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|||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|
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|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||
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||||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|
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|||||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|
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|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|
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||||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|
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|||||||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|||||||||
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|||||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|
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||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|