REGISTERED COMPANY NUMBER: 02609490 (England and Wales) REGISTERED CHARITY NUMBER: 1004137 Report of tho Trusta•s and Audlted Flnanclal Statements for the Year Ended 31 March 2024 Em•rg•n¢y Exlt Arts (A Company Llmlted by Guarantee) Ardor Business Solutions Limited Statutory Auditors Chartered Certified Accountants Unit 1 Shrine Barn Sandling Road Hythe Kent CT214HE
Emergency Exlt Arts Contents of the Financtal Statements for the Year Ended 31 March 2024 Page Reference and Admlnlstratlve Detalls Raport of the Trustees Report of the Independant Audltors 9 to 12 Statement of Flnanclal Actlvltles 13 Stat•mont of FlnanclaS Posltlon 14 Slat•mont of Cash Flows 15 Note8 to the Statement of Cash Flows 16 Notos to the Flnanclal Ststaments 17 to 24 Detalled Statement of Flnan¢lal A¢tlvltl•s 25 to 26
Emergency Exlt Arts Reference and Administrative Details for the Year Ended 31 March 2024 TRUSTEES M Lowde (Co Chair) Ms M J Wilds {Co Chair) Ms R Folkes Ms R Hirani Ms M V Kinkaid Dr S Thomas Ms V Jones (appolnted 13.9.23) Ms C Forest (resigned 19.6.24) Ms E J Parkinson (resigned 14.6.23) Ms D K Segal (resigned 28.3.24) Ms M C Steiner (resigned 6.12.23) REGISTERED OFFICE Rothbury Hall A20f Street Greenwich London SE10 OEF REGISTERED COMPANY NUM8ER 02609490 (England and Wales) REGISTERED CHARITY NUMBER 1004137 INDEPENDENT AUDITORS Ardor Business Solutlons Llmited Stalutory Auditors Chartered Certified Accountants Unil 1 Shrine Barn Sandling Road Hythg Kent CT214HE BANKERS CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malllng ME19 4JQ EXECUTIVE DIRECTOR Ms J Hodgson ACCOUNTANTS Additude Ltd 9 Rhapsody Court Wakeman Road London NW10 5DF Page 1
Emergency Exlt Arts Report of the Trustees for tha Year Ended 31 March 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019>. Formed In 1980. Emergency Exit Arts (EEA) is one of Britain's ploneering national outdoor arts companies, creating magical experiences in the places where you live. leam, work and play. Whether it's through promenades, performances or placemaking we reinvigorate communities. glve people voice & challenge the ordinary. Page 2
Emergency Exlt Arts Report of thè Trustees for the Year Ended 31 March 2024 OBJECTIVES AND ACTMTIES Aims and Objectives 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 9uidance conceming the interpretation of the Public Benefit requirement under that Act The Company works to a three-year strategic plan 2023-2026. The plan maintalns and expands the Vlsion. Mission and Ethos. In October 2022 EEA was delighted to be awarded a further three years funding by Arts Council England's NPO (National Portfolio Organisation) thereby securing funding to help cover core costs until 2026. In 2023 EEA was delighted to be awarded four years of Voluntary and Community Sector funding from Royal Borough of Greenwich to build stronger connections wlth the Community in East Greenwich. Vlslon Enrlchlng people's lives through cre8tlvity. Mlsslon Our mission is to enrich people's Ilves and empower communitles to flourlsh. We achleve this by producing dynamic art that sparks awe-lnspiring creativity. We do this by: 1. Helping people and places unlock their creative potential We ernpower individuals and communities to discover their artistic volces. Through workshops, collaborations, and co-creation, we Ignite creativlty, fostering self-expression and imaginatlon. 2. Producing our own awe-lnspiring art in publiG spaces - Our work extends beyond Conventlonal galleries. We transform streets, parks, and squares into captivating stages. Our art engages, provokes, and celebrates the shared human experience. 3. Providlng creative solutions to our client's needs EEA collaborates wlth cllents, tailoring Imaglnatlve solutions. Whether it'5 a festival, event, or communlty project, we infuse creatlvlty Into every endeavour. Every year we: Dellght 1 million + audiences with 8we-ingpiring, large-scale outdoor work Run particlpatory workshops for over 8,000 people Giv6 5000 children & families the chance to get creative- Work with over 50 fr8818nce producers, cr&atlves, technicians & artists Everyon8 deserv88 the chance to transform thelr ordlnary Into the extraordinary. We 8XlSt to make a posltlve difference to people who are dlscriminated against & those living in economically excluded communities across England. Like Thamesmead: an often-forgotten area of our hometown Greenwich where people are dlsproportionately affected by funding cuts, surrounded by unemployment and deprivation,. Newham - a place where people from different cultural backgrounds collide, yet have very low community cohesion, and the Isle of Sheppey: a remote part of the country where people have very little opportunity for shared cultural activlty or employment. EEA began as an artist collective, born out of a desire to challenge the politlcal notion that there is 'no such thing as community. We've been co-creating with partners and communities across the country since 1980. As we continue to face rapid social & political challenges, our work is more relevant than ever. 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. If any member of the public should wish to lodge a complaint: this should be addressed in writing to the CEO and sent to the Companys principal place of business a5 shown on page 1. Page 3
