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The Charity Registration Number is :- SC008257 |
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Demarco Archive Trust Limited | |||||||||
Company Registration Number - SC044855 | |||||||||
Trustees' Annual Report for the year ended 31 March 2022 | |||||||||
The Trustees present their Report and Accounts for the year ended 31 March 2022, which also comprises the Directors' Report required by the Companies Act 2006. | |||||||||
Reference and administrative details | |||||||||
The charity name. | |||||||||
The legal name of the charity is:- Demarco Archive Trust Limited. | |||||||||
The charity is also known by its operating name, Demarco Archive Trust. | |||||||||
The charity's areas operation and UK charitable registration. | |||||||||
The charity is registered in Scotland with The Office of the Scottish Charity Regulator (OSCR) with charity number SC008257. | |||||||||
The charity does not operate in any overseas jurisdictions. | |||||||||
Legal structure of the charity | |||||||||
The charity is constituted as a company limited by guarantee, registered under the Companies Acts . The governing document of the charity is the Memorandum and Articles of Association establishing the company under company legislation. | |||||||||
There are no restrictions in the governing documents on the operation of the Charity or on its investment powers other than those imposed by Charity Law. | |||||||||
By operation of law all, trustees are directors under the Companies Act 2006 and all directors are trustees under Charities legislation and have responsibilities, as such, under both company and charity legislation. | |||||||||
The trustees are all individuals. | |||||||||
The principal operating address, telephone number, email and web addresses of the charity are:- | |||||||||
Summerhall | |||||||||
1 Summerhall Place, Edinburgh | |||||||||
EH9 1PL | |||||||||
The registered office of the charity for Companies Act purposes is the same as the operating address shown above. | |||||||||
The Trustees in office on the date the report was approved were:- | |||||||||
Prof Richard Demarco CBE | |||||||||
Dr Marco Josef Federici | |||||||||
Douglas Graham | |||||||||
Terry Ann Newman | |||||||||
Arthur J Watson | |||||||||
The following persons served as Trustees during the year ended 31 March 2022 :- | |||||||||
The trustees who served as a trustee in the reporting period were as shown above, and there were no changes during the year, or in the period between the year end and the approval of the accounts. | |||||||||
Objects and activities of the charity | |||||||||
The purposes of the charity as set out in its 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 ) | |||||||||
The main activities undertaken in relation to those purposes during the year. | |||||||||
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. | |||||||||
The contribution of volunteers during the year. | |||||||||
The Charity relies totally on the support of volunteers to help it achieve its Objectives and Activities. The Charity is also indebted to Robert McDowell of Summerhall, National Galleries of Scotland and Creative Scotland for their continuing interest and support. |
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The main achievements and performance of the charity during the year. | |||||||||
In the year under review, the Charity’s Activities were severely constrained due to the ongoing Covid-19 pandemic and its aftereffects. As in the previous year, normal actual events could be not held and the majority of activities required to be undertaken online. Arthur Watson PPRSA, one of the Directors published ‘Demarco 2020’. It had originally been intended for this to be published in 2020 to celebrate Prof. Demarco’s 90th birthday but the original schedule for publication was delayed due to the pandemic. This collaborative volume entailed a considerable amount of co-ordination and editorial work and the Board is very grateful to him for all his efforts in this regard. Opportunities for sales were limited due to the lack of events but arrangements were made for the publication to be available through an on-line Order Form and this has met with some success. |
