2021-12-31-accounts

		Page
Legal and administrative	information
Trustees' report		2-5
Independent auditor's	report	6-8
Statement offinancial	activities
Balance sheet		10
Cash flow statement
Notes to the financial statements		12-18

Trustees		J Cassidy
		J Hammond
		C Upson
		J AGeode (appointed	on 01September 2022)
Secretary		C Upson
Chief Executive Officer		P Flack
Registered	Office	The Chaplin Centre
		Taplow House
		Thurlow Road
		London, SE172DG
Website		www. ascstudios. co.uk
Bankers		CAF Bank Ltd
		25 Kings Hill Avenue
		Kings Hill, West Mailing
		Kent, ME194JQ
		NatWest Bank
		PO Box35
		10Southwark Street
		London
		Depot Code 190
		SE1 1TJ
Solicitors		Royds LLP
		65 Carter Lane
		London, EC4V 5HF
Auditor		Silver Levene (UK) Limited
		Chartered Certified Accountants
		37Warren Street
		London
		W1T6AD

			Yeargnded	Year Ended
			31Dec2021	31Dec2020
		Notes	Total Funds	Total Funds
INCOME
Income from charitable	activities
Studio licence fees			2,336,356	2,327,656
Other incoming resources			17,330	13,922
Grant income		14	308,132	193,291
TOTAL INCOME			2,661,818	2,534,869
EXPENDITURE
Charitable activities			2,093,341	2,217,126
TOTAL EXPENDITURE			2,093,341	2,217,126
FAIR VALUE CHANGES ON INVESTMENT PROPERTIES
Gain			1,336,323
NET INCOME			1,904,800	317,743
TOTAL FUNDS BROUGHT FORWARD			1,655,981	1,338,238
AT1jANUARY 2021
TOTAL FUNDS CARRIED FORWARD
AT31DECEMBER 2021		10	3,560,781	1,655,981

				Year Ended	Year Ended
				31Dec2021	31Dec 2020
				E	E
Cash Rows from operating activities
Surplus for the financial year				1,904,800	317,743
Adjustments for:
Leasehold amortisation				67,969	79,625
Depreciation oftangible assets				5,470	4,019
Interest paid				78,949	73,569
Grant received				200,000	482,900
Grant disbursed				(307,298)	(175,501)
Fair value gain on investment properties				(1,336,323)
Loan received				1,426,000
Loan repayments				(213,897)	(92,682)
Movements in working capital:
Decrease/(increase) in debtors				(68,916)	(35,444)
Increase/(decrease) in creditors				(91,039)	23,815
Net cash generated from	operating	activities		1,665,715	678,044
Cash flows from investing	activities
Purchase oftangible fixed assets and		improvements		(1,902,184)	(8,531)
Net cash from investing activities				(1,902,184)	(8,531)
Net increase/(decrease)	in cash and	cash equivalents		(236,469)	669,513
Cash and cash equivalents	at beginning		of period	1,261,825	592,312
Cash and cash equivalents	at the end ofperiod			lp025,356	1,261,825
Cash and cash equivalents	at the end ofperiod comprise:
Cash at bank and in hand				1,025,356	1,261,825

Depreciation is recognised following bases:	so as to write of	f the c
Lease improvements	the life ofthe	lease
Short leasehold property	the life ofthe	lease
Motor Vehicle	25%reducing	balance
Fixtures &fittings	25%reducing	balance
Equipment	33.3%straight	line

			Charitable	YearEnded	Yeargnded
		Basis	Activities	31Dec2021	31Dec2020
			6	6	E
			Total	Total	Total
Rent		Direct	840,810	840,810	763,422
Rates		Direct	102,963	102,963	156,042
Building insurances		Direct	64,196	64,196	57,743
Light and heat		Direct	167,740	167,740	210,413
Repairs and maintenance		Direct	116,322	116,322	157,300
Leasehold Amortisation		Direct	67,969	67,969	79,625
Salaries		Staff time	396,783	396,783	381,943
Sooal security costs		Staff time	40,677	40,677	37,925
Legal and professional		Direct	21,828	21,828	37,908
Funding Ik development		Direct	78,683	78,683	70,335
Pension costs		Direct	26,753	26,753	24,154
Auditors' remuneration		Direct	14,354	14,354	9,170
Printing, postage and stationery		Direct	2,625	2,625	2,590
Telephone costs		Direct	24,559	24,559	22,626
Computer 8website	expenses	Direct	2,647	2,647	2,931
Bank, card and other	charges	Direct	110	110	126
Travelling expenses		Dii'ect	5,231	5,231	4,718
Motor expenses		Direct	7,910	7,910	3,233
Sundry office expenses		Direct	4,675	4,675	1,912
Bad debts/Provision	for bad debts	Direct	7,234	7,234
Depreciation on motor vehicle		Direct	1,063	1,063
Depreciation on fixtures 8 fittmgs		Direct	4,408	4,408	4,019
Staff welfare/training/recruitment		Direct	6,836	6,836	4,468
Insurance		Direct	8,981	8,981	7,308
Gallery expenses		Direct	1,904	1,904	1,714
Grants disbursed to	artists	Direct	76,080	76,080	175,501
			2,093,341	2,093,341	2,217,126

