) | 31,508 |
HERTFORD ARTS HUB |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2022 |
11. | MOVEMENT IN FUNDS - continued |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 16,882 | (37,608 | ) | (20,726 | ) |
TOTAL FUNDS | 16,882 | (37,608 | ) | (20,726 | ) |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1.4.20 | in funds | 31.3.22 |
£ | £ | £ |
Unrestricted funds |
General fund | 52,234 | (31,556 | ) | 20,678 |
TOTAL FUNDS | 52,234 | (31,556 | ) | 20,678 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 18,163 | (49,719 | ) | (31,556 | ) |
TOTAL FUNDS | 18,163 | (49,719 | ) | (31,556 | ) |
12. | RELATED PARTY DISCLOSURES |
During the year Nil (2021: £1,843) is included in advertising costs and was paid to T Martre daughter of A Stevenson, a trustee, for designing an online virtual art exhibition. |