Charity registration number 801562
Company registration number 02372379 (England and Wales)
ST ETHELDREDA ART STUDIO
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
ST ETHELDREDA ART STUDIO
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Miriam Barnett
Aileen Cruse
Frank Eliel
Barbara Richards
Henry Rolph
Charity number
801562
Company number
02372379
Independent examiner
Argents Accountants Limited
15 Palace Street
NORWICH
Norfolk
United Kingdom
NR3 1RT
ST ETHELDREDA ART STUDIO
CONTENTS
Page
Trustees' report
1
Independent examiner's report
2
Statement of financial activities
3
Balance sheet
4
Notes to the financial statements
5 - 14
ST ETHELDREDA ART STUDIO
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, a Deed of Trust, the Companies Act 2006 and "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)".

Objectives and activities

The charity's objects and its principal activities for the public benefit continue to be:

(a.) to promote the education of the public in visual arts, and

(b.) to promote the education of young artists by providing facilities for training and displaying their work.

There has been no change in these during the year.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

Our policy continues to be to rent premises and provide this and other facilities at reasonable cost to promote the charities objectives.

Financial review

The financial results for the year and financial position of the company are shown in the annexed financial statements, and were considered satisfactory.

The reserves are considered adequate by the trustees for working capital and continued process of improvement. Due to the size of the reserves and their relatively short term nature, they are being held as cash in the bank.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

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 trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Miriam Barnett
Aileen Cruse
Frank Eliel
Barbara Richards
Henry Rolph

The trustees are elected by the members.

 

The charity is organised so that the trustees meet regularly to manage its affairs and is run by volunteers.

The trustees' report was approved by the Board of Trustees.

Aileen Cruse
Trustee
Dated: 17 September 2024
ST ETHELDREDA ART STUDIO
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF ST ETHELDREDA ART STUDIO
- 2 -

I report to the trustees on my examination of the financial statements of St Etheldreda Art Studio (the charity) for the year ended 31 March 2024.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1

accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

2

the financial statements do not accord with those records; or

3

the financial statements 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 financial statements 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).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Mark Johnstone FCA

Argents Accountants Limited
15 Palace Street
NORWICH
Norfolk
NR3 1RT
United Kingdom
Dated: 14 November 2024
ST ETHELDREDA ART STUDIO
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
Notes
£
£
£
£
£
£
Income from:

Donations, legacies and grants

3
4
-
4
-
-
-
Charitable activities
4
9,132
-
9,132
7,580
-
7,580

Investments

5
229
-
229
26
-
26
Total income
9,365
-
9,365
7,606
-
7,606
Expenditure on:
Charitable activities
6
13,002
19
13,021
9,908
23
9,931
Net expenditure for the year/
Net movement in funds
(3,637)
(19)
(3,656)
(2,302)
(23)
(2,325)
Fund balances at 1 April 2023
23,064
94
23,158
25,366
117
25,483
Fund balances at 31 March 2024
19,427
75
19,502
23,064
94
23,158

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
ST ETHELDREDA ART STUDIO
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 4 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
75
94
Current assets
Debtors
13
225
-
Cash at bank and in hand
20,072
23,909
20,297
23,909
Creditors: amounts falling due within one year
14
(870)
(845)
Net current assets
19,427
23,064
Total assets less current liabilities
19,502
23,158
Net assets excluding pension liability
19,502
23,158
The funds of the charity
Restricted income funds
15
75
94
Unrestricted funds
19,427
23,064
19,502
23,158

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 17 September 2024
Aileen Cruse
Trustee
Company registration number 02372379 (England and Wales)
ST ETHELDREDA ART STUDIO
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
1
Accounting policies
Charity information

St Etheldreda Art Studio is a private company limited by guarantee incorporated in England and Wales. The registered office is .

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

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

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds represent unrestricted funds set aside by the trustees for a specific purpose. Such funds can be undesignated or re-designated at a later date at the discretion of the trustees.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income

Income, including that from grants, is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
ST ETHELDREDA ART STUDIO
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.5
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.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% on reducing balances

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

ST ETHELDREDA ART STUDIO
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10
Taxation

The charity is exempt from corporation tax n its charitable activities.

1.11
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3

Donations, legacies and grants

Unrestricted
Total
funds
2024
2023
£
£
Donations and gifts
4
-
ST ETHELDREDA ART STUDIO
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
4
Charitable activities

Art Studio

Exhibitions and events

Total
2024

Art Studio

2024
2024
2023
£
£
£
£

Commissions on sales

-
17
17
-

Studio rental income

9,115
-
9,115
7,580
9,115
17
9,132
7,580
5

Investments

Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Interest receivable
229
26
ST ETHELDREDA ART STUDIO
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
6
Charitable activities

Art Studio

Exhibitions and events

Total
2024

Art Studio

Exhibitions and events

Total
2023
2024
2024
2023
2023
£
£
£
£
£
£
Depreciation and impairment
19
-
19
23
-
23

Rent and insurance

6,003
-
6,003
5,233
-
5,233

Rates

140
-
140
266
-
266

Utilities

1,245
-
1,245
1,083
-
1,083

Building maintenance

3,641
-
3,641
1,182
-
1,182

Exhibitions and events

-
790
790
-
1,443
1,443

Sundries

913
-
913
431
-
431
11,961
790
12,751
8,218
1,443
9,661
Share of governance costs (see note 7)
270
-
270
270
-
270
12,231
790
13,021
8,488
1,443
9,931
Analysis by fund
Unrestricted funds
12,212
790
13,002
8,465
1,443
9,908
Restricted funds
19
-
19
23
-
23
12,231
790
13,021
8,488
1,443
9,931
ST ETHELDREDA ART STUDIO
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
7
Support costs
Support costs
Governance costs
2024
2023
£
£
£
£
Accountancy
-
270
270
270
-
270
270
270
Analysed between
Charitable activities
-
270
270
270
8
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
19
23
9
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
10
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
11
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

ST ETHELDREDA ART STUDIO
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
12
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 April 2023
8,321
At 31 March 2024
8,321
Depreciation and impairment
At 1 April 2023
8,227
Depreciation charged in the year
19
At 31 March 2024
8,246
Carrying amount
At 31 March 2024
75
At 31 March 2023
94
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
225
-
14
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
600
575
Accruals and deferred income
270
270
870
845
15
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Balance at
1 April 2022
Resources expended
Balance at
1 April 2023
Resources expended
Balance at
31 March 2024
£
£
£
£
£
Fixtures and Fittings
117
(23)
94
(19)
75
ST ETHELDREDA ART STUDIO
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
16
Designated funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

Balance at
1 April 2022
Resources expended
Balance at
1 April 2023
Resources expended
Balance at
31 March 2024
£
£
£
£
£
Hardship fund
1,880
-
1,880
(75)
1,805
Development fund
8,000
(958)
7,042
(472)
6,570
9,880
(958)
8,922
(547)
8,375
ST ETHELDREDA ART STUDIO
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
17
Analysis of net assets between funds
Unrestricted funds
Restricted funds
Total
Unrestricted funds
Restricted funds
Total
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Fund balances at 31 March 2024 are represented by:
Tangible assets
-
75
75
94
-
94
Current assets/(liabilities)
19,427
-
19,427
23,064
-
23,064
19,427
75
19,502
23,158
-
23,158
ST ETHELDREDA ART STUDIO
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
18
Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

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