Emergency Exlt Arts Report of the Trustees for the Year Ended 31 March 2024 OBJECTIVES AND ACTIVITIES Impact EEA works wlth Independent Consultant Dr. Ulrike Chougley uslng a theory of change model to assess our impact on audiences, participants and communities. EEA publicly reports on ils impact biannually. Th8 full impact r6port can be found on EEA'S w8bsite. Publlc beneflt Emergency Exit Arts carries out a wlde range of activities as detailed in pursuance of Its charitable alms. In setting our work programme each year the Direclors 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 satlsfied that the Companls activities throughout the year provided public benefit because.. the majority of its activities were provided on commission and are free to the public. actlvities gave the public, both Ihrough participation and as audiences, access to a very high standard to a very hlgh siandard of artistic work., and - feedback from partlcipant conslstently pralsed the work of the Charity. Page 4
Emergency Exlt Arts Report of the Trustees for the Year Endad 31 March 2024 ACHIEVEMENT AND PERFORMANCE Charitable activities During 2023124 EEA: Delivered 255 creative workshops to 8052 participants. With live audlences of 1,093,306 and digital and TV audlences of 3,288,443 and provided 23 Artists with CreativeProfessional Development opportunities. Hll Street Fest Hi! Street Fest was Historic England's larg8St and final commlssion as part of the High Streets Action Zone Programme, a four-year programme to revitalise more than 60 high streets. Across the country Hil Street Fest engaged with more than 60,000 people in the summer of 2023, all coming together for a series of community led street parties and carnivals that celebrated England's high streets. The centre piece of these celebrations was a curious fox called Farrah who travelled across the country to explore and celebrate high streets, bringing a touch of carnival to the people who love and look after them, Created in partnershlp with Historlc England and supported by Arts Councll England, Farrah Is a &meter-tall mechanical puppet of a young fox on a light up scooler. With resilience In her genes, Farrah the Fox has adapted to live in a changing environment and sparked the question in each town or clty she visited: how can high streets do the same? At each high street celebration Farrah was greeted by a locally Inspired host puppet co-created by each community in collaboration with puppet makers Thingumajig Theatre. Each host puppet represented the hlstory and heritage of where they were from. Across all 7 locations Hll Street Fest was brought to life with the help of 2000 participants and volunteers, providing a wide range and depth of community engagement. Hi! Street Fest was an ambitious project that aimed to bring together peopl8 and places to support bright futures for high streets. Hil Street Fest engaged more than 5,000 people in the development of these events, with thousands of hours of community participation through outreach and workshops. Tha project simed to reimagine th8 hlgh street, attract visitors and bring people together to celebrate each high street's culture and It was a resounding success! Read the full evaluation (https:Ileea.org.uklproJectslhi-street-fest). Whlch Woolwlch Storles: Culture Trall Which w001ch Storles celebrated some of the hldden storles shared by the local community, creating a trail that led you on an intlmate Joumey uncovering personal tales as you explored athorks along the way. The trail highlighted the commonality of our lives which ara rooted, defined and connected by an area. Local artlsts curated, honoured and creatively reinterpreted the storles told. After an open applicatlon process, 12 creatives were awarded commissions. These Commlssions took a variety of formats with some being fully workshop based, others being physical8OrkS that made up the Culture Trail, two performance based works that took place during the Opening and Flnale Events, and a sensory trail that focused on accessibility. Tour guides we're trained to lead members of the public on a tour of the artworks. See the digital culture trail here.. https'.Ileea.org.ukJprojectslwhich-woolwich-storias-culture-trail Frank & Mcstein's Monster Laboratory: out the lab. into the fire - Our latest interactive fire show for audiences of all ages. EEA invesled some of its reserves into the creation of a new touring show, this premiered at Paisley Halloween Festival in October 2023 to an audience of 60,000 over three nights. Carnlval of the Baubles 2023 - Returned to Ashford town centre for a spectacular Christmas parade commissioned by the Economic Regeneration team to help increase footfall in the town centre. The council reported their highest footFall in over a decade as a result of the parade. Page 5