						Yeargnded	Yeargnded	Year Ended
						31	Dec2021	31Dec 2020
The staff costs were							E	E
Wages and salaries							396,783	381,943
Social security costs							40,677	37,925
Pension costs							26,753	24,154
							464,213	444,022
The average number	of full	time equivalent	employees		during the year	was as follows:
Other staff								10
Administrative								2
The number ofemployees		whose remuneration		fell within the followmg		bands:
690,000 - 6100,000

				Year Ended	Year Ended	Year Ended
MOVEMENT IN TOTAL	FUNDS FOR THE YEAR			31Dec2021		31Oec2020
					E	E
This is stated after charging:
Operating leases - land	&buildings				840,810	763,422
Depreciation oftangible	fixed assets				73,439	83,644
Auditor's remuneration	for audit	services			14,354	9,170
TANGIBLE FIXEDASSETS
			Short		Fixtures,
			Leaseholds &		Fittings,	Total
			Improvements	Equipment & Motor Vehicle
Cost
At 1January 2021			887,503		23,559	911,062
Additions					19,743	19,743
Disposals			(14,518)		(9,937)	(24,455)
At 31December 2021			872,985		33,365	906,350
Depreciation
At 1January 2021			598,032		15,747	613,779
Charge for the year			67,969		5,470	73,439
Disposals			(14,518)		(9,937)	(24,455)
At 31December 2021			651,483		11,280	662,763
Net book values
At 31December 2021			221,502		22,085	243,587
At 31December 2020			289,471		7,812	297,283
National Westminister	Bank Pic has the 1st Legal Charge		on the Investment Properties		and its associated assets.
				YearEnded		Year Ended
Investment Properties				31Dec2021		31Dec2020
At 01January 2021					4,053,678	4,053,678
Additions					1,882,441
Fair value changes on investment		properties			1,336,323
At 31December 2021					7,272,442	4,053,678

								Year Ended	Year Ended
7	DEBTORS							31Dec2021	31Dec2020
								E	E
	Trade debtors							18,173	39,957
	Prepa Yments							275,820	265,795
	Other debtors							113,356	39,753
								407,349	345,505
8	CREDITORS: AMOUNTS		FALLING	DUE WITHIN	ONE YEAR
								Year Ended	Year Ended
								31Dec2021	31Dec 2020
								E	E
	Trade creditors							61,053	75,853
	Deposits	held on account							17,458
	General	Provisions						23,000	23,000
	Social security and other		taxes					13,451	11,658
	Other creditors							19,489	18,581
	Loan							258,561	182,154
	Accruals							93,570	165,424
	Grants							200,000	307,399
								669,124	801,527
9	CREDITORS: AMOUNTS		FALUNG	DUE AFTER	MORE THAN ONE YEAR
								Yeargnded	Year Ended
								31Dec2021	31Dec2020
								E	E
	Loan							4,430,385	3,215,740
	Deposits	held on account						288,444	285,042
								4,718,829	3,500,782
10	FUNDS
					E	E	E	E	E
	Analysis	offund movements			Balance at	Income	Expenditure	Gain	Balance at
					01Jan 21				31Dec21
					b/fwd				c/fwd
	General	funds			1,655,981	2,661,818	(2,093,341)		2,224,458
	Fair value changes on investment			properties				1,336,323	1,336,323
					1,655,981	2,661,818	(2,093,341)	1,336,323	3,560,781

General funds comprise those	funds which the trustees are fre	e to use in accordance with the charitable obj	ects.
		Year Ended	Yeargnded
These funds are represented	by:	31Dec2021	31Dec2020
		E	E
Tangible fixed assets		7,516,029	4,350,961
Current assets		1,432,705	1,607,329
Current liabilities		(669,124)	(801,527)
Long term liabilities		(4,718,829)	(3,500,782)
		3,560,781	1,655,981

	Year Ended	Year Ended
Expiry date:	31Dec2021	31Dec2020
	E	E
Between one to five years	3,046,572	3,408,050
Over five years	494,634	721,009
	3,541,206	4,129,059

					2021	2020
					E	E
	Aggregate remuneration				96,410	96,410
					2021	2020
14	GRANT INCOME				E	E
	HMRC CJRSgrant &Council grant				170,833	17,790
	Artists hardship	grant			137,299	175,501
					308,132	193,291
15	Cash (absorbed	by)/	generated	from operations
					2021	2020
	Surplus(deficit)	for the year			1,904,800	317,743
	Adjustments for:
	Depreciation				73,439	83,644
	Interest(net)				78,949	73,569
	Grants (net)				(107,298)	307,399
	Fair value gain on investment			properties	(1,336,323)
	Loan received				1,426,000
	Loan repayments				(213,897)	(92,682)
	Movements in working capital:
	Decrease/(increase)		in debtors		(68,916)	(35,444)
	Increase/(decrease)		in creditors		(91,039)	23,815
	Cash generated	from operations			1,665,715	678,044