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2021-03-31-accounts

Company registration number: 02609490 Charity registration number: 1004137

Emergency Exit Arts (A company limited by guarantee)

for the Year Ended 31 March 2021

(Co No - 02609490)

Emergency Exit Arts

____________ ____________
Contents
Directors' Report 1
Independent Examiner's Report 12
Statement of Financial Activities 13
Balance Sheet 14
Statement of cash flows 15
Notes to the Financial Statements 16- 23

(Co No - 02609490)

Emergency Exit Arts

Directors’ Report for the year ended 31st March 2021

_____________

The Board of Directors are pleased to submit their report and independently examined financial statements for the year ended 31st March 2021.

Reference and Administrative Information

Formed in 1980, Emergency Exit Arts (EEA) is one of the leading street arts and celebratory outdoor performance companies in the UK, creating high quality and innovative artistic work. The Company runs a core programme of outdoor events, entertainment and participatory workshops with and for local communities, often resulting in free public events that include carnival processions for night and day, street theatre, music and pyrotechnics.

EEA is a registered charity (number 1004137) and is constituted as a company limited by guarantee (number 02609490). Its objects, powers and other constitutional matters are set out in its Memorandum and Articles of Association. These financial statements comply with current statutory Memorandum and Articles of Association and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) – Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Registered office Rothbury Hall Azof Street Greenwich London SE10 0EF

Directors

The directors of the company are its trustees for the purpose of charity law but throughout this report are collectively referred to as the directors. The directors serving during the year and since the year end were as follows:

Dana Segal (appointed Chair of Trustees 31[st] March 2021) Richard Muncaster Benjamin McKnight Fatemeh Amidi (Resigned 31[st] March 2021) Alexander Homfray Teresa Hoey Reuben Alexander Nkosi Massiah (appointed on 8[th] Dec 2020) Emma Judith Parkinson (appointed 8[th] Dec 2020) Dr Sita Thomas (appointed 8[th] Dec 2020)

Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill, West Malling Kent ME19 4JQ

Independent Examiners

Additude Ltd 9 Rhapsody Court Wakeman Road London NW10 5DF

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Emergency Exit Arts

Directors’ Report for the year ended 31st March 2021 (continued)

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Objects, Aims and Principal Activities

The Company is established “to advance education for the public benefit through the promotion of the arts with particular but not exclusive reference to the performing arts”. In furtherance of these objects the Directors, as charity trustees, have complied with the duty in s.17 (5) of the Charities Act 2011 to have due regard to the Charity Commission’s published guidance concerning the interpretation of the Public Benefit requirement under that Act

The Company developed a new 4-year strategic plan 2018-2022 during this period, whilst concluding work on its previous plan. The new plan maintains and expanding the Vision, Mission and Ethos. The company was successful in applying to Arts Council England’s NPO (National Portfolio Organisation) thereby securing further annual funding to help cover core costs until 2022.

Vision: We inspire change through creativity.

Mission:

We have identified three Strategic Objectives to guide us over the next five years.

1. Be impactful: Emphasise socially relevant work that brings people together and helps improve lives. This will be achieved by:

2. Be resilient: Put in place the resources and systems that enable EEA and the people connected to us to continue to thrive, deliver efficiently and have minimal impact on the planet’s resources. We will achieve this by:

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Directors’ Report for the year ended 31st March 2021 (continued)

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Human Resources. We need:

3. Be recognised: Continue to build EEA’s distinctiveness, profile and reputation:

The Company prides itself on its monitoring of activities and embraces negative as well as positive feedback through a process of evaluation with its customers. In the event that any member of the public should wish to lodge a complaint, this should be addressed in writing to the Executive Director and sent to the Company’s principal place of business as shown on page 1.

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Directors’ Report for the year ended 31st March 2021 (continued)

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Principal charitable activities

The principal charitable activity of Emergency Exit Arts is in seeking to meet the above aims. We deliver our services through various outdoor activities, events, carnivals and other projects in schools and in the community.

Public Benefit

Emergency Exit Arts carries out a wide range of activities as detailed in pursuance of its charitable aims. In setting our work programme each year the Directors have regard to the Charity Commission’s guidance on public benefit and ensure activities we undertake are in line with our charitable objectives and aims.