Emeryency Exit Arts Report of the Trustees for tha Year Ended 31 March 2024 GreenwiGh Cultural Educational Partnershlp - E84 has led on an initiative to start a network of Greenwich based cuRural organisations and teachers to work better together since 2021. This work is now supported by Royal Borough of Greenwich and is growing year on year. Greenwlch Warni Spaces - During winter 2024 EEA supported CERA, a local residents association in providing a Welcome Space to the local residents of the Caletock Estate, funded by Royal Borough of Greenwich. We provided free creative activities twice a week at our premises - Rothbury Hall Lord Mayorfs Show 2023- EEA partnered with Lagos based Enterprise NGR to bring their float to life for the Lord Mayors Show 2023. The concepl highlighted the multidimensional aspect of Lagos, Nigeria as wonderful location filled with culture and business opportunities. This was a historic achievement being the first entry from an African country in the 800 year history of LMS. Actlvlsm - Actlvlsm has always been a significant element of what EEA does. We are Increasingly aware of the need for artists to engage wlth Sssues and help lo activate members of the public to help make difference in soc18ty. The Trustees would like to take this opportunity to thank all staff. creative practitioners, funders, participants and members of the publlc who conlinue to value the work of Emergency Exit Arts through challenging economlc, and politically turbulent times. FINANCIAL REVIEW Flnanclal rovlew The charitable company made a deficit on General Funds of £16,502 (2023: £211 surplus) In the year. Free reserves (that Is, funds which are nelther restricted nor d8Slgnated) decreased from £184,053 to £167,551 at 31 March 2024. Total Income durlng the period was £1,184,902 {2023 - £1,452,908). Income fund (restricted),. Grants and donations totalllng £168,586 (2023 - £238,176) were recelved during the year. A brief description of the purpose of these funds and the amount of award spent or carrled forward appears In note 15. All the restricted Income was spent In the year and none was carrled forNard. Contlngancy fund (deslgnated): Thls fund exists to cover employee costs In the event of a wlnding up of tha charitable company. The amount calculaled to cover such costs, as If the charitable company had been wound up on 31 March 2024, was eslabllshed at £70.000. R•serv•8 pollcy The Company holds free reseprfes for a variety of purposes. In a relatively steady operating envlronm8nt such purposes would Include: a flnanclal buffer to Cushlon an unexpected fall in Income In addition to the contlngoncy containad within the CoMpanS operating budgets., meetlng cashflow requlrements caused by delays in recelpt of fee or grant income; and the urgent replacement of vital op8ratlng equipment. The Companls free reserves stood at £167.551 at 31 March 2024 (2023 - £184,053). The Directors remain of the view that a mlnimum level of free reserves of £200,000, roughly equivalent to four months of core operating costs, should be maintained though they accept that in thes8 financially constricted times it May take severa5 years before the target is achieved. In the meantime, the Company is committed to ensuring that no further reduction in reserve5 occurs. STRUCTURE. GOVERNANCE AND MANAGEMENT Governlng document The charity is controlled by its governing document, a deed of trust. and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. Page 6
Emergency Exit Arts Report of the Trustees for the Year Ended 31 March 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT Trustee investment powers Investment powers are govemed 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 ar8 dealt with by depositing surpluses into the COIF Charities Deposit Fund or with authorised banks. Recruitment and appointment of new Irustéas 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 The Global Majority and those with disabilities. The Dlrectors 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 ar6 taken through a period of induction and provided with relèvant govemance documents to help them understand their role and the services provided by EEA The year to 31 March 2024 saw three resignations from the board: Emma Parkinson resigned 15th June 2023 Miriam Steiner resigned 6th December 2023 Dana Segal (Chair) resigned 28th March 2024 Appointments., Veronica Jones appointed 13th September 2023 Management and Staffing Structure Daniel Bemstein, CEO 18ads the organisation supported by an Executlve Director and Head of Production who make up the senior management team. Artistic Dlrection comes from a range of sources Including Senlor 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 EEA has been Impacted by the cost-of-living crisis and challenging economic sltuation partlcularly wlth the reduction in spending on arts and culture by Local Authorities. Due to a forecasted drop In income in 2024125, EEA had to make the difficult decision to make full time roles (Project Manager and Project Development Officer) redundant in March 2024. Membership Model EEA has 8 company members who ensure the interests of our 50+ freelancers are at lh8 core of what we do. Members support EEA to embed artists & freelancers into our decision making, and they hav8 ownership of, and progression within, the organisation. Members attend board meetings & are consulted in key strategic decisions. As well as remuneration, Members have access to increased support from EEA including