THE KING'S HALL TRUST FOR THE ARTS
TRUSTEES’ REPORT
FOR THE YEAR ENDED 31 MARCH 2007
The Trustees present their annual report for the year ended 31 March 2007.
Reference and Administrative Details of the Charity, its Trustees and Advisers
The King’s Hall Trust for the Arts Trust (sometimes referred to as “KHTA”) is registered as a charity with the Charity Commission – registered number 1057101. The names of the Trustees who served during the year are as follows:
- Paul Burgess
- Alex Clifton (Chairman)
- Nicholas Herbert
- Elizabeth Owen (Secretary)
- Rikesh Shah (Treasurer)
Other administrative details are as follows:
Registered Address
Flat A
13 Turle Road
London
N4 3LZ
Bankers
Barclays Bank Plc
Oxford City Centre Branch
The Oxford Group
PO Box 333
Oxford
OX1 3HS
Structure, Governance and Management
Legal Status
The King’s Hall Trust for the Arts was formed as a trust under a trust deed dated 18 June 1996 (as amended by special resolutions on 11 December 1999 and 3 May 2003).
New trustees are appointed by the existing trustees; in selecting persons to be appointed, the trustees take into account the contribution that each potential trustee is able to make to the pursuit of the objects or the management of the Charity. In addition, a simple majority of trustees must have been actively involved in the arts community of Brasenose College of the University of Oxford.
Objectives and Activities
The stated objects of the Trust are “to advance and promote education in the arts, in particular amongst the societies and members of Brasenose College, for the benefit of the above persons”.
The Trust aims to support the arts in Oxford, and occasionally elsewhere in the United Kingdom. It is committed to education, especially in drama and music, through the encouragement of attendance as well as direct involvement.
The Trust seeks to achieve its objectives in three principal ways as follows:
- Underwriting Theatre Productions – the Trust provides underwriting to student theatre productions in Oxford and elsewhere enabling those involved to stage the productions without having to take on financial risk themselves. Typically the Trust contributes between 10% and 50% of the production’s budget and bears a share of any losses incurred or receives a share of any surplus generated by the production.
- Grants for Arts Projects – the Trust offers outright grants to enable arts projects which are unlikely or unable to generate income to go ahead. The number of grants made each year is currently small because of the Trust’s limited resources and also a limited number of suitable projects requesting funding. Each year the Trust actively solicits applications for funding for non-theatre arts projects in order to encourage new ideas.
- Advice and Support – the Trust also aims to improve understanding and knowledge about the arts in the context of active participation, career development or simply enjoyment, often drawing upon the knowledge and experience of the Trustees,
In addition to the above charitable activities, a priority for the immediate future is raising awareness and understanding of the Trust’s activities both to encourage a greater number of high quality funding applications and to assist in generating additional income from donations.
Achievements and Performance
Underwriting Theatre Productions
The Trust continued to support a range of student theatre productions during the financial year to 31 March 2007, providing underwriting to 11 student productions (2005/2006: 14 productions). The total level of underwriting was £2,350 (2004/2005: £3,750).
Seven of the productions supported, broke even or generated small surpluses for the Trust, whilst four incurred losses, a share of which was borne by the Trust. Whilst the likelihood of a production making a profit is not a factor when applications for funding are assessed, any share of profits received by the Trust increase the total level of funds available for funding in the future. It must be borne in mind, however, that the level of returns is uncertain since audience levels (and hence box office income) may not meet expectations. The Trust manages this risk by supporting a range of projects and by maintaining the level of funding at a manageable level; the maximum level of underwriting awarded during the year to any single project was £300 and the average amount of underwriting was £213.
Decisions on funding are made on a termly basis, ensuring affordability by taking into account the cash available to the Trust. The Trustees intention is that the level of funding made by the Trust should increase over time, although this will depend largely upon an increase in income from donations.
Grants for Arts Projects
Four grants were made during the year (2005/2006: none) to a total of £500. Grants were made to projects whose intrinsic value in meeting the charity’s objectives was seen to merit investment, although they were non-profit making activities.
It is intended that the offer of grants for new arts projects should be an annual process allowing the Trust to widen the scope of its involvement in the arts by encouraging and supporting ideas for new projects.
