|
FOR THE
YEAR
ENDED
31/03/2018
|
|
TRUSTEES' REPORT |
|
|
|
The trustees present their report and accounts for the
year
ended
31/03/2018
|
|
STRUCTURE GOVERNANCE AND MANAGEMENT |
|
Governing Document
|
|
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
|
|
Appointment of Directors
|
|
As set out in the Articles of Association, the Directors 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.
|
|
Organisational Structure
|
|
The Directors are responsible for the administration and financial affairs of the charity.
|
|
Risk Management
|
|
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.
|
|
Objectives and Activities
|
|
Over the last sixty years Professor Richard Demarco CBE has built up an extensive collection, The Demarco Collection and Archive, DCA, of international contemporary art featuring work by some of the most important figures in 20th century art and over one million photographs. The DCA also comprises documents, correspondence and a library. Appointed CBE in 2007, Professor Demarco has organized hundreds of exhibitions, plays, conferences and performances from nations around the world, has been praised for his internationalism, and counts the Romanian and German Orders of Merit and the Gold Gloria Artis Medal of Poland amongst his precious accolades.
|
|
The principal objectives of the charity are to protect and develop DCA with particular regard to education through the contemporary arts and to fundraise for these purposes. The charity owns part of the DCA. The Board has been given to understand that in a properly catalogued state, the value of the DCA would be several million pounds. However, due to the difficulties of establishing a valuation, the financial statements do not include a valuation of the works of art and archive material.
|
|
It is the Boards ultimate aim to gift/leave the whole collection and archive for the benefit of the Scottish nation and it has already made initial approaches to certain educational institutions.
|
|
|
FOR THE
YEAR
ENDED
31/03/2018
|
|
TRUSTEES' REPORT |
|
Achievements and Performance
|
|
In the course of the year to end March the Board of the Demarco Archive Trust Limited met on 7 occasions. The following members resigned from the Board
|
|
D G B Duncan
|
|
Margaret L Mearns
|
|
M L Nasmyth
|
|
J O R Martin
|
|
and
|
|
The following new members were appointed subsequently early in annual year 2018-19.
|
|
Annette Bruton
|
|
Graham Berry
|
|
Douglas Graham
|
|
M J Federici
|
|
The renewed Board is taking positive action to ensure the future of the Archive and its use as an educational resource. To make progress on this a joint application with the Scottish National Gallery of Modern Art, SNGMA, to the Heritage Lottery Fund seeking funding to ensure future access to the collection is currently in preparation.
|
|
The Board also intends to clarify the status of ownership of many of the artefacts and works of art in the Archive and to place a financial value on them which can be included on future Balance Sheets.
|
|
The result for the past year, as indicated in the Income and Expenditure Account, is that a deficit has been incurred, bringing the total deficiency of assets at the end of March 2018 to 20,281. The charity has access to works of art which can be realized to meet its current financial obligations and the Board is confident that the company can continue as a going concern on this basis.
|
|
The Board has successfully concluded, with the assistance of Mary Nasmyth, discussions with the City of Edinburgh Council on the issue of arrears of non Domestic Rates which has been a matter of dispute for some years. |
|
The report was prepared in accordance with the special provisions within Part 15 of the Companies Act 2006. |
|
This report was approved by the Board of Trustees on
05/12/2018
|
|
|
|
INDEPENDENT EXAMINER'S STATEMENT |
|
FOR THE
YEAR
ENDED
31/03/2018
|
|
|
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
DEMARCO ARCHIVE TRUST LIMITED
|
|
I report on the accounts of the company for the
year
ended
31/03/2018
.
|
|
|
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER |
|
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 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The charity's gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of
Association of Chartered Certified Accountants & Chartered Tax Advisers
.