creativ6 professional development, advice, support, access to the company-wide Employee A3SiStance Programme. This pioneering model recognises that Board, Staff & Freelancers have a crucial role to play in the co-leadership of the organisation. EEA are in renled premises Rothbury Hall, owned by Royal 8orough of Greenwich. We are still hopeful of a long-term lease or acquisition of the building. In March 2024 the Company moved into a permanent storage facility in Maidstone which being used for the storage of key assets, props and structures from past processions and carnival events as well as having the potential to build larger structures. STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees (who are also the directors of Emergency Exit Arts for the purposes of company law) are responsible for preparing Ihe Report of the Trustees and the financial ststements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland.. Page 7
Emeryency Exft Arts Report of the Trustees for the Year Ended 31 March 2024 STATEMENT OF TRUSTEES. RESPONSIBILrnES - contlnued Company law requires the trustees to prepare financial statements for each financial year which giv6 8 true and fair view of the state of afTrairs of the charitable company and of the incomlng resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financlal statements, the trustees are requlred to select suitable accounting pollcles and then apply them consistently; observe the methods and principles in the Charity SORP., Make judgements and estimates that are reasonable and prudent, prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the charltable company wlll continue In buslness. The trustees are responslble for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enabl8 them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for 8afegu8rding the assets of the charitable company and hence for taking reasonable step8 for the preventk)n and detectlon of fraud 8nd other irregularits-es. In 80 far as th8 trustees are aware: there is no relevant audit Information of which the charitable companls 8udltors are unaware., and the trustees have tsken all steps that they ought to have tsken to make themseEves aware of any relevant audit infomiatlon and to establlsh that the auditors are aware of that Infomiation. AUDITORS The auditors, Ardor Buslness Solutlons Limited, wlll be proposed for re-appointment at the forthcoming Annual General Meetlng. This report has been prepared in 8ccordan¢e with the special provlsions of Part 15 of the Companles Act 2006 relating to small companles. Approved by order of thè board of tr fe8son.. . and signed on Its behalf by: M Lovide - Trustee Page 8
Report of the Independent Audltors to the Members of Emergency Exit Arts Opinion We have audited the financial statements of Emergency Exit Arts (the 'charitable companl) for the year ended 31 March 2024 which comprise the Statement of Financial Aclivities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financial statements., give a true and fair view of the state of the charitable cornpanls affairs as at 31 March 2024 and of its Incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. including Financial Reporting Standard 102 'The Financial R8POrting Standard applicable in the UK and Republic of Ireland and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with Intemational Standards on Auditlng (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Audltors, responsibilities for the audit of the financial statements section of our report, We are independent of the charitable company in accordance with tha 8thical requirements that are relevant to our audit of th8 financlal statements in the UK, Including the FRC'S Ethlcal Standard. and we have fulfilled our other ethical responsibilities in accordanca with these requirements. We believe that the audit evidence we have obtalned is sufficient and appropriate to provide a basis for our opinion. Con¢luslons relatlng to golng Goncern In auditing the financial statements, we have concluded that the trustees, use of the golng concern basis of accounting in the preparation of the financial statements is appropriate, Based on the work we have perfomed, we have not Identifled any materfal uncertalntles relatlng to events or conditions that, individually or collectively. may cast significant doubt on the charitablè companls ability to continue as a going concern for a period of at least Iwelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with resp8Ct to golng concern are descrlbed In the relevant sections of this report. Other Infomiatlon The trustees are responsible for the other information. The other infomation comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information Is materially inconsislent with the financial statements or our knowledgè obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial stalements themselves. If, based on the work we have performed. we conclude that there is a material misstatement of this other infomiation. we are required to report Ihat fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and the Report of the Trustees has been prepared in accordance with applicablè legal requirements. Page 9