Advice and Support
The Trustees occasionally provide advice or support to those involved in the arts based on their experiences as students and in their subsequent careers. Biographies of the Trustees are available on the Trust’s website (see below) which encourages visitors to the website to contact any of the Trustees if they might be of assistance. A dedicated page was created for the website during the year to highlight the opportunity for such support.
Raising Awareness and Understanding
The Trust’s website (www.khta.org.uk) is a first point of reference for those seeking information about the Trust and the application process including guidelines for those seeking funding. The website also records details of the projects that the Trust has been involved in supporting.
The Trustees seek to maintain regular contact with key members of the Oxford and Brasenose arts community to ensure that the Trust’s activities are publicised and clearly explained. In addition, an article explaining and promoting the Trust’s work was included in the Brasenose College annual magazine, The Brazen Nose, which is circulated to all students and alumni. The Trustees recognise that it will be important to increase awareness and understanding of the Trust’s activities and its role within the arts in Oxford and this will be an important priority for the future.
Plans for Future Periods
It is 11 years since the Trust was founded and the Trustees continue to review their overall strategy for achieving the Trust’s objectives, taking into account experience and the current environment. The trustees do not consider there is a need for any significant changes to the Trust’s current activities. However, increased effort is required to promote the Trust both to likely beneficiaries and to potential donors and this will be an important element of the Trust’s work for the foreseeable future.
Financial Review
The financial statements of the Trust for the year ended 31 March 2007 are attached to this report and are prepared in accordance with statutory requirements and the requirements of the Trust deed. The principal elements of the financial statements are explained below.
The Trust has a steady income stream from a small number of donors, with total donations in the 2006/07 financial year rising to £1223 (2005/06: £1059). This income will continue to assist the Trust to grow and to increase the scale of its work over time. Further growth in the number and value of donations will be necessary to fund further growth in the Trust’s activities in the future.
Income
The Trust’s income for the year was £1,848 (2005/2006: £1,522) and arose principally from individual donations and surpluses on underwriting.
Donated Services and Facilities are recognised in the accounts, being trustees’ expenses while engaged in the activities of the Trust for which no reimbursement is made and this amounted to £76 during the year.
Expenditure
Charitable expenditure totalled £763 (2005/06: £813) reflecting grants made during the year (£500), deficits on underwriting (£187) and expenditure incurred in promoting and administering the Trust's activities
Gain on investment
The market value of the unit trust investments held by the Trust rose in value since the date of the last balance sheet giving rise to an unrealised gain of £80 for the year. Short-term changes in the value of the investment are not particularly significant since the investment is held with a view to long-term capital growth.
Financial Position at the Period End
Total funds at 31 March 2007 were £5,868 representing funds brought forward, the net income for the period and the net unrealised gain on investments for the year. The Trustees intend to commit funds only to the extent of the Unrestricted General Fund.
Funds
An Unrestricted Designated Fund has been established by the Trustees in which substantial donations are maintained as capital investments to generate income for the Trust until such time as the capital may be required for other purposes. All other income is intended to be available for direct charitable expenditure and is placed in the Unrestricted General Fund.
Investment Policy
The investment policy applied by the Trustees was chosen to allow the investment to provide both capital growth and a steady income. This policy allows for the acquisition of M&G Charifund Units in accordance with the trust deed.