The Trustees are satisfied that the Company’s activities throughout the year provided public benefit because:

Impact of Covid-19 Pandemic

Covid-19 has had a significant impact on the organisation, nationwide lockdowns and strict social distancing guidelines has meant planned events were cancelled and bookings significantly reduced. Turnover for the year was reduced by 45%, however with careful management, the support of Arts Council England awarding emergency funding and two rounds of Cultural Recovery Fund, and support of the government’s Job Retention Scheme the company has ended the year in a strong position, managing to retain all staff members and increase unrestricted reserves to approximately 8 weeks turnover.

We were able to pivot some activity online to continue our vital work with communities and deliver small scale, covid safe events to the public during periods where restrictions eased meaning we are still able to meet our objects but on a smaller scale. All staff were able to successfully work from home and Governance remained strong, we continued with quarterly board meetings via zoom and the finance subcommittee meet quarterly to ensure financial viability and resilience, we also appointed new trustees in 2020/21 with additional expertise in response to the current climate.

We have taken the opportunity to develop new artistic work which will be Covid safe which we expect to tour in 2020/21. We are now beginning to fulfil contracts for the next 12 months and beyond, so our financial position remains strong. Arts Council England have also extended their current NPO funding to March 2023 rather than March 2022 which allows us a longer period to recover from the effects of the pandemic

Review of Achievements and Performance

Whist the Covid-19 saw a significant reduction in the number of audiences and participants we were able to work with, we are proud of the impact we have managed to achieve, including delivering workshops to 6,000 participants and audiences of over 21,000. The pandemic allowed EEA to plan carefully how we might come back stronger in the future. This has been

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Emergency Exit Arts

Directors’ Report for the year ended 31st March 2021 (continued)

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extremely successful with a number of high profile, high impact projects confirmed for 2021 and beyond.

Young Producers Programmes – Our Young Producers Programmes continue to go to strength to strength, working to diversify the sector by bringing exciting new talent and fresh perspective into the outdoor arts sector, the creative work produced is thought provoking, cutting edge, and champions diverse programming. We believe absolutely in offering up ambitious opportunities in which the Young Producers can cut their teeth and put their newly developed skills to the test. Whether that be programming a festival stage at a busy summer arts festival or commissioning a visual arts piece for a well-known London arts centre, the young people have true creative license and agency over their own projects, as well as having proper budgets to work with is at the heart of our method.

In 2020/21 we had to move this training online, we managed to work with xxx participants on projects in Thamesmead and Bournemouth.

Temo TV - When Covid restrictions meant we couldn’t get together face to face, we didn’t let that ruin our fun! Alongside our long-time partners at Peabody Trust and a group of Young Producers from the local area, we regrouped and shifted to the online world to reach out to and celebrate the community of Thamesmead… and so TEMO TV was born.

TEMO TV, named for a local affectionate name for Thamesmead, was a weekly community broadcast show created and transmitted during Lockdown that featured scores of local talent.

As well as tapping into existing connections we held open calls on Zoom for Thamesmead locals to get in touch if they had a skill or art form they wanted to share and we were inundated. Our dedicated production team was able to guide a host of people to self-record their instructional videos so that we were able to comply with government guidance at the time, which were then slickly edited into the final episodes released weekly for 5 weeks during a time when we needed to feel connected more than ever.

Each episode featured some amazing Thamesmead Talent from incredible poets penning odes to the area, local people and businesses showing us how to cook their favourite recipes, learning the latest viral dance

moves and outdoor workout routines, amazing musicians, a tour of Thamesmead, craft activities to adorn our windows right the way through to a Lockdown Variety segment and even Laughing Yoga!

Our Young Producers got a taste of a real time moving project as we adjusted to the restrictions without losing any of the fun or experience, continuing sessions over Zoom and even presenting some of the episodes.

As restrictions relaxed and we were able to hold socially distanced events outside, we successfully held the live community festival 'The Big Picnic' at Birchmere Park in Thamesmead, with some of the trainees getting their first chance to programme live acts. Some stars of TEMO TV even popped up in person and the afternoon finale was a huge socially distanced boogie!