Report of the Independent Audltors to the Members of Emergency Exit Arts Matters on whlch we are required to réport by exception In the light of Ihe knowledge and understsnding of the charitable company and its environment obtsined in the course of the audit, we have not identified material misslatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept or ratums adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and retums., or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit., or the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. Responslbllltles of trustees AS explained more fully in the Statement of Trustees, Responslbilities, the trustees (who are also the dlrectors of the charitable company for the purposes of company law) are responsible for the preparation of the flnanclal statements and for being satisfied that they give a true and fair view. and for such intemal control as the trustees determine is necessary to enable the preparatlon of financlal statements that are free from materlal misstatement, whether due to fraud or error. In prep8rlng the financlal ststements, the trustees are responsible for assesslng the chadtsble companls ability to continue as a golng concern, dlscloslng, as applicable, matters relat8d to golng concern and uslng the goSng conc8rn basls of accounting unless the trustees elther intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Page 10
Report of the Independent Auditors to the Members of Emergency Exit Arts Our r8sponsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from malerial misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarante8 that an audit conducted in accordance with ISAS (UK) will always detect a materi81 misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discusslon wlth the Officers and other management (as required by auditing standards). We had regard to laws and regulations In areas that directly affect the financial statements Including financlal reporting and taxalion legislalion. We considered that extent of compliance with those laws and regulatlons as part of our procedures on the related financial statement items. With the exception of any known or posslble non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Officers. We communicated identified laws and regulations throughout our team and remained al&rt to any indications of non-compliance throughout the audit. We addressed the risk of fraud through management override of controls, by testlng the approprlateness of journal entries and other adjustments., assessing whether the judgements made in making accounting estimates are indicative of a potential bias., and evaluating the business rationale of any signlficant transactions that are unusual or outside the normal course of buslness. Our audlt procedures were deslgned to respond to rlsks of materfal misstatement In the financlal statements, recognising that the risk of not detecting a mat8rial misstatement due to fraud is higher than the risk of not detecting one r8sultlng from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through ¢ollusion. There are inherent limitations In the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financSal stat8ments, the less likely we are to become aware of it. A further description of our responslbllllies for the audit of the financial statements Is locatéd on the Fin8nclal Reporting Council's websile at www.frc.org.uklauditorsresponsibilities. This descrlptlon foms part of our Report of the Independent Auditors. Page11
Report of the Independent Auditors to the Members of Emergency Exit Arts Use of our report This report is made solely to the charitable CoMpanS members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable companls members those matters we are required to slate to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other Ihan the charitable company and the charitable companls members as a body, for our audit work, for this report, orfor the opinions we have fomied. Bryan Michagl Kemsley FCCA FMA4T (Senior Statutory Auditor) for and on beha of Ardor Business Solutions Limited statutory Auditors Chartered Certified Accountants Unit 1 Shrine Bam Sandling Road Hh8 Kent CT214HE 17 September 2024 Page 12
Emergency Exlt Arts statement of Financial Actlvitles for the Year Ended 31 March 2024 3113124 Total funds 3113123 Total funds Unrestricted Restricted funds funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 120,101 168,586 288.687 358.870 Charltable activitles Arts activities and projects 889.138 889,138 1,090.903 Investment incom6 7,077 7,077 3,135 Total 1,016,316 168,586 1,184,902 1,452,908 EXPENDITURE ON Raising funds 105,446 12,941 118,387 106.137 Charftablo actlvltles Arts actiwtles and projects 927,372 155,645 1,083,017 1,346,560 Total 1,032,818 168.586 1,201,404 1,452,697 NET INCOMEI(EXPENDITURE) (16,502) (16,502) 211 RECONCILIATION OF FUNDS Total funds brought forward 184,053 184,053 183,842 TOTAL FUNDS CARRIED FORWARD 167.551 167,551 184,053 The notes form part of these financial statements Page 13