Alex Clifton
Chairman 7 January 2008
THE KING'S HALL TRUST FOR THE ARTS |
|
|
|
|
|
| |||
STATEMENT OF FINANCIAL ACTIVITIES |
|
|
|
|
|
| |||
FOR THE YEAR ENDED 31 MARCH 2007 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year to |
| Year to |
|
|
| Unrestricted Designated |
| Unrestricted General |
| 31 March 2007 |
| 31 March 2006 |
| Note |
| Fund |
| Funds |
| Total |
| Total |
|
|
| £ |
| £ |
| £ |
| £ |
Income and Expenditure |
|
|
|
|
|
|
|
|
|
Incoming Resources |
|
|
|
|
|
|
|
|
|
Incoming Resources from Generated Funds |
|
|
|
|
|
|
|
|
|
Donations from Individuals |
|
| - |
| 1,223 |
| 1,223 |
| 1,059 |
Donated Services and Facilities | 3 |
| - |
| 76 |
| 76 |
| 76 |
Investment Income |
|
| 38 |
| - |
| 38 |
| 35 |
|
|
|
|
|
|
|
|
|
|
Incoming Resources from Charitable Activities |
|
|
|
|
|
|
|
| |
Surpluses on Underwriting | 4 |
| - |
| 511 |
| 511 |
| 352 |
|
|
|
|
|
|
|
|
|
|
Total Incoming Resources |
|
| 38 |
| 1,810 |
| 1,848 |
| 1,522 |
|
|
|
|
|
|
|
|
|
|
Resources Expended |
|
|
|
|
|
|
|
|
|
Charitable Activities |
|
|
|
|
|
|
|
|
|
Grants | 1,4 |
| - |
| (500) |
| (500) |
| - |
Deficits on Underwriting | 1,4 |
| - |
| (187) |
| (187) |
| (737) |
|
|
| - |
| (687) |
| (687) |
| (737) |
Other Resources Expended |
|
|
|
|
|
|
|
|
|
Postage, Printing and Stationery | 3 |
| - |
| (20) |
| (20) |
| (20) |
Marketing and Website Costs | 3 |
| - |
| (56) |
| (56) |
| (56) |
|
|
|
|
|
|
|
|
|
|
Total resources expended |
|
| - |
| (763) |
| (763) |
| (813) |
|
|
|
|
|
|
|
|
|
|
Net incoming resources before transfers |
|
| 38 |
| 1,047 |
| 1,085 |
| 709 |
|
|
|
|
|
|
|
|
|
|
Gross Transfers Between Funds |
|
|
|
|
|
|
|
|
|
Transfer of income from designated fund | 8 |
| (38) |
| 38 |
| - |
| - |
|
|
|
|
|
|
|
|
|
|
Net incoming resources before other recognised |
|
|
|
|
|
|
|
| |
gains and losses |
|
| - |
| 1,085 |
| 1,085 |
| 709 |
|
|
|
|
|
|
|
|
|
|
Other Recognised Gains and Losses |
|
|
|
|
|
|
|
|
|
Unrealised gains on investment assets | 5 |
| 80 |
| - |
| 80 |
| 145 |
|
|
|
|
|
|
|
|
|
|
Net movement in funds for the year |
|
| 80 |
| 1,085 |
| 1,165 |
| 854 |
|
|
|
|
|
|
|
|
|
|
Total Funds brought forward at 1 April |
|
| 881 |
| 3,822 |
| 4,703 |
| 3,849 |
|
|
|
|
|
|
|
|
|
|
Total Funds carried forward at 31 March |
|
| 961 |
|
4,907 |
| 5,868 |
| 4,703 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 7 and 8 form part of these accounts. |
|
|
|
|
|
|
|
| |
THE KING'S HALL TRUST FOR THE ARTS |
|
|
|
|
|
| |||||||||||
BALANCE SHEET AS AT 31 MARCH 2007 |
|
|
|
|
|
| |||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
| 31 March 2007 |
| 31 March 2006 | ||||||||||||
| Note |
| £ |
| £ |
| £ |
| £ | ||||||||
Fixed Assets |
|
|
|
|
|
|
|
|
| ||||||||
Investments | 5 |
|
|
| 961 |
|
|
| 881 | ||||||||
|
|
|
|
|
|
|
|
|
| ||||||||
Current Assets |
|
|
|
|
|
|
|
|
| ||||||||
Debtors | 6 |
| 1,277 |
|
|
| 794 |
|
| ||||||||
Cash at Bank and In Hand |
|
| 3,630 |
|
|
| 3,028 |
|
| ||||||||
|
|
| 4,907 |
|
|
| 3,822 |
|
| ||||||||
|
|
|
|
|
|
|
|
|
| ||||||||
Net current assets |
|
|
|
| 4,907 |
|
|
| 3,822 | ||||||||
|
|
|
|
|
|
|
|
|
| ||||||||
Net Assets |
|
|
|
| 5,868 |
|
|
| 4,703 | ||||||||
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
| ||||||||
Funds |
|
|
|
|
|
|
|
|
| ||||||||
Unrestricted Designated Fund | 7,8 |
|
|
| 961 |
|
|
| 881 | ||||||||
Unrestricted General Funds |
7 |
|
|
| 4,907 |
|
|
| 3,822 | ||||||||
|
|
|
|
| 5,868 |
|
|
| 4,703 | ||||||||
|
|
|
|
|
|
|
|
|
| ||||||||
Approved by the Board of Trustees on |
|
|
|
|
|
|
| ||||||||||
and signed on their behalf by Alex Clifton (Chairman) |
|
|
|
|
|
| |||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||
............................................................. |
|
|
|
|
|
|
|
|
| ||||||||
The notes on pages 7 and 8 form part of these accounts. |
|
|
|
|
|
| |||||||||||
1. ACCOUNTING POLICIES
The financial statements are prepared in accordance with statutory requirements, applicable accounting standards and the Statement of Recommended Practice (2005) Accounting and Reporting by Charities issued by the Charity Commission. The particular accounting policies adopted are described below.