Through a challenging time, the resilience of the people of Thamesmead was really captured and showcased by this project, money pushed back into the community by featuring local artists, businesses and residents and a little bit of joy spread to every single viewer.

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Directors’ Report for the year ended 31st March 2021 (continued)

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Loosening Lockdown Webinars – During the first lockdown EEA pioneered a series of five webinars aimed at supporting the outdoor arts sector emerge from the lockdown safely. Bringing together experts in outdoor arts, health and safety, funders, producers, local authorities and many more, the series attracted over 1000 live audience members and strengthened EEA’s position as a leader in the sector.

Ashford - Working with Ashford Council, developing and delivering a 2-year programme of culture and arts events with a focus on reinvigorating the High Street, place-making, legacy, growth, and accessibility. Our goal is to bring Ashford's high street back to the centre stage creating a destination through a programme of attractive, vibrant, and creative seasonal events.

Additionally, our work with local artists and groups seeks to promote community cohesion, connecting local businesses, community groups and creative practitioners, highlighting and raising the profile of Ashford’s creative community and adding vibrancy and excitement to the town centre.

Our work in Y1 (Aug 19-July 20) was exceptionally well received. Major events attracting large numbers of people to the High Street. Local shops are on-board with the project and have signed up to events. Local artists and practitioners have learned new skills and are making partnerships with local businesses and schools. Our Christmas event ‘Carnival of the Baubles’ was very well received and has now become a staple in Ashford, with an adapted covid-safe event delivered this year and ongoing talks for its return winter 2021.

Carnival of the Baubles was different in 2020. Given the ongoing pandemic, the revised programme focused on finding alternative ways to continue bringing art and culture to the people of Ashford. This year Carnival of the Baubles landed not only on the high street but also made it to the safety of home with hundreds of lantern-making packs delivered across town, a big logistical operation that we completed successfully. Our packs included all materials necessary to make your own lantern, accompanied by print instructions as well as a link to a video tutorial we filmed in Made in Ashford. Our processions this year moved to the digital world with participants sharing their creations online.

High Colour was our banner-making project for Ashford designed as an enquiry into the Ashford community’s strengths and needs. The workshops and the banners created were talking points to allow for meaningful exchange between strangers and improved understanding of experiences across different strata of society, with the aim of improving community cohesion.

October 2020 kickstarted this project with a mix of socially distanced and online workshops with several groups across Ashford. In November, Ashford residents were able to discover these beautiful artworks displayed on shop windows of selected businesses and some of the empty shop units along the high street.

The Ashford community got involved in free banner-making textile workshops. These banners were imbued with local people's learnings and reflections from across 2020. This is a creative mechanism for engaging in a non-direct and gentle way with people’s experiences from the Covid-19 period which has been a time of huge change, isolation, anxiety and in some ways a period of collective grieving across society.

Thematically the banners take their inspiration from peaceful protest and trade union campaign banners. Certainly, there is a mood currently of the power of the collective, of ordinary people coming together, to stand up for what is right, to protect each other, to applaud each other.

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Directors’ Report for the year ended 31st March 2021 (continued)

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There is a current focus on celebrating the everyday hero, the corner shop owners, the NHS workers, the postmen. The banner project sings of empowered and resilient communities coming together in celebration to heal themselves.

Anti-Racism and LGBTQ work in schools – Throughout 2020 EEA responded to the social and political climate with innovative education projects. All our Creative Activism programmes raise social awareness and try to give people the confidence to make real changes through investigating global and social issues, after the murder of George Floyd and the subsequent protests and activism around racism both on and offline, we wanted to see how we can make a difference – together. We explored what anti-racism is and looked at current activists using their art to create change. The online sessions gave the young people a space to express their feelings safely guided by our artists and learn more about activism to create their own creative campaigns about anti-racism.

Through discussion and activities, the young people found that humour was an effective tool for education and used it for several of the memes they created to be displayed online as well as their own protest signs. But the activism didn't stop there! Participants of the sessions went on to create their own surveys around representation in the media and to write letters to their headteachers, chair of governors, local MPs, and members of Cabinet to demand more be done around race equality. Students at Newhaven School in Greenwich also chalked the pavements 'to try to get more people involved in the conversation as it will make a change to the National Front graffiti that still gets daubed on fences in Eltham' where the school is located.