Emeryeney Exlt Arts Statement of Flnanclal Posltion 31 March 2024 3113124 Total funds 3113123 Total funds UnrestrÈcted Restricted funds funds Notes CURRENT ASSETS Debtors Cash at bank and in hand 13 41,614 234,309 41,614 234,309 46,559 416,802 275,923 275,923 463,361 CREDITORS Amounts falllng due within one year 14 (108,372) (108,372) (279,308) NET CURRENT ASSETS 167,551 167,551 184,053 TOTAL ASSETS LESS CURRENT LIABILITIES 167,551 167,551 184,053 NET ASSETS 167,551 187,551 184,053 FUNDS Unrestricted funds 15 167,551 184,053 TOTAL FUNDS 167,551 184,053 These financlal statements have been prepared In accordance with the brovisions applicable to charitable companles subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorfsed for 18sue on and were si ned on its behalf by: M Lowde - Trustee The notes form part of these financial statements Page 14
Emergency Exlt Arts statement of Cash Flows for the Year Ended 31 March 2024 3113124 3113123 Notes Cash flows from operatlng actlvltios Cash generated from operations (189,570) (23,427) Net cash used in operating activities (189,570) (23,427) Cash flows from Investing activlties Interest received 7,077 3,135 Net cash provided by Investing activities 7,077 3,135 Change In cash and cash aqulvalents In the reportlng perlod Cash and cash •qulvalents at tho beginnlng of the reportlng perlod (182,493) (20,292) 416,802 437,094 Cash and cash equlvalents at tho end of the reportlng perlod 234,309 416,802 The notes form part of these financial statements Page 15
Emergency Exlt Arts Notes to the Ststement of Cash Flows for the Year Ended 31 March 2024 RECONCILIATION OF NEf (EXPENDITURE)IINCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 3113124 3113123 Net (expendlture)Ilncorne for the reportlng perlod (as per the Statement of Flnancial Actlvltles) Adjustments for: Interest received Oecreasel{increase) In debtors (Decreaseyincrease in creditors (16,502) 211 (7,077) 4,945 (170,936) (3,135) (21,199) 696 Ngt cash usod In operatlons (189,570) (23,427) ANALYSIS OF CHANGES IN NET FUNDS At 114123 Cash flow At 3113124 Net cash Cash at bank and In hand 416,802 (182,493) 234,309 416,802 (182,493) 234,309 Total 416,802 (182,493) 234,309 The notes fomi part of these financial statements Page 16
Emergency Exit Arts Notes to the Financial Statements for the Year Ended 31 March 2024 ACCOUNTING POLICIES Basis of preparing the financlal statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice appllcable to charities preparing thelr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The trust88s confirm that at the time of approving the financial statements, there are no material uncertainties regarding the Chariws 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. Amounts are rounded to the nearest Pound Sterling (£). Crftlcal accountlng Judgements and k•y sources of astlmatlon uncertalnty No critical judgements have been mad8 by management in applying the charity's accountlng pollcles. Income Income is recognlsed 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 policles are applied to particular categorles of Income: Donations and grants are split betrNeen restrfcted and unrestricted funds In accordance w5th the terms of the grant or donation. Donatlons and gifts are recognised in the statement of financial activitles whan recelvable. 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 seNices and facilities are included at the value to the charity where this can b8 quantified. Bank interest is recognised on an accrual basls. Exp•nditur• Liabililies are recognlsed as expendilure as soon as there is a legal or constructive obllgation committing the charity to that expenditure. it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that 8ggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tanglbla fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Fixtures and fittings Motor vehicles straight line over 3 years 209/0 on cost Individual fixed assets costing £2.000 or more are initlally recorded at cost. Taxation The charity is exempt from corporation tax on its charitable aGlivities. Page 17 continued...
Emergency Exlt Arts Notes to the Financlal Statements - contlnued for the Year Ended 31 March 2024 ACCOUNTING POLICIES - contlnued Fund accountlng Unrestricted funds can be used in accordance with the charltable objectlves at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is Included in the notes to the financlal statements. Penslon ¢08ts and other post-r•tlrement benefits The charitable company operates a defined contribution pension scheme, Contributlons payable to the charitable companys pension scheme are charged to the Statement of Financial Aclivities in the period to which they relate. Flnanclal Instrum¢nts The only financlal instruments held by the company are debtors and credStors. These are categorised as 'baslc' in accordance with Section 11 of FRS 102 and are initially recognised at transactlon price. These are subsequently measured at thelr transaction prlce less any Smpalrment. DONATIONS AND LEGACIES 3113124 3113123 Donatlons 288,687 358,870 INVESTMENT INCOME 3113124 3113123 Dep051t account Interest 7,077 3,135 INCOME FROM CHARITABLE ACTIVITIES 3113124 3113123 Activity Arts activitles and projects Arts activitles and projects Arts activities and projects Youth Arts fees Artistlc fees Other 1,518 880.124 7,496 6,600 1,084,303 889,138 1,090,903 Page 18 continued...
