Reglslered number: 03012557 Charlty number: 1045363 The Art In Perpetuity Trust {A Company Limlted by Guarantee) Truslees. Report and Financial Staiemenls For the Year Ended 31 March 2021
The Art In Perp8lulty Trust (A Company Llmlled by Guardntee) Contents Page Reference and Admlnlstratlve Detalls of the Charlty, Its Trnstees and Adser5 Trustees, Report Chalr's Slalement and Treasurer's Statement Independent Audltors, Report on Ihe Flnanclal Stst8m8nts statement ot Flnancial Adivities 13 14 Balance Sheel 15 Slatement of Cash Flows Note8 to the Flnanclal Ststements 17-31
The Art In Perpetulty Trust (A Company Llmlted by Guarantee) Reference and Admlnlstratlve Detalls of the Chaiity, Its Trustses and Advl$ors For the Year Ended 31 Mah 2021 Trustees Ann Gilmor8 Sarah Kogan Gillian Laidlaw Julian Shelv0d. Treasurer Jenny White Tim Hollaway Company reglstered numbèr 03012557 Charity reglstered number 1045363 Roglstered ollice Hardd Works Harold Wharf 6 creekde Deptlord London SE8 4SA Chair of Trustees Gillian Ladlaw Independont audliors Acuity Professional Partnership LLP Chartered Accountants and Registered ALKlitors 11 Lead8nhall Slreet London EC3V 1 LP Bankers The Co-OFerative Bank plc 151 Lewsham High Slreet London SE13 6AA Page 1
The Art In Perpetulty Trust (A Company Llmlted by Guarantee) Trustees, Report For the Year Ended 31 March 2021 Tre lyuslees present their annual report together with the audited financial statements ol the Charity lor the year 1 April 2020 10 31 March 2021. Th8 Annual Rew)rt seNes the purposes of both a Irusl8es' report and a directors, report unéer company law. The trustees confirm Ihat the Annual Report and financial statements ol the charitable company comply wth the curr8TIt statutory requirements, the requirements of the charitable company's governing document and the provisions ol the Statement ol Recomtllended Practi ISORPI applicable to charities preparing their accounts in accordance wlh the Finanual Reporting Standard applicable in the UK and Republic ol IrelaTrJ {FRS102118fleclive 1 January 20191. Sinc8 the Charity qualifies as Sm1 under section 382 of the Companies Act 2006, thg Strategic Report required ol medium and large companies under th8 Companies Acl 2006 IStrat8gic R8port aThJ Directors, Report) Regulations 2013 has been omitted. Objectives and actlvlttes a. Pollcles and objectlves The Art in Perpetuity Trust (APT) is a charity thal eourageS participation in the visual arts through creative praclice, exhibitions and education. The objects of APT are lo promot8, maintain, improve and advar, edution for the b8nefit of lh8 public, in parbcular by Ihe encouragement ol the arts including the arts of painting, drawing, sculptur8, photography, design, architecture, printmaking, mc, singing, poetry, literatur8, lithography, bailel, dance and drama. In s9tting (*)jectives and planning lor activitie5, the Irustees have given due consideration to gener81 guidance published by the Charity CoMmisOn relalirKJ to public benefit, includiThJ the guidance 'Public benefit.. running a charity IPB2}'. b. Strategies for achlevlng objectlve9 Apfs mission is to encouragg and reward crealivg thought and artistic vision. APT offers public benefit and charitable supp)rt. b)Ih financial and In-kind, to its educalional projecls, including the selected exhibition programme: the Creekside Open, thg APT Fellowship and August Collectives, talks & seminars. studio & gallery VItS, and the annud Open Studios week8[. The 8lhos behind APT is to provide long-lemi security for its artisl-member5 Ihmugh the provision ol affordable studios, the income Irom which gnables the organisation to realise its charitable aim lo support and reward creativity. APT was established in 1995 as a registered charity and company limited by guarantee.11 owns the freehold ol Harold Wharf on Deptlord Creek, and the 1.800 sq m gle comwises a Ihree-slorey studlo building, a single-slorey studio block comprising six accessible studios. a gallery, ottice and sculpturo yard. c. A¢tlvitles undertaken to aehiove oblectlves Although the Gallery was impacted by COVID restrictions set by the govemment, we still continued lo advance education through a mixture of online arKI physical activity- 8 exhibitions looK place between September- March 2021. Complimentary to these exhibitions we were able lo deliver 7 educational events online, ranging from artist panel discussions online and curator talk films. The Management Committeè decided not to deliver Open Studios this year. instead wo continued lo create content online, through 6 short films, shovKasiThJ artisls in their studios, highlighting the importance ol studios as a sanctuary place during the pandemic. though our physical vi&tor numbers Ere low at 348, transferring our activity online meant our onlina figures increased across our social media platforms aThJ VI10rS to our web&le, reaching a wder audience. Page 2
The Art In Perpetulty Trust (A Company Limlted by Guarantee) Trustees. Report Icontlnued} For the Year Ended 31 March 2021 Oblectlves and acuvltles (continued) d. Main aellvitles underlaken lo further the Chwlty's pury)oses for the public baneflt Th8 Iruslees ensure that every event carried out by th8 Charity has expllcil public benefit. This includes, ther8lor8, every exhiblllon, talk, open studios: workshops arKI other prc)iecls. All APTS activllies are inclusive In respect ol age, race, economic status, disability and gender. Central lo the reISatIon of our aims has been our insistence, strTh th8 illGepllon of APT, on rnaintainirwJ the hlgh quality ol the services we offer to the public: t()th educational mal8rial. Of particular relevance to material benefit is the Buihying Sub.Committee. This committee ov8rsees an ongoing and continuous prDgramme Df capital irnprovements and Maintenan to the premises, including speafic reference lo their approprlate use by members of the public. Since the professional APT ArtiSt-memrS aY a major role in delivering a high quality public benefit, of particular importance is the Vetting Sul>Committee. This committee ertsures that applications for studios are granted only when speclfic criteria are mel.. a proven Irack-record in the arts, potential lor conlribuling further lo fine art tradition and to the charitable ethos of APT. The suwss ol the vetting procedure is indicated by the high regard in whiGh APT'S annual OFen SiLKlios event is held. during lch all studios aro open to the public. C8nlral to the exhibitson programm8 is APTS belief in the 1allY ameliorative role that the arts can play in generating cultural well-being and a sense of community, as well as a heightened a8sthetitt sensibility. The Gallery Sub-committee ensu$ that the prcoramme ol exhibitions, conlinuous since