The programme was inspiring for the young people but even more so for EEA and the artists involved, to see the next generation be so passionate about an issue that affects us all.

We celebrated LGBTQ history month with young people in secondary schools in Greenwich by delivering a series of online workshops delving into the history and legacy of LGBTQ artists and activists, giving students the opportunity to create their own artistic responses.

Activism - Activism has always been a significant element of what EEA does. We are increasingly aware of the need for artists to engage with issues and help to activate members of the public to help make a difference in society.

The Trustees would like to take this opportunity to thank all staff, creative practitioners, funders, participants and members of the public who continue to value the work of Emergency Exit Arts through challenging economic, and politically turbulent times.

Financial Review

The charity made a surplus on its General Funds of £62,689 (2020 – Deficit of £13,273) in the year. Free reserves (that is, funds which are neither restricted nor designated) increased from £35,283 to £97,972 at 31 March 2021. Total income during the period was £600,963 (2020 - £1,115,888).

Income fund (restricted): Grants and donations totaling £322,949 (2020 - £453,085) were received during the year. A brief description of the purpose of these funds and the amount of award spent or carried forward appears in note 13. All the restricted income was spent in the year and none was carried forward.

Contingency fund (designated): This fund exists to cover employee costs in the event of a winding up of the Company. The amount calculated to cover such costs, as if the Company had been wound up on 31 March 2021, was established at £50,000.

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Emergency Exit Arts

Directors’ Report for the year ended 31st March 2021 (continued)

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Structure, Governance and Management

EEA is a company limited by guarantee and a registered charity.

Governance

Responsible governance of the company is exercised through the Board of Trustees who are all directors of the company (‘the Board’). The Board is made up of independent lay members who are responsible for the conduct of EEA and for ensuring that it satisfies all legal and contractual obligations. The directors are volunteers and are not remunerated for their time.

The Board is responsible for setting the strategic direction of the company and is ultimately accountable for how effectively the company meets the defined aims through direct charitable activity. The Board employs executive, administrative and operational staff to engage in activities related to governance as defined by SORP (FRS102) such as strategic planning and direct charitable activities such as advice services to service users.

The Board meets at least four times a year. The Board delegates day to day responsibility to the Executive Director who is required to attend Board meetings and to report on all operational and financial matters including staff matters and service delivery. The company pays a premium for professional indemnity insurance for its Trustees which is included within the total insurance premium payable each year.

Trustee Investment powers

Investment powers are governed by the Memorandum and Articles of Association. There are no restrictions on EEA’s absolute powers of investment to the extent that any retained funds that arise are dealt with by depositing surpluses into the COIF Charities Deposit Fund or with authorised banks.

Trustee recruitment, induction and training

The Board endeavors to make sure Trustees are broadly representative of the local community. EEA recruits Trustees through advertising in local and national media and local VCS organisations. The Board are committed to encouraging applicants from BAME communities and those with disabilities. The Directors and CEO interview suitable candidates looking for experience identified by the Board in its annual skills audit. Suitable candidates attend one meetings of the Board to and if suitable are appointed by election thereafter.

New Trustees are taken through a period of induction and provided with relevant governance documents to help them understand their role and the services provided by EEA.

Management and Staffing Structure

Following an organisational review, Daniel Bernstein was appointed CEO and a senior management team was put in place (CEO, Executive Director and Head of Production). Artistic Direction will come from a range of sources including senior management team, freelance directors, producers and designers who are deemed most appropriate for the project or role allowing for greater flexibility and diversity. EEA’s core staffing structure remains small, and relies on freelance Artists, Technicians, Fundraisers and Consultants to remain at low risk financially and reactive to the workload.

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Emergency Exit Arts

Directors’ Report for the year ended 31st March 2021 (continued)

____________

Offices and Premises

EEA are in rented premises Rothbury Hall. We are still hopeful of a long-term lease or acquisition of the building. The Company also has one additional storage facility in the Titan Industrial Estate in Deptford for the storage of props and structures from past processions and carnival event. EEA have also been using meanwhile premises next door to us in Azof street before a new development starts.