Emergency Exit Arts Notes to the Financial Statements - continued for the Year Ended 31 March 2024 RAISING FUNDS Ralsing donations and legaGies 3113124 3113123 Staff costs Marketing and other project exp8ns8s Allocation of support costs 62,794 23,350 32,243 60,325 8,627 37,185 118,387 106,137 CHARITABLE ACTIVITIES COSTS Support costs (see note 7) Dlrect Costs Totals Arts activities and projects 964,792 118,225 1,083,017 SUPPORT COSTS Support cost allocation Offlce overheads Bank charges Arts activities and projects 14,547 88 (32.243) Rent. utllltles and Insuranc8S Staff costs Governance costs Totals Arts activilies and projects 52,329 78,004 5.500 118,225 Support costs, included in the above, are as follows.. 3113124 Arts activities and projects 3113123 Total activitiés Office overheads Bank charges Allocation of support costs to raising donations and legacies Wages Social securlty Pensions Rates and water Auditors, remuneration Accountancy fees 14,547 88 25,312 97 (32,243) 47,284 3,675 1,370 78,004 3,500 2,000 (37,185) 45,531 1,295 92,350 3,500 2,000 118,225 136,344 Page 19 continued...
Emergency Exit Arts Notes to the Financlal Statements - continued for the Year Ended 31 March 2024 NET INCOMEI(EXPENDITURE) Net incomel(expenditure) is stated after chargingl(crediting): 3113124 3113123 Audltors, remuneration 3,500 3,500 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. 10. STAFF COSTS 3113124 3113123 W8ges and salaries Social security costs other pension costs 306,018 28,664 10,687 300,507 22,729 8.545 345,369 331.781 The average monthly number of employees durlng the year was as follows: 3113124 3113123 Ralslng funds Charltable actlvltles Support costs No employees recelved emoluments in excess of £60,000. 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted funds funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 120,694 238,176 358,870 Charltable a¢tlvltles Arts actlvities and projects 1,090,903 1,090,903 Investment income 3,135 3,135 Total 1,214,732 238,176 1,452,908 EXPENDITURE ON Raising funds 106,137 106.137 Page 20 continued...
Emergency Exlt Arts Notes to the Flnancial Statements - continued for the Year Ended 31 March 2024 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - contlnued Unrestricted Restricted funds funds Total funds Charltable aetivitles Arts activities and projects 1,108,384 238,176 1,346,560 Total 1,214,521 238,176 1,452,697 NET INCOME 211 211 RECONCILIATION OF FUNDS Total funds brought fopward 183,842 183,842 TOTAL FUNDS CARRIED FORWARD 184,053 184,053 12. TANGIBLE FIXED ASSETS Fixtures and fittings Motor vehicles Totals COST At 1 April 2023 and 31 March 2024 78,861 64,203 143.064 DEPRECIATION At 1 April 2023 and 31 March 2024 78.861 64,203 143,064 NET BOOK VALUE At 31 March 2024 At 31 March 2023 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 3113124 3113123 Trade dabtors Other debtors 41,614 44,959 1,600 41,614 46,559 Page 21 continued.-.
Emergency Exit Arts Notes to the Flnancial Statements - contlnued for the Year Ended 31 March 2024 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 3113124 3113123 Trade creditors VAT Deferred income Accrued expenses 7,229 21,583 29,560 50,000 44,895 29,630 165,783 39,000 108,372 279,308 15. MOVEMENT IN FUNDS Net movement in funds At 3113124 At 114123 Unrestrlcted funds General fund Design8ted fund - Contingency Fund 114,053 70,000 (16,502) 97.551 70,000 184,053 {16.502) 167,551 TOTAL FUNDS 184,053 {16,502) 167,551 Net movement In funds, included in the above are as follows.. Incomlng resourGes Resources expended Movement In funds Unrestrlcted funds General fund Arts Council Youth Arts fees Artlstic fees 7,084 120,094 1,518 887,620 (23,586) (120,094) (1,518) (887,620) (16,502) 1,016.316 (1,032,818) (16,502) Restrlcted funds Royal Borough of Greenwich Arts Councll Brldge Creative 79,071 76,115 13,400 (79,071) (76,115) (13,400) 168,586 (168,586) TOTAL FUNDS 1,184,902 (1,201,404) (16,502) Page 22 continued...
