In 2010
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took over the running of the accounts and introduced a basic online accounting and expenses claim system. This has enabled us for the first time to fully reconcile our spending and produce the account chart that we publish here. Going forwards, we will aim to produce this at the end of every accounting year in April.
10% growth on ticket sales to 590 participants in 2010
The Nowhere non-profit operating company now has a legal ‘branch office’ in Spain, which has allowed us to open a Spanish bank account. This will greatly reduce our bank charges, which are mainly wire fees and forex costs. Further it has made obtaining worth while event insurance much easier. On the downside it cost around 2,000 euro to establish and it means that in future, we have to file accounts and tax returns in both the UK and Spain. The exceptional charge for the creation of the branch office is reflected in the far higher than normal legal fees we had this year.
Normally we aim to give 10% of our budget to the financing of art at Nowhere. We failed to hit that target this year due to some projects under-claiming on their grant and a small overspend in a couple of other areas, coupled with the higher than expected ‘branch office’ setup costs. For 2011 we have again allocated 10% of our projected budget towards art grants.