Principle Risks and Uncertainties

The Company undertakes periodic reviews for different areas of risk including, insurance cover; health and safety policies in the workplace and whilst performing; working with young children; financial affairs; personnel practices; ICT technology. In relation to these matters, and apart from matters completely outside the Company’s control, the Directors consider that the risks to which the Company is subject have been mitigated to a satisfactory level. In relation to the longer-term security of the Company’s workplace, the Directors are fully aware of the risks inherent in over-extending EEA’s commitment to acquisition and refurbishment costs and will work to ensure that the Company’s financial exposure is kept to a minimum. It is partly in mitigation of this risk that EEA encouraged the establishment of Rothbury Hall Trust, a company limited by guarantee, as an independent entity.

Reserves policy

The Company holds free reserves for a variety of purposes. In a relatively steady operating environment such purposes would include:

The Company’s free reserves stood at £147,972 at 31 March 2021 (2020 - £85,283). The Directors remain of the view that a minimum level of free reserves of £150,000, roughly equivalent to four months of core operating costs, should be maintained though they accept that in these financially constricted times it may take several years before the target is achieved. In the meantime, the Company is committed to ensuring that no further reduction in reserves occurs.

Plan for future periods

In the next 12 months, we aim to:

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Emergency Exit Arts

Directors’ Report for the year ended 31st March 2021 (continued)

_____________ communities. We will continue to co-produce events with communities aiding the creation of diverse, responsive work for a broad audience especially in areas where there is less engagement in arts and culture. We will focus on fewer clients, working longer term, having greater impact ensuring that events are safe and socially distanced for as long as necessary.

Statement as to Disclosure of Information to Statutory Auditor

Each of the persons who are directors at the time when this report is approved confirms that:

Independent Examiners

If the charity still qualifies for an independent examination in 2021-22, a resolution to reappoint Additude Ltd as the company’s independent Examiner will be put forward to the forthcoming Annual General Meeting.

If the charity will reach the audit threshold, then an auditor will be appointed through an open and competitive tendering process.

The directors have prepared this report in accordance with the special provisions relating to small companies within part 15 of the Companies Act 2006.

Approved by the Board and signed on its behalf by:

.........................................

Dana Segal

Chair

Date: 08.12.2021

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Emergency Exit Arts

Directors’ Report for the year ended 31st March 2021 (continued)

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Statement of Trustees’ responsibilities

The Trustees (who are also the Directors of EEA for the purposes of company law) are responsible for preparing the Directors’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income or expenditure, of the charitable company for that period.

In preparing these accounts, the Trustees are required to:

The Trustees are responsible for keeping proper and adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Emergency Exit Arts

Independent Examiner’s Report to the Directors of Emergency Exit Arts for the year ended 31st March 2021

____________

We report on the accounts of the company for the year ended 31 March 2021, which are set out on pages 13 to 23.

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 of the Charities Act 2011 (“the Charities Act”) and that an independent examination is needed. I am qualified to undertake the examination by being a qualified member of CIPFA.

It is my responsibility to:

Basis of independent examiner’s report

My examination was carried out in accordance with the 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 the 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

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:

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Andi Dollia, CPFA ADDITUDE LTD 9 Rhapsody Court Wakeman Road London NW10 5DF

Date: 01 Dec 2021

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Statement of financial activities for the year ended 31st March 2021 (incorporating an income and expenditure account)

___
Income from:
Note
Donations and
legacies
3
Charitable
activities
4
Investment
Income
Other income
Total income
Expenditure on:
5
Raising funds
Charitable
activities
Support Costs
Total expenditure
Net income
(expenditure)
Transfers between
funds
Net movement in
funds
Reconciliation of funds:
Total funds
brought forward
Total funds
carried forward		 _____
Restricted
£
322,949
-
-
-
322,949
15,048
307,901
-
322,949
-
-
-
-
-		 _____
Unrestricted
£
114,483
163,461
70
-
278,014
67,740
147,585
-
215,325
62,689
-
62,689
85,283
147,972		 ____
2021
Total
£
437,432
163,461
70
-
600,963
82,788
455,486
-
538,274
62,689
-
62,689
85,283
147,972		 ____
Restricted
£
453,085
-
-
-
453,085
-
453,085
-
453,085
-
-
-
-
-		 _____
Unrestricted
£
117,924
543,995
884
-
662,803
89,236
398,957
187,883
676,076
(13,273)
-
(13,273)
98,556
85,283		 ____
2020
Total
£
571,009
543,995
884
-
1,115,888
89,236
852,042
187,883
1,129,161
(13,273)
-
(13,273)
98,556
85,283

The notes on pages 14 to 23 form part of these financial statements.

