2021-03-31-accounts - Zinc Arts

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

							2021			2020
						Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
						funds	Funds	Funds	funds	funds	Funds
					Note
Income:
Donations, legacies and	grants				2	69,S03		69,803	11,174		11,174
Income from charitable	activities				3	209,361		209,361	327,987		327,987
Other incoming resources						108,878		108,878	8,556		8,556
Total income						388,042		388,042	347,717		347,717
Expenditure on:
Charitable activities					4	278,373		278,373	358,049		358,049
Total expenditure						278,373		278,373	358,049		358,049
Net income (expenditure) before depreciation and revaluations						109,669		109,669	(10,332)		(10,332)
Depreciation						(175,001)		(175,001)	(175,001)		(175,001)
Gains and losses on revaluations			of
investment assets						(179)		(179)	238		238
Net (expenditure) and net funds forthe year		movement		In		(65,511)		(65,511)	(185,095)		(185,095)
Reconciliation offunds:
Total funds brought forward						(359,781)		(359,781)	(174,686)		(174,686)
Total funds carried forward						(425,292)		(425,292)	(359,781)		(359,781)

				2021	2020
			Note
Fixed assets:
Tangible assets				2,830,459	3,005,460
				2,830,459	3,005,460
Current assets:
Debtors			10	19,061	11,743
Investments			11	1,157	1,336
Cash at bank and in	hand			4,237	8,911
				24,455	21,990
Liabilities:
Creditors: amounts	falling due within one year		12	161,737	261,262
Net current liabilities				(137,282)	(239,272)
Total assets less current		liabilities		2,693,177	2,766,188
Creditors: amounts	falling after more than one year		13	(3,118,469)	(3,125,969)
Total net assets				(425,292)	(359,781)
The funds ofthe charity:
Unrestricted funds				(425,292)	(359,781)
Total charity funds				(425.292)	(359,781)

				2021		2020
			Note
Cash provided by operating	activities		15		15,826		(11,167)
Cash flows from investing	activities:
Purchase oftangible fixed	assets					(72)
Net cash used in investing	activities						(72)
Cash flows from finandng	activities:
Loan (repaid) received				(20,500)		27,500
					(20,500)		27,500
(Decrease) Increase In cash and		cash equivalents	in the year		(4,674)		16,261
Total cash and cash equivalents		atthe beginning
ofthe year					1,560		(14,701)
Total cash and cash equivalents year		at the end ofthe	16		(3,114)		1,560

Zinc Arts	Zinc Arts
Notes tothe		Financial Statements
Forthe year		ended 31stMarch 2021
2	Donations,	legacies and grants
				2021			2020
			Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
			funds	funds	Funds	funds	funds	Funds
			f	E	f	E	f	E
	Donations					11,174		11,174
	Grunts:
	Covid related grants		69,803		69,803
			69,803		69,803	11,174		11,174
3	Income from charitable activities
				2021			2020
			Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
			funds	funds	Funds	funds	funds	Funds
			E	f	f	E	f	f
	Contracts and Fees		209,361		209,361	327,987		327,987
			209,361		209361	327,987		327,987

Analysis ofexpenditure
		2021			2020
	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	funds	funds	Funds	funds	funds	Funds
		E	E		E	E
Staffing and subcontractors	163,744		163,744	173,737		173,737
Other direct costs	4,663		4,663	30,720		30,720
	168,407		168,407	204,457		204,457
Support costs (note 5)	109,966		109,966	153,592		153,592
	27&,373		278,373	358,049		358,049

6	Net income for the period					2021	2020
						E	E
	This isstated after charging:
	Depreciation -annual charge					175,001	175,001
	Independent Examination fee					3,000	3,000
7	Analysis ofstaff costs, trustee	remuneration			and expenses, and the costof key
	Staff costs were asfollows:
	Wages and salaries					151,499	162,251
	Social security costs					9,642	9,171
	Pension costs					2,603	2,314
						163,744	173,737
	The average number ofemployees		during	the	year was 8(2020:12)
	No employee received remuneration		amounting to more than E60,000in either year.
	The cost ofsenior management	personnel		was Nil (2020 - ENIL)


9	TangIble Fixed Assets
			Leasehold	Fixtures,
			improve-	Fittings and
			ments	Equipment	Total
				E	E
	Cost
	At the start ofthe year		4,289,237	65&,989	4,948,226
	Additions during the year
	At the end of	the year	4,289,237	658,989	4,948,226
	Depreciation
	At the start ofthe year		1,299,075	643,691	1,942,766
	Charge forthe year		155,895	19,106	175,001
	At the end of	the year	1,454,970	662,797	2,117,767
	Net book value
	At the end of	the year	2,834,267	(3,808)	2,830,459
	At the beginning ofthe year		2,990,162	15,298	3,005,460
10	Debtors
				2021	2020
				E	E
	Trade debtors			7,539	6,187
	Other debtors			11,522	5,556
	Prepayments	and accrued income
				19,061	11,743
11.	Current asset	investments
	COIF Fixed interest fund			1,157	1,336
	During the year there was an unrealised		loss ofE179on the fund (2020:gain E238).

			2021	2020
			g	f
Bank overdrafts			7,351	7,351
Trade creditors			18,002	79,025
Accruals and deferred		income	76,59&	59,091
Other taxation	and social security		6,548	9,608
Other creditors			11,313	51,262
Bridging Loan S.l.8(see note 13)			2,000	15,000
Other loan (see note 13)			39,925	39,925
			161,737	261,262
Creditors: amounts falling due after more than one year
			2021	2020
			f
Futurebuilders	Loan 1		1,715,366	1,715,366
Futurebuilders	Loan 2		1,313,005	1,313,005
Bridging Loan S.I,B			57,500	57,500
Other loan			32,598	40,098
			3,118,469	3,125,969

		At the start	Incoming	Outgoing	At the end
		ofthe year f	resources f	resources f	ofthe year f
Current Year
General Funds		(361,116)	388,042	(453,374)	(426,448)
Designated fund		1,335	-179		1,156
Total - unrestricted	funds	(359,781)	387,863	(453,374)	(425,292)
Prior Per(od
GeneralFunds		(175,783)	347,717	(533,050)	(361,116)
Designated fund		1,097	238		1,335
Total - unrestricted	funds	(174,686)	347,955	(533,050)	(359,781)

				2021	2020
				f	f
	Net income for the reporting	period		(65,332)	(185,333)
	Depreciation charges			175,001	175,002
	Decrease (Increase) in debtors			(7,318)	14,866
	(Decrease) in creditors			(86,525)	(15,702)
	Net cash provided by operating		activities	15,826	(11,167)
16	Analysis ofcash and cash equivalents
	Cash at bank and in hand			4,237	8,911
	Bank overdrafts			(7,351)	(7,351)
	Total cash and cash equivalents			(3,114)	1,560