Emergency Exlt Arts Notes to the Financial Statements - continued for th8 Year Ended 31 March 2024 15. MOVEMENT IN FUNDS - contlnued Comparatives for movement In funds Net movement in funds Transfers be8&n funds At 3113123 At 114122 Unr•strlcted funds General fund Designated fund - Contingency Fund 133.842 50,000 211 (20,000) 20,000 114,053 70,000 183,842 211 184,053 TOTAL FUNDS 183,842 211 184,053 Comparative net movemenl in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unre8trlcted funds General fund Arts Council Youth Arts fees Artlstlc fees 3,735 120.094 6,600 1,084,303 (3,524) (120,094) (6,600) (1,084,303) 211 Restrlctod funds Royal Borough of Greenwich City of London Corporation Arts Council CAF American Donor Fund A New Direction Nucleus Arts Centre 1,214,732 (1,214,521) 211 30,899 12,000 76.566 100,000 16,211 2,500 {30,899) (12.000) (76,566) (100,000) (16,211) (2,500) 238,176 <238,176) TOTAL FUNDS 1,452,908 (1,452.697) 211 A current year 12 months and prior year 12 months comblned position Is as follows.. Net movement in funds Transfers beeen funds At 3113124 At 114122 Unrestrl¢ted funds G&neral fund Designated fund - Contingency Fund 133,842 50.000 (18,291) (20,000) 20,000 97,551 70,000 183,842 (16,291) 167,551 TOTAL FUNDS 183,842 (16,291) 167,551 Page 23 continued...
Emeryency Exlt Arts Notes to the Flnanclal Statements - continued for the Year Ended 31 March 2024 15. MOVEMENT IN FUNDS- continued A current year 12 months and prior year 12 months combined net movement in funds. included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund Arts Council Youth Arts fees Artistlc fees 10,819 240,188 8,118 1,971,923 (27,110) (240,188) (8,118) 11,971,923) (16,291) 2,231,048 (2,247,339) (16,291) Rastrlctod funds Royal Borough of Greenwich City of London Corporation Arts Council CAF Amerlcan Donor Fund A New Direction Nucleus Arts Centre Brldge Creative 109,970 12,000 152,681 100,000 16,211 2,500 13,400 (109,970) (12,000) (152.681) (100,000) (16,211) (2,500) (13,400) 406,762 (406,762) TOTAL FUNDS 2,637,810 {2.654,101) (16,291) General funds: these are avallable for use at the Directors, dlscretlon In furtherance of the oblectlves of the charity. Deslgnated funds: these are unrestrlcted funds set aside at the discretlon of the Directors for specific purposes. Rostrlcted funds: these are donated for use In a partlcul8r area or for specific purposes, the use of which Is restricted to that area or purpose. 16. RELATED PARTY DISCLOSURES There were no related paty transactlons for the year 8nded 31 March 2024. Page 24
Emeryency Exlt Arts Detailed Statement of Flnancial Activitles for the Year Ended 31 March 2024 3113124 3113123 INCOME AND ENDOWMENTS Donations and legacies Donations 288,687 358.870 Investment Income Deposit account interest 7,077 3,135 Charltable actlvities Youth Arts fees Artistic fees Other 1,518 880.124 7,496 6,600 1.084,303 889,138 1,090,903 Total Incomlng resources 1,184,902 1,452,908 EXPENDITURE Ralslng donatlons and legaGles Wages Social security Pensions Marketing and other project expens8S Allocation of support costs 58,740 4,410 1,644 23,350 32,243 54,638 4.133 1,554 8,627 37,185 118.387 106,137 Charltabla actlvltles Wag8S Social security Pensions Materials Fees Transport and travel 201,994 20,579 7,673 172,900 553,039 8.607 200,338 15,152 5,696 239,472 745,044 4,514 964,792 1.210,216 Support costs Offlce overheadg Office overheads 14,547 25.312 Bank ¢harg6S Bank chargas 88 97 Support cost allocation Allocation of support costs to ralsing donations and legacies (32,243) {37,185) Staff costs Wages Carried fotward 47,284 47,284 45.531 45,531 This page does not form part of the statutory financial statements Page 25
Emergency Exlt Arts Detailed Statement of Financial Activitles for the Year Endad 31 March 2024 3113124 3113123 staff costs Brought forward Social security Pensions 47,284 3,675 1,370 45,531 3.444 1,295 52,329 50,270 Rant, utiiitles and Insurances Rates and water 78,004 92,350 Governance costs Auditors, remuneration Accountancy fees 3,500 2,000 3,500 2,000 5,500 5,500 Totsl resourcas expgnded 1,201,404 1,452,697 Net (expendllurn)nn¢ome (16.502) 211 This page does not form part of the statutory financial statements Page 26