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Emergency Exit Arts

Balance Sheet as at 31st March 2021

_______
Note
Fixed Assets
Tangible fixed assets
9
Current assets
Debtors 10
Cash at bank
Creditors: amounts falling due within one year11
Net current assets
Net assets12
Funds
13
Restricted
Unrestricted:
General
Designated
Total funds		 ____
2021 2020
£
£
- 12,840
6,460
20,207
404,479
143,517
410,939
163,724
262,967
(91,281)
147,972
72,443
147,972
85,283
-
-
97,972
35,283
50,000
50,000
147,972
85,283

For the year ended 31 March 2021 the company was entitled to exemption under section 477 of the Companies Act 2006; and no notice has been deposited under section 476. No members have required the company to obtain an audit of its accounts for the year in question. The directors acknowledge responsibility for: i) Ensuring the company keeps accounting records which comply with section 386; and ii) Preparing financial statements which give a true and fair view of the state of affairs of the company as at the year-end in accordance with requirements of section 394 and 395, and which otherwise comply with requirements of the Companies Act 2006 relating to financial statements, so far applicable to the company. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Directors on and signed on their behalf by: 08.12.2021

Dana Segal Chair, Director

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Statement of cashflows as at 31st March 2021

________
Note


Cash flows from operating activities
Net cash provided by operating activities
14
Cash flows from investing activities
Purchase of fixed assets

Bank Interest

Net cash provided by investing activities

Change in cash and cash equivalents in the
reporting period

Cash and cash equivalents at 1st April 2020

Cash and cash equivalents at 31st March 2021
 _____
2021
£
260,892

-
70
70
260,962

143,517
404,479		 ___
2020
£
(193,883)
-
884
884
(192,998)
336,515
143,517

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Notes to the Financial Statements for the year ending 31st March 2021

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1. Accounting policies

a. General information

Emergency Exit Arts is a public benefit entity and a company limited by guarantee, company number 02609490, registered in England. Emergency Exit Arts is also a charity, registered with the Charity Commission (charity registration number 1004137). The registered office and its principal place of business is Rothbury Hall, Azof Street, Greenwich, London, SE10 0EF.

b. Going concern

The trustees confirm that at the time of approving the financial statements, there are no material uncertainties regarding the Charity’s ability to continue in operational existence for the foreseeable future. In arriving at this conclusion the Trustees have taken account of current and anticipated financial performance in the current economic conditions, its business plan and its reserves position. For this reason, the going concern basis continues to be adopted in the preparation of the Charity’s financial statements.

c. Basis for preparation

The financial statements have been prepared under the historic cost convention unless otherwise stated in the relevant accounting policy notes and in accordance with Accounting and Reporting by Charities; Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1st January 2015) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The principal accounting policies that have been applied to all years presented in these financial statements are set out below.

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires Trustees to exercise their judgement in the process of applying the accounting policies. Use of available information and application of judgement are inherent in the formation of estimates. Actual outcomes in the future could differ from such estimates. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 2.

d. Recognition of outstanding employee benefits

No provision for outstanding holiday pay was made under previous UK GAAP. Under FRS 102 the costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employees’ services are received.

e. Fixed assets

Individual fixed assets costing £2,000 or more are initially recorded at cost.

f. Fund accounting

The nature and purpose of each fund is explained in Note 9 to the financial statements.

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Notes to the Financial Statements for the year ending 31st March 2021 (continued)

_____________

g. Financial instruments

The only financial instruments held by the company are debtors and creditors. These are categorised as ‘basic’ in accordance with Section 11 of FRS 102 and are initially recognised at transaction price. These are subsequently measured at their transaction price less any impairment.

h. Income

Income is recognised when the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. The following specific policies are applied to particular categories of income:

Donations and grants are split between restricted and unrestricted funds in accordance with the terms of the grant or donation.

