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FOR THE
YEAR
ENDED
31/03/2020
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TRUSTEES' REPORT |
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The trustees present their report and accounts for the
year
ended
31/03/2020
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STRUCTURE GOVERNANCE AND MANAGEMENT |
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Governing Document
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Demarco Archive Trust Limited, (the Charity) is a company limited by guarantee, ( No SCO44855 ) governed by its Memorandum and Articles of Association and is a Scottish Charity, ( No SCO08257 )
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Appointment of Directors
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As set out in the Articles of Association, the Directors as members of the company have the power at any time to appoint any member of the company to be a Director, either to fill a casual vacancy or as an addition to the existing Directors but so that the total number at any time shall not be less than four nor more than twenty four.
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Organisational Structure
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The Directors are responsible for the administration and financial affairs of the Charity.
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Risk Management
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The Directors have assessed the major risks to which the Charity is exposed and are satisfied that systems are in place to mitigate exposure to such risks.
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Objectives and Activities
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The principal objectives of the Charity are the advancement of education by promoting and encouraging the development and study of the arts, particularly contemporary arts, primarily but not exclusively through (a) the protection and development of the Demarco Archive and its associated collections as an unique academic resource; (b) the fostering and promotion of the reputation of the Demarco Archive and (c) the establishment of an internationally accredited archive and library resource.
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Achievements and Performance
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The Board has developed an educational strategy and is planning to work with educational institutions to implement this.
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In the course of the year to end March 2020, the Board has met on 7 occasions.
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Giles H Sutherland resigned as a Director. The Board are grateful to him for his contribution over the years.
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The Board is taking positive action to address outstanding matters to ensure the future of the Demarco Archive and its use as an educational resource, including a review of policies and the re-establishment of a Friends Organisation.
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The result for the past year, as indicated in the Income and Expenditure Account, is that an operating profit has been incurred. The Charity continues to rely on donated income and voluntary effort to support its activities. The Charity has access to art works which can be realized if required to meet its current financial obligations and the Board is confident that the company can continue as a going concern on this basis.
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INDEPENDENT EXAMINER'S STATEMENT |
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FOR THE
YEAR
ENDED
31/03/2020
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
DEMARCO ARCHIVE TRUST LIMITED
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I report on the accounts of the company for the
year
ended
31/03/2020
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RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER |
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The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 10 (1) (a) to (c) of the Accounts Regulations. An independent examination is needed under Section 44 (1) (c) of the Act to state whether particular matters have come to my attention. |
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BASIS OF INDEPENDENT EXAMINERS STATEMENT |
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My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006 (as amended). 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 seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a true and fair view and the report is limited to those matters set out in the statement below. |
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INDEPENDENT EXAMINERS STATEMENT |
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In connection with my examination, no matter has come to my attention:
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(1) which gives me reasonable cause to believe that in any material respect the requirements:
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- to keep accounting records in accordance with Section 44 (a) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
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- to prepare accounts which accord with the accounting records, comply with the accounting requirements of regulation 8 of the 2006 Accounts Regulations
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have not been met; |
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................................................... |
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Date:
19/11/2020
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Chartered Certified Accountants & Chartered Tax Advisers |
Suite 1 Beaverhall House |
27 Beaverhall Road |
Edinburgh |
EH7 4JE |
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Statement of Financial Activities |
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for the year ended
31/03/2020
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2020 |
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2019 |
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Unrestricted funds |
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Restricted funds |
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Total |
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Total |
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£ |
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£ |
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£ |
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£ |
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Income |
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Income from generated funds |
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Donations and legacies |
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2,618 |
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12,879 |
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15,497 |
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145,981 |
Income from charitable activities |
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1,593 |
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- |
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1,593 |
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- |
Total Income and endowments |
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4,211 |
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12,879 |
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17,090 |
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145,981 |
Expenses |
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Costs of generating funds |
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Expenditure on Charitable activities |
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736 |
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9,391 |
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10,127 |
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9,168 |
Total Expenses |
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736 |
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9,391 |
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10,127 |
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9,168 |
Net gains on investments |
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Net Income |
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3,475 |
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3,488 |
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6,963 |
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136,813 |
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Gains/(losses) on revaluation of fixed assests |
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Net movement in funds: |
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Net income for the year |
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3,475 |
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3,488 |
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6,963 |
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136,813 |
Total funds brought forward |
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112,213 |
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4,319 |
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116,532 |
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(20,281) |
Net funds carried forward |
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115,688 |
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7,807 |
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123,495 |
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116,532 |
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This statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities |
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BALANCE SHEET AT 31/03/2020 |
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2020 |
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2019 |
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Notes |
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£ |
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£ |
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FIXED ASSETS |
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Investments |
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3 |
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145,701 |
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145,701 |
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CURRENT ASSETS |
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Debtors (amounts falling due within one year) |
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4 |
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1,024 |
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1,499 |
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Cash at bank and in hand |
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284 |
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1,441 |
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1,308 |
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2,940 |
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CREDITORS: Amounts falling due within one year |
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5 |
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7,329 |
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14,749 |
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NET CURRENT LIABILITIES |
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(6,021) |
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(11,809) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
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139,680 |
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133,892 |
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CREDITORS: Amounts falling due after more than one year |
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6 |
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16,185 |
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17,360 |
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NET ASSETS |
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123,495 |
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116,532 |
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CAPITAL AND RESERVES |
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Unrestricted funds |
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8 |
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General fund |
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115,688 |
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112,213 |
Restricted funds |
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9 |
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7,807 |
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4,319 |
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123,495 |
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116,532 |
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For the year ending 31/03/2020 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
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These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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Approved by the board of trustees on
19/11/2020
and signed on their behalf by
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............................. |
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Douglas Graham
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Trustee |
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