|
Having satisfied myself that the charity is not subject to an audit under company law and is eligible for independent examination, it is my responsibility to: |
- examine the accounts under section 145 of the 2011 Act; |
- follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and |
- state whether particular matters have come to my attention. |
|
|
BASIS OF INDEPENDENT EXAMINERS STATEMENT |
|
My examination was carried out in accordance with general Directions given by the Charity Commission. 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. |
|
|
INDEPENDENT EXAMINER'S STATEMENT |
|
FOR THE
YEAR
ENDED
31/03/2018
|
|
|
INDEPENDENT EXAMINERS 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 386 of the Companies Act 2006; and |
- to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities |
have not been met; or |
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached |
|
|
|
|
|
................................................... |
|
Date:
05/12/2018
|
|
|
Accountancy Assured Limited |
Chartered Certified Accountants & Chartered Tax Advisers |
Suite 1 Beaverhall House |
27 Beaverhall Road |
Edinburgh |
EH7 4JE |
01315581665 |
|
|
|
|
|
|
|
|
|
|
|
|
Statement of Financial Activities |
|
for the year ended
31/03/2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
2017 |
|
|
|
|
Unrestricted funds |
|
Restricted funds |
|
Total |
|
Total |
|
|
|
|
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
|
|
|
|
Income from generated funds |
|
|
|
|
|
|
|
|
|
|
Donations and legacies |
|
|
|
333 |
|
- |
|
333 |
|
4,013 |
Other trading activities |
|
|
|
- |
|
- |
|
- |
|
12,999 |
Total Income and endowments |
|
|
|
333 |
|
- |
|
333 |
|
17,012 |
Expenses |
|
|
|
|
|
|
|
|
|
|
Costs of generating funds |
|
|
|
|
|
|
|
|
|
|
Expenditure on Charitable activities |
|
|
|
8,047 |
|
- |
|
8,047 |
|
17,654 |
Total Expenses |
|
|
|
8,047 |
|
- |
|
8,047 |
|
17,654 |
Net gains on investments |
|
|
|
|
|
|
|
|
|
|
Net Income |
|
|
|
(7,714) |
|
- |
|
(7,714) |
|
(642) |
|
|
|
|
|
|
|
|
|
|
|
Gains/(losses) on revaluation of fixed assests |
|
|
|
|
|
|
|
|
|
|
Net movement in funds: |
|
|
|
|
|
|
|
|
|
|
Net income for the year |
|
|
|
(7,714) |
|
- |
|
(7,714) |
|
(642) |
Total funds brought forward |
|
|
|
(16,886) |
|
4,319 |
|
(12,567) |
|
(11,925) |
Net funds carried forward |
|
|
|
(24,600) |
|
4,319 |
|
(20,281) |
|
(12,567) |
|
|
|
|
|
|
|
|
|
|
|
This statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities |
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET AT 31/03/2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
|
|
2017 |
|
|
Notes |
|
|
|
£ |
|
|
|
£ |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS |
|
|
|
|
|
|
|
|
|
|
Investments |
|
3 |
|
|
|
1 |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
|
Debtors (amounts falling due within one year) |
|
4 |
|
1,499 |
|
|
|
1,499 |
|
|
Cash at bank and in hand |
|
|
|
2,665 |
|
|
|
3,939 |
|
|
|
|
|
|
4,164 |
|
|
|
5,438 |
|
|
CREDITORS: Amounts falling due within one year |
|
5 |
|
24,446 |
|
|
|
18,006 |
|
|
NET CURRENT LIABILITIES |
|
|
|
|
|
(20,282) |
|
|
|
(12,568) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|
|
|
(20,281) |
|
|
|
(12,567) |
|
|
|
|
|
|
|
|
|
|
|
CAPITAL AND RESERVES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrestricted funds |
|
7 |
|
|
|
|
|
|
|
|
General fund |
|
|
|
|
|
(24,600) |
|
|
|
(16,886) |
Restricted funds |
|
8 |
|
|
|
4,319 |
|
|
|
4,319 |
|
|
|
|
|
|
(20,281) |
|
|
|
(12,567) |
|
|
|
|
|
|
|
|
|
|
|
For the year ending 31/03/2018 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
|
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
|
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
|
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
|
|
|
|
|
|
|
|
|
|
|
|
Approved by the board of trustees on
05/12/2018
and signed on their behalf by
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
............................. |
|
|
|
|
|
|
|
|
|
|
Annette Bruton
|
|
|
|
|
|
|
|
|
|
|
Trustee |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|