Donations and gifts are recognised in the statement of financial activities when receivable. Income from government and other grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Donated services and facilities are included at the value to the charity where this can be quantified.

Bank interest is recognised on an accrual basis.

i. Expenditure

Expenditure is included in the statement of financial activities on an accruals basis, inclusive of any VAT that cannot be recovered. It is recognised when there is a legal or constructive obligation to pay for it. Certain expenditure is directly attributable to specific activities and has been included in those cost categories. Certain other costs, which are attributable to more than one activity, are apportioned across cost categories on the basis of an estimate of the proportion of time spent by staff or resources used on those activities.

j. Defined contribution pension scheme

The charity operates a defined contribution scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

k. Leases

Rentals applicable to operating leases are charged to the statement of financial activities over the period they are incurred.

l. Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Fixtures, fittings and equipment 33.33% straight line basis Motor Vehicle 20% straight line basis

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m. Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Items donated for resale or distribution are not included in the financial statements until they are sold or distributed.

2. Critical judgements and estimates

No critical judgements have been made by management in applying the charity’s accounting policies.

3. Donations and Legacies

Apsara Arts
Arts Council
Big Lottery Fund
Royal Borough of Greenwich
Charlton Athletic Community
Trust
London Borough Of Lewisham
Kempton Carnival
London Borough of Croydon
Craftship Enterprise
Bernie Grant Trust
The Ironmongers’ Company
Halley Academy
Greater London Authority
Grocers Charity
The Illuminated River Foundation
Craftship Enterprise CIC
Royal Central School of Speech
and Drama
Bridgewater Carnival
Lanbury London
Roddick Foundation
Peter and Theresa Harris
Charitable Trust
Other Grants
Total		 Restricted
Unrestricted
2021
Total
2020
Total
£
£
£
£
-
-
-
5,735
187,599
111,442
299,041
303,265
18,940
-
18,940
35,760
36,862
-
36,862
-
21,320
-
21,320
40,000
5,000
-
5,000
-
-
-
-
4,750
-
-
-
5,000
-
-
-
12,150
-
-
-
8,113
-
-
-
1,500
818
-
818
28,968
-
-
-
74,535
-
-
-
5,000
-
-
-
1,500
1,350
-
1,350
-
-
-
-
9,928
-
-
-
8,500
-
2,000
2,000
-
-
-
-
7,860
-
-
-
11,000
51,060
1,041
52,101
7,445
322,949
114,483
437,432
571,009

There were no unfulfilled conditions or other contingencies attaching to these grants.

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4. Income from Charitable Activities

Youth Arts fees
Artistic fees
Other sales and income
Total
5.
Total Expenditure
Expenditure
Raising
funds
Staff costs (note 7)
46,075
Materials
-
Rent, insurance
-
Fees
4,861
Office Overheads
-
Transport and Travel
-
Bank Charges
-
Auditor / Independent
Examination fee
-
Marketing and other
project expenses
1,157
Sundry Expenses
-
Depreciation
-

52,093
Add: allocation of
support costs
30,695
Total expenditure
82,788		 Youth Arts fees
Artistic fees
Other sales and income
Total
5.
Total Expenditure
Expenditure
Raising
funds
Staff costs (note 7)
46,075
Materials
-
Rent, insurance
-
Fees
4,861
Office Overheads
-
Transport and Travel
-
Bank Charges
-
Auditor / Independent
Examination fee
-
Marketing and other
project expenses
1,157
Sundry Expenses
-
Depreciation
-

52,093
Add: allocation of
support costs
30,695
Total expenditure
82,788		 Restricted
Unrestricted
£
£
-
2,000
-
161,461
-
-		 Restricted
Unrestricted
£
£
-
2,000
-
161,461
-
-		 2021
Total
£
2,000
161,461
-		 2020
Total
£
17,805
512,841
13,349
543,995
2020 Total
£
264,324
115,477
52,469
602,703
21,959
48,412
102
3,470
7,404
-
12,841
- 163,461 163,461