Accounting Convention
The financial statements are prepared under the historical cost convention, as modified by the revaluation of investments.
Donated Services and Facilities
Certain costs incurred on behalf of The King’s Hall Trust for the Arts (“the Trust”) are borne directly by the Trustees without reimbursement. These gifts in kind are shown as Donated Services and Facilities on the statement of financial activities and the expenditure allocated to the relevant headings.
Charitable Expenditure
Underwriting
Other funding awarded by the Trust is subject to repayment after allowing for the Trust’s share of surpluses or deficits arising on the project. In the case of a partial repayment, the net deficit borne by the Trust is shown in the statement of financial activities under the heading of Resources Expended on Charitable Activities. If the returns to the Trust exceed the amount originally put forward as underwriting, the net surplus is shown under Incoming Resources from Charitable Activities.
The total amount of funding awarded by the Trust and the subsequent returns are show in note 4. Any return in excess of the amount originally put forward as underwriting is included in the General Fund and is available for charitable expenditure in the future.
Grants
Direct charitable expenditure in the form of grants made to individuals and organisations is recognised once the Trust is committed to making the grant.
Investments
Investments are held as fixed assets and are shown at the market value ruling at the balance sheet date.
2. TRANSACTIONS WITH TRUSTEES AND CONNECTED PERSONS
Neither the Trustees nor any connected persons have been remunerated for their services or reimbursed for their personal expenses.
3. DONATED SERVICES AND FACILITIES
Expenses borne directly by the Trustees shown as Donated Services and Facilities have been allocated to expenditure as follows:
|
| 2006/2007 | 2005/2006 |
|
| £ | £ |
| Printing, postage and stationery | 20 | 20 |
| Marketing and Website Costs | 56 | 56 |
|
|
|
|
|
| Donated Services and Facilities | 76 | 76 |
4. RETURNS ON PROJECTS BACKED AND GRANTS
|
| 2006/2007 | 2005/2006 |
| Analysis of charitable funding: | £ | £ |
| Total backing awarded during the year | (2,350) | (3,750) |
| Gross returns on projects backed | 2,674 | 3,365 |
|
|
|
|
| Net (deficits)/surpluses on projects backed | 324 | (385) |
|
Grants | (500) | - |
|
|
|
|
| Total direct charitable (expenditure)/income | (176) | (385) |
|
|
|
|
| Net returns on profit-making projects | 511 | 352 |
| Net loss on loss-making projects | (187) | (737) |
| Grants | (500) | - |
|
|
|
|
|
Total direct charitable (expenditure)/income | (176) | (385) |
Underwriting was provided to eleven projects were during the year (2005/06: fourteen), all of which took place in Oxford. Four grants were made during the year (2005/06: none).
5. FIXED ASSET INVESTMENTS
| Unit Trusts: | £ |
| Market value on 1 April 2006 | 881 |
| Unrealised gain | 80 |
|
|
|
| Market value at 31 March 2007 | 961 |
6. DEBTORS
|
| 2006/2007 | 2005/2006 |
|
| £ | £ |
| Income tax reclaimable | 296 | 73 |
| Returns from completed projects | 981 | 721 |
|
|
|
|
|
| 1,277 | 794 |
|
| 31 March 2007 | 31 March 2006 |
|
| £ | £ |
| Unrestricted Designated Fund | 961 | 881 |
| Unrestricted General fund |
4,907 | 3,822 |
|
|
|
|
|
| 5,868 | 4,703 |
8. DESIGNATED FUND
The Designated Fund was established in 1996 and holds capital belonging to the Trust which the trustees maintain as fixed asset investments (see note 5). The trustees intend that none of this capital be expended by the Trust but that it be held to generate income while also growing in value in the medium-term in line with inflation. The income is transferred to the General Funds of the Trust and may be used in the furtherance of its objects.
 |
 |
 |
 |
 |
 |
 |
 |