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The degree to which the achievements and performance during the year have benefited wider society & the beneficiaries of the charity. | |||||||||
Due to the pandemic and it’s consequences, the scope for in-person activities previously carried out by the charity has been severely limited. However, the establishment of the Virtual Gallery on line has meant that wider society and the potential beneficiaries have been able to have limited access to the Demarco Archive. The charity intends to expand the scope of the Virtual Gallery and thus widen the scope for access by wider society and beneficiaries. | |||||||||
Structure, governance and management of the charity | |||||||||
The methods used to recruit and appoint new charity trustees. | |||||||||
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. | |||||||||
The charity's organisational structure. | |||||||||
The Directors are responsible for the administration and financial affairs of the Charity. | |||||||||
Financial review | |||||||||
The charity's financial position at the end of the year ended 31 March 2022 | |||||||||
The financial position of the charity at 31 March 2022 and comparatives for the prior period, as more fully detailed in the accounts, can be summarised as follows:- | |||||||||
2022 | 2021 | ||||||||
£ | £ | ||||||||
Net income | 5,002 | 22,472 | |||||||
Unrestricted Revenue Funds available for the general purposes of the charity | 138,843 | 129,302 | |||||||
Restricted Revenue Funds | 12,126 | 16,665 | |||||||
Total Funds | 150,969 | 145,967 | |||||||
Financial review of the position at the reporting date, 31 March 2022 . | |||||||||
The result for the past year, as indicated in the Income and Expenditure Account, is that an operating surplus has been achieved. 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. | |||||||||
Policies on reserves. | |||||||||
1- The charity limits the scope of its potential activities in line with available current funds. 2- The charity limits its potential liabilities to a figure not exceeding ten per cent of the value of its fixed assets. 3- The charity actively pursues opportunities for grant funding from relevant bodies. 4- The charity relies on voluntary support for its activities. 5- The charity only refunds Trustees for out of pocket expenses. Trustees are not remunerated. 6- The charity does not have any employees ( full, part time or ad hoc) in order to avoid potential liability from such. 7- Any contracts whatsoever require the prior approval of the Board. No Trustee is authorised to enter into any contracts without such prior approval. |
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Availability and adequacy of assets of each of the funds | |||||||||
The board of trustees is satisfied that the charity's assets in each fund are available and adequate to fulfil its obligations in respect of each fund. | |||||||||
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. | |||||||||
Plans For the Future | |||||||||
Summary of plans for the future and the trustees' perspective of the future direction of the charity. | |||||||||
The further enhancement of the dedicated website – www.demarcoarchive.com – to assist the Charity to promote itself is a continuing and key task for the future. It is also hoped to develop a social media platform to encourage interaction with the Archive. 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 the establishment of a Virtual Gallery to showcase aspects of the Archive online. Phase 1 of this was completed during the year and can be accessed online at www.demarcoarchive.com. It is planned to continue with a further Phase. The Board is very grateful to Dr Marco Federici for his major contribution to this initiative. |
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Other information about the charity and its activities | |||||||||
In the course of the year to end March 2022, due to restrictions, the Board was only able to meet in person on one occasion and the majority of Board business was conducted by email. | |||||||||
Details of The Independent Examiner | |||||||||
Miss Vanessa Bennett | |||||||||
Member of Chartered Certified Accountants | |||||||||
20A Bridge Street | |||||||||
Musselburgh | |||||||||
East Lothian | |||||||||
EH21 6AG | |||||||||
Statement of the Directors Trustees' Responsibilities | |||||||||
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and The Charities Accounts (Scotland) Regulations 2006 (as amended) | |||||||||
In particular, the Companies Act 2006 and charity law require the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Board is required to :- | |||||||||
- to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). |
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- select suitable accounting policies and apply them consistently; | |||||||||
- make judgements and estimates that are reasonable and prudent; | |||||||||
- prepare the financial statements on the going concern basis unless it is inappropriate | |||||||||
to presume that the charity will continue in business; | |||||||||
- state whether applicable accounting standards and statements of | |||||||||
recommended practice have been followed, subject to any material | |||||||||
departures disclosed and explained in the financial statements; | |||||||||
The law requires that the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for the year. | |||||||||
The Trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with the Companies Act 2006 and comply with regulations made under the Charities Act. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. | |||||||||
The Trustees are also responsible for the contents of the Trustees' report, and the statutory responsibility of the Independent Examiner in relation to the Trustees' report is limited to examining the report and ensuring that , on the face of the report, there are no material inconsistencies with the figures disclosed in the financial statements. | |||||||||
Method of preparation of accounts - Small company provisions | |||||||||
The financial statements are set out on pages 10 to 25. | |||||||||
The financial statements have been prepared implementing the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016) | |||||||||
These financial statements have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006. applicable to companies subject to the small companies regime. | |||||||||
This report was approved by the board of trustees on 5 December 2022. | |||||||||
DOUGLAS R R GRAHAM - ACTING CHAIR | |||||||||
Director and Trustee | |||||||||
Demarco Archive Trust Limited | ||||||
Report of the Independent Examiner to the Trustees of the charitable company on the accounts for the year ended 31 March 2022 | ||||||
I report to the Trustees on my examination of the financial statements of the charitable company for the year ended 31 March 2022 which have been prepared in accordance with the Charities and Trustee Investment (Scotland) Act 2005 (the Act) and with the Financial Reporting Standard 102, (effective 1st January 2016) as modified by FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), published by The Office of the Scottish Charity Regulator (OSCR) , and under the historical cost convention and the accounting policies set out on page 16. | ||||||
Respective responsibilities of the Trustees and the Independent Examiner and the basis of the report | ||||||
As described on page 9, you, the charitable company's Trustees, who are also the Directors of the Company for the purposes of Company law, are responsible for the preparation of the financial statements in accordance with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and all other applicable law and with United Kingdom Generally Accepted Accounting Practice, applicable to smaller entities, and for being satisfied that the financial statements give a true and fair view. | ||||||
The Trustees consider that the audit requirement of Regulations 10(1) (a) to (c) of the The Charities Accounts (Scotland) Regulations 2006 (as amended) does not apply, and that there is no requirement in the memorandum and articles of the charity for the conducting of an audit, and that the accounts do not require an audit in accordance with Part 16 of the Companies Act 2006 and that no member or members have requested an audit pursuant to Section 476 of the Companies Act 2006. As a consequence, the Trustees have elected that the financial statements be subject to independent examination. | ||||||
Having satisfied myself that the financial statements are not required to be audited under any legal provision, or otherwise, and are eligible for independent examination, it is my responsibility to:- | ||||||
a) examine the financial statements of the charity under Section 44(1)(c) of the Act; | ||||||
b) follow the applicable procedures in the Regulation 11 of The Charities Accounts (Scotland) Regulations 2006 (as amended) and in accordance with theguidance given by The Office of the Scottish Charity Regulator and; | ||||||
c) state whether particular matters have come to my attention. | ||||||
Basis of Independent Examiner's Statement and scope of work undertaken | ||||||
I conducted my examination in accordance with the Regulation 11 of The Charities Accounts (Scotland) Regulations 2006 (as amended) and in accordance with theguidance given by The Office of the Scottish Charity Regulator, setting out the duties of an independent examiner in relation to the conducting of an independent examination. An independent examination includes a review of the accounting records kept by the charitable company and of the accounting systems employed by the charitable company and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you, as Trustees, concerning such matters. The purpose of the examination is to establish as far as possible that there have been no breaches of charity legislation and that, on a test basis of evidence relevant to the amounts and disclosures made, the financial statements comply with the SORP. | ||||||
The procedures undertaken do not provide all the evidence that would be required in an audit, and information supplied by the Trustees in the course of the examination is not subjected to audit tests or enquiries and does not cover all the matters that an auditor would consider in arriving at an opinion. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide | ||||||
Consequently, I do not express an audit opinion on the view given by the financial statements, and in particular, I express no opinion as to whether the financial statements give a true and fair view of the affairs of the charity, and my report is limited to the matters set out in the statement below. | ||||||
I planned and performed my examination so as to satisfy myself that the objectives of the independent examination are achieved and before finalising the report I obtained written assurances from the Trustees of all material matters. | ||||||
Independent Examiner's Statement, Report and Opinion | ||||||
Subject to the limitations upon the scope of my work as detailed above, I have completed my examination: and can confirm that:- | ||||||
The accounts of this charitable company are not required to be audited under Part 16 of the Companies Act 2006; | ||||||
and that I am qualified to act as Independent Examiner in accordance with that section by virtue of my being a qualified member of Chartered Certified Accountants; | ||||||
This is a report in respect of an examination carried out under 44(1)(c) of the Act and in accordance with Regulation 11 of The Charities Accounts (Scotland) Regulations 2006 (as amended) and in accordance with theguidance given by The Office of the Scottish Charity Regulator which may be applicable; | ||||||
and that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:- | ||||||
accounting records were not kept in respect of the charity as required by Section 386 of the Companies Act 2006 and Section 44(1)(a) of The Charities and Trustee Investment (Scotland) Act 2005; | ||||||
when preparing accounts on a fully accrued basis, to prepare financial statements which accord with the accounting records and comply with the accounting requirements of the Act and the Regulations setting out the form and content of charity accounts; | ||||||
have been prepared in accordance with the methods and principles set out in the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP). | ||||||
have been prepared in accordance with the methods and principles set out in the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP). | ||||||
have not been met or to which, in my opinion, attention should be drawn in my report in order to enable a proper understanding of the accounts to be reached. | ||||||
Signed:- | ||||||
Miss Vanessa Bennett - Independent Examiner | ||||||
Chartered Certified Accountants | ||||||
20A Bridge Street | ||||||
Musselburgh | ||||||
East Lothian | ||||||
EH21 6AG | ||||||
This report was signed on 5 December 2022 | ||||||
Demarco Archive Trust Limited - Statement of Financial Activities for the year ended 31 March 2022 | |||||||||||
Statement of Financial Activities (including the Income and Expenditure Account for the year ended 31 March 2022, as required by the Companies Act 2006) | |||||||||||
SORP Ref | Current year | Current year | Current year | Prior Year | |||||||
Unrestricted Funds | Restricted Funds | Total Funds | Total Funds | ||||||||
2022 | 2022 | 2022 | 2021 | ||||||||
£ | £ | £ | £ | ||||||||
Income & Endowments from: | |||||||||||
Donations & Legacies | A1 | 6,637 | 1,677 | 8,314 | 24,574 | ||||||
Charitable activities | A2 | 6,250 | - | 6,250 | - | ||||||
Total income | A | 12,887 | 1,677 | 14,564 | 24,574 | ||||||
Expenditure on: | |||||||||||
Raising funds | B1 | - | 216 | 216 | 325 | ||||||
Charitable activities | B2 | 2,885 | 6,000 | 8,885 | - | ||||||
Other | B3 | 460 | - | 460 | 1,777 | ||||||
Total expenditure | B | 3,345 | 6,216 | 9,561 | 2,102 | ||||||
Net gains on investments | B4 | (1) | - | (1) | - | ||||||
Net income for the year | 9,541 | (4,539) | 5,002 | 22,472 | |||||||
Reconciliation of funds:- | E | ||||||||||
Total funds brought forward | 129,302 | 16,665 | 145,967 | 123,495 | |||||||
Total funds carried forward | 138,843 | 12,126 | 150,969 | 145,967 | |||||||
The 'SORP Ref' indicated above is the classification of income set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the Balance Sheet. | |||||||||||
A Statement of Total Recognised Gains and Losses is included as a primary statement in these accounts. | |||||||||||
All activities derive from continuing operations | |||||||||||
Demarco Archive Trust Limited - Analysis of prior year total funds, as required by paragraph 4.2 of the SORP | |||||||||||
SORP Ref | Prior Year | Prior Year | Prior Year | ||||||||
Unrestricted Funds | Restricted Funds | Total Funds | |||||||||
2021 | 2021 | 2021 | |||||||||
£ | £ | £ | |||||||||
Income: | |||||||||||
Donations & Legacies | A1 | 14,034 | 10,540 | 24,574 | |||||||
Total income | A | 14,034 | 10,540 | 24,574 | |||||||
Expenditure on: | |||||||||||
Raising funds | B1 | - | 325 | 325 | |||||||
Other | B3 | 420 | 1,357 | - | 1,777 | ||||||
Other taxation | B3 | - | - | - | |||||||
Total expenditure | B | 420 | 1,682 | 2,102 | |||||||
Net income for the year | 13,614 | 8,858 | 22,472 | ||||||||
Net movement in funds | 13,614 | 8,858 | 22,472 | ||||||||
Reconciliation of funds:- | E | ||||||||||
Total funds brought forward | 115,688 | 7,807 | 123,495 | ||||||||
Total funds carried forward | 129,302 | 16,665 | 145,967 | ||||||||
All activities derive from continuing operations | |||||||||||
A Statement of Total Recognised Gains and Losses is included in these accounts as a separate primary statement | |||||||||||
Statement of Total Recognised Gains and Losses for the year ended 31 March 2022 | |||||||||||
2022 | 2021 | ||||||||||
£ | £ | ||||||||||
Surplus for the year :- | |||||||||||
Net excess of income over expenditure from operations before tax | 5,003 | 22,472 | |||||||||
Income from operations before tax in the Statement of Financial Activites | 5,003 | 22,472 | |||||||||
Realised gains on the disposal of investments | (1) | - | |||||||||
Surplus as shown in the Income and Expenditure account | 5,002 | 22,472 | |||||||||
Net Movement in funds before taxation | 5,002 | 22,472 | |||||||||
Funds generated in the year as shown on Statement of Financial Activities | 5,002 | 22,472 | |||||||||
Demarco Archive Trust Limited - Resources applied in the year ended 31 March 2022 towards fixed assets for Charity use:- | |||||||||||
2022 | 2021 | ||||||||||
£ | £ | ||||||||||
Funds generated in the year as detailed in the SOFA | 5,002 | 22,472 | |||||||||
Net resources available to fund charitable activities | 5,002 | 22,472 | |||||||||
Movements in revenue and capital funds for the year ended 31 March 2022 | |||||||||||
Revenue accumulated funds | |||||||||||
Unrestricted | Restricted | Total | Last year | ||||||||
Funds | Funds | Funds | Total Funds | ||||||||
2022 | 2022 | 2022 | 2021 | ||||||||
£ | £ | £ | £ | ||||||||
Accumulated funds brought forward | 129,302 | 16,665 | 145,967 | 123,495 | |||||||
Recognised gains and losses before transfers | 9,541 | (4,539) | 5,002 | 22,472 | |||||||
138,843 | 12,126 | 150,969 | 145,967 | ||||||||
Closing revenue funds | 138,843 | 12,126 | 150,969 | 145,967 | |||||||
Summary of funds | Unrestricted | Restricted | Total | Last Year | |||||||
and | Funds | Funds | Total Funds | ||||||||
Designated funds | |||||||||||
2022 | 2022 | 2022 | 2021 | ||||||||
£ | £ | £ | £ | ||||||||
Revenue accumulated funds | 138,843 | 12,126 | 150,969 | 145,967 | |||||||
The notes attached on pages 19 to 20 form an integral part of these accounts. | |||||||||||
Demarco Archive Trust Limited | |||||||||||
Income and Expenditure Account for the year ended 31 March 2022 as required by the Companies Act 2006 | |||||||||||
2022 | 2021 | ||||||||||
£ | £ | ||||||||||
Income | |||||||||||
Income from operations | 11,712 | 23,944 | |||||||||
Refunds from HMRC on gift aided donations | 2,852 | 630 | |||||||||
Investment income | |||||||||||
Gross income in the year before exceptional items | 14,564 | 24,574 | |||||||||
Gross income in the year including exceptional items | 14,564 | 24,574 | |||||||||
Expenditure | |||||||||||
Charitable expenditure, excluding depreciation and amortisation | 8,885 | - | |||||||||
Fundraising costs | 216 | 325 | |||||||||
Other expenditure | 460 | 1,777 | |||||||||
Realised losses on the disposal of investments | 1 | - | |||||||||
Realised losses on disposals of social investments which are programme related | - | - | |||||||||
Total expenditure in the year | 9,562 | 2,102 | |||||||||
Net income before tax in the financial year | 5,002 | 22,472 | |||||||||
Tax on surplus on ordinary activities | - | - | |||||||||
Net income after tax in the financial year | 5,002 | 22,472 | |||||||||
Retained surplus for the financial year | 5,002 | 22,472 | |||||||||
All activities derive from continuing operations | |||||||||||
In accordance with the provisions of the Companies Act 2006, the headings and subheadings used in the Income and Expenditure account have been adapted to reflect the special nature of the charity's activities. | |||||||||||
Demarco Archive Trust Limited - Balance Sheet as at 31 March 2022 | |||||||
Notes | SORP Ref | 2022 | 2021 | ||||
£ | £ | ||||||
Fixed assets | A | ||||||
Investments held as fixed assets | 6 | A4 | 145,700 | 145,701 | |||
Current assets | B | ||||||
Cash at bank and in hand | B4 | 9,878 | 14,955 | ||||
Creditors: amounts falling due within one year | 7 | C1 | (1,909) | (7,329) | |||
Net current assets | 7,969 | 7,626 | |||||
Net assets | 153,669 | 153,327 | |||||
Creditors: amounts falling due after more than one year | 8 | C2 | (2,700) | (7,360) | |||
The total net assets of the charity | 150,969 | 145,967 | |||||
The total net assets of the charity are funded by the funds of the charity, as follows:- | |||||||
Restricted funds | |||||||
Restricted Revenue Funds | 12 | D2 | 12,126 | 16,665 | |||
12,126 | 16,665 | ||||||
Unrestricted Funds | |||||||
Unrestricted Revenue Funds | 12 | D3 | 138,843 | 129,302 | |||
138,843 | 129,302 | ||||||
Total charity funds | 150,969 | 145,967 | |||||
The 'SORP Ref' indicated above is the classification of Balance Sheet items as set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the SOFA.. | |||||||
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The charity is subject to Independent Examination under charity legislation, and the report of the Independent Examiner is on page 8-9. | |||||||
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DOUGLAS R R GRAHAM - ACTING CHAIR | |||||||
Trustee | |||||||
Approved by the board of trustees on |
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Demarco Archive Trust Limited | ||||||||||
Notes to the Accounts for the year ended 31 March 2022 | ||||||||||
1 | Accounting policies | |||||||||
Policies relating to the production of the accounts. | ||||||||||
Basis of preparation and accounting convention | ||||||||||
The accounts have been prepared on the accruals basis, under the historical cost convention, and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016) and 'FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), published by The Office of the Scottish Charity Regulator (OSCR) , effective January 2016, , and in accordance with all applicable law in the charity's jurisdiction of registration | ||||||||||
Going Concern | ||||||||||
The charitable activities are entirely dependent on continuing grant aid and voluntary donations as well as trading revenues. As a consequence, the going concern basis is dependent on the future flow of these uncertain funding streams. Accordingly, the Trustees have obtained forecasts and, after reviewing the financial forecasts for future periods to 31 March 2022, the Trustees are satisfied that, at the time of approving the financial statements, it is appropriate to adopt the going concern basis in preparing the financial statements. Other than these matters, the Trustees are not aware of any material uncertainites about the charity's ability to continue as a going concern. | ||||||||||
Risks and future assumptions | ||||||||||
The charity is a public benefit entity, the future objectives of the trusts are listed in the trustees report. | ||||||||||
Policies relating to categories of income and income recognition. | ||||||||||
Nature of income | ||||||||||
Gross income represents the value of grants and donations received. | ||||||||||
Income recognition | ||||||||||
Income is recognised in the statement of financial activities (SOFA) on a receivable basis, when a transaction or other event results in an increase in the charity’s assets or a reduction in its liabilities and only when the charity has legal entitlement, the income is probable and can be measured reliably. All income is accounted for gross, before deducting any related fees or costs. |
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Policies relating to expenditure on goods and services provided to the charity. | ||||||||||
Recognition of liabilities and expenditure | ||||||||||
A liability, and the related expenditure, is recognised when a legal or constructive obligation exists as a result of a past event, and when it is more likely than not that a transfer of economic benefits will be required in settlement, and when the amount of the obligation can be measured or reliably estimated.. | ||||||||||
Allocating costs to activities | ||||||||||
Direct costs that are specifically related to an activity are allocated to that activity. Shared direct costs and support costs are apportioned between activities. | ||||||||||
Tangible fixed assets | ||||||||||
Tangible fixed assets are measured at their original cost value, or subsequent revaluation, or if donated, as described above. Cost value includes all costs expended in bringing the asset into its intended working condition. | ||||||||||
Creditors and provisions | ||||||||||
Trade creditors comprise of outstanding invoices at the year end. | ||||||||||
Financial instruments including cash and bank balances | ||||||||||
Cash held by the charity is included at the amount actually held and counted at the year end. Bank balances, whether in credit or overdrawn, are shown at the amounts properly reconciled to the bank statements. | ||||||||||
Fund Accounting | ||||||||||
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. | ||||||||||
Designated funds are unrestricted funds earmarked by the Trustees for particular purposes. | ||||||||||
Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal or as implied by law. | ||||||||||
There are no endowment funds. | ||||||||||
2 | Liability to taxation | |||||||||
The Trustees consider that the charity satisfies the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively on the specific charitable objects of the charity and for no other purpose. Value Added Tax is not recoverable by the charity, and is therefore included in the relevant costs in the Statement of Financial Activities. | ||||||||||
3 | Winding up or dissolution of the charity | |||||||||
If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity. | ||||||||||
4 | Investment gains | |||||||||
Current year | Current year | Current year | Prior Year | |||||||
Current Year | Unrestricted Funds | Restricted Funds | Total Funds | Total Funds | ||||||
2022 | 2022 | 2022 | 2021 | |||||||
£ | £ | £ | £ | |||||||
Realised gains/(losses) | ||||||||||
Investments in subsidiaries | (1) | - | (1) | - | ||||||
Total realised gains/(losses) | (1) | - | (1) | - | ||||||
Total realised and unrealised gains | (1) | - | (1) | - | ||||||
5 | Staff costs and emoluments | |||||||||
Numbers of full time employees or full time equivalents | 2022 | 2021 | ||||||||
The average number of total staff employed in the year was |
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No trustees or persons connected with them received any remuneration from the charity, or any related entity. | ||||||||||
6 | Investments held as fixed assets | |||||||||
Investments in subsidiaries | Other Classes of Investment | Total | ||||||||
£ | £ | £ | ||||||||
Carrying values of investments | ||||||||||
At 1 April 2021 | 1 | 145,700 | 145,701 | |||||||
Disposals | (1) | - | (1) | |||||||
At 31 March 2022 | - | 145,700 | 145,700 | |||||||
Analysis between fair value and historical cost | ||||||||||
Investments as above held at fair value | - | 145,700 | 145,700 | |||||||
7 | Creditors: amounts falling due within one year | 2022 | 2021 | |||||||
£ | £ | |||||||||
Trade creditors | 1,909 | 7,329 | ||||||||
8 | Creditors: amounts falling due after one year | 2022 | 2021 | |||||||
£ | £ | |||||||||
Other creditors | 2,700 | 7,360 | ||||||||
9 | Guarantees made by the charity on behalf of trustees | |||||||||
The company is limited by guarantee and does not have a share capital. Each member gives a guarantee to contribute a sum not exceeding £1 to the company should it be wound up. At 31/03/22 there were 5 members. | ||||||||||
10 | Income and Expenditure account summary | 2022 | 2021 | |||||||
£ | £ | |||||||||
At 1 April 2021 | 145,967 | 123,495 | ||||||||
Surplus after tax for the year | 5,002 | 22,472 | ||||||||
At 31 March 2022 | 150,969 | 145,967 | ||||||||
11 | Particulars of how particular funds are represented by assets and liabilities | |||||||||
At 31 March 2022 | Unrestricted | Designated | Restricted | Total | ||||||
funds | funds | funds | Funds | |||||||
£ | £ | £ | £ | |||||||
Investments at valuation:- | ||||||||||
Fixed asset investments | 145,700 | - | - | 145,700 | ||||||
Current Assets | (2,248) | 12,126 | 9,878 | |||||||
Current Liabilities | (1,909) | - | - | (1,909) | ||||||
Long Term Liabilities | (2,700) | - | - | (2,700) | ||||||
138,843 | - | 12,126 | 150,969 | |||||||
At 1 April 2021 | Unrestricted | Designated | Restricted | Total | ||||||
funds | funds | funds | Funds | |||||||
£ | £ | £ | £ | |||||||
Investments at valuation:- | ||||||||||
Fixed asset investments | 145,701 | - | - | 145,701 | ||||||
Current Assets | (1,710) | - | 16,665 | 14,955 | ||||||
Current Liabilities | (7,329) | - | - | (7,329) | ||||||
Long Term Liabilities | (7,360) | - | - | (7,360) | ||||||
129,302 | - | 16,665 | 145,967 | |||||||
12 | Change in total funds over the year as shown in Note 11 , analysed by individual funds | |||||||||
Funds brought forward from 2021 | Movement in funds in 2022 | Funds carried forward to 2023 | ||||||||
See Note 13 | ||||||||||
£ | £ | £ | ||||||||
Unrestricted and designated funds:- | ||||||||||
Unrestricted Revenue Funds | 129,302 | 9,541 | 138,843 | |||||||
Total unrestricted and designated funds | 129,302 | 9,541 | 138,843 | |||||||
Restricted funds:- | ||||||||||
Funding and donations | 16,665 | (4,539) | 12,126 | |||||||
Total restricted funds | 16,665 | (4,539) | 12,126 | |||||||
Total charity funds | 145,967 | 5,002 | 150,969 | |||||||
13 | Analysis of movements in funds over the year as shown in Note 12 | |||||||||
Other | ||||||||||
Income | Expenditure | Gains & | Movement | |||||||
Losses | in funds | |||||||||
2022 | 2022 | 2022 | 2022 | |||||||
£ | £ | £ | £ | |||||||
Unrestricted and designated funds:- | ||||||||||
Unrestricted Revenue Funds | 12,887 | (3,345) | (1) | 9,541 | ||||||
Restricted funds:- | ||||||||||
Funding and donations | 1,677 | (6,216) | - | (4,539) | ||||||
14,564 | (9,561) | (1) | 5,002 | |||||||
14 | The purposes for which the funds as detailed in note 12 are held by the charity are:- | |||||||||
Unrestricted and designated funds:- | ||||||||||
Unrestricted Revenue Funds | These funds are held for the meeting the objectives of the charity, and to provide reserves for future activities, and , subject to charity legislation, are free from all restrictions on their use. | |||||||||
Unrestricted Revaluation Reserve | This fund represents the unrestricted surplus arising on the revaluation of the charity's assets. | |||||||||
Restricted funds:- | ||||||||||
Restricted Fixed Asset Funds | The purpose of these funds is described under the accounting policy 'Accounting for capital grants and fixed asset funds'. | |||||||||
Restricted Revaluation Reserve | This fund represents the restricted surplus arising on the revaluation of the charity's assets. | |||||||||
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