Charitable
activities
£
168,940
21,602
-
150,618
-
1,781
-
-
-
-
-
342,941
112,545
455,486		 Support
Costs
£
38,395
-
67,468
-
17,259
-
97
1,805
-
5,375
12,841

143,240
(143,240)
-		 2021
Total

£

253,410
21,602
67,468
155,479
17,259
1,781
97
1,805
1,157
5,375
12,841


538,274
-
538,274
52,093 1,129,161
30,695 -
82,788 1,129,161

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6. Net income/(expenditure) for the year

This is stated after charging / crediting:
Depreciation
Auditor / Independent Examination fee		 2021
£
12,841
1,805		 2020
£
12,840
3,470

No expenses were reimbursed to trustees during the year.

7. Staff Costs

Staff costs were as follows:
Salaries and wages
Social security costs
Pension contributions
 2021
£
232,656
15,777
4,977
253,410		 2020
£
237,585
20,099
5,398
263,082

The average weekly number of staff (expressed as full-time equivalents) during the year was 6.6 (2020: 7.2)

Raising funds
Charitable activities
Support costs		 2021
No.
1.2
4.4
1.0
6.6		 2020
No.
1.3
4.1
1.8
7.2

8. Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

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9. Tangible fixed assets

Motor Vehicles
Fixtures, fittings
and equipment
£
£
Cost
As at 1 April 2020
64,203
78,862
Disposals
-
-
As at 31 March 2021
64,203
78,862
Depreciation
As at 1 April 2020
51,363
78,862
Disposals
-
-
Charge for the year
12,840
-
As at 31 March 2021
64,203
78,862
Net Book Value
As at 31 March 2020
12,840
-
As at 31 March 2021
-
-
10. Debtors
2021
£
Trade debtors
4,860
Other debtors
1,600
6,460
11. Creditors: amounts due within 1 year
2021
£
Trade creditors
44,541
Taxation and social security
21,593
Deferred income
180,833
Accruals and provisions
16,000
262,967		 Motor Vehicles
Fixtures, fittings
and equipment
£
£
64,203
78,862
-
-		 Motor Vehicles
Fixtures, fittings
and equipment
£
£
64,203
78,862
-
-		 Motor Vehicles
Fixtures, fittings
and equipment
£
£
64,203
78,862
-
-


Total
£
143,065
-
64,203 78,862 143,065
51,363
-
12,840		 78,862
-
-

130,225
-
12,840
64,203 78,862 143,065
12,840 - 12,840
- - -
2021
£
4,860
1,600
6,460
2021
£
44,541
21,593
180,833
16,000		 2020
£
18,607
1,600
20,207
2020
£
12,632
14,888
50,341
13,420
91,281






262,967

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Notes to the Financial Statements for the year ending 31st March 2021 (continued)

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12. Analysis of net assets between funds

12. Analysis of net assets between funds
Tangible fixed assets
Net current assets
Net assets at the end of the year
13. Movements in Funds
Unrestricted funds:
General funds
Designated Funds
Total unrestricted funds
Restricted funds:
Donations and legacies
Total funds		 Restricted
Funds
£
-
-

-
At the
start of
the
year
Incoming
resources
£
35,283
278,014
50,000
-		 Unrestricted
funds
Total funds
£
£
-
-
147,972
147,972
147,972
147,972
Outgoing
resources Transfers
At the
end of
the year
£
£
£
(215,325)
-
97,972
-
-
50,000
85,283
278,014		 (215,325)
-
147,972
-
322,949		 (322,949)
-
-
85,283
600,963		 (538,274)
-
147,972

Purposes of funds

General funds : these are available for use at the Directors' discretion in furtherance of the objectives of the charity.

Designated funds : these are unrestricted funds set aside at the discretion of the Directors for specific purposes.

Restricted funds : these are donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

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14. Reconciliation of net income to net cash flow from operating activities

Net income/(expenditure) for the reporting period
Adjustments for:
Interest from investments
Depreciation charges
(Increase)/Decrease in debtors
(Decrease)/Increase in creditors
Net cash provided by/(used in) operating activities		 2021
£
62,689
(70)
12,841
13,746
171,686
260,892		 2020
£
(13,273)
(884)
12,840
3,228
(195,794)
(193,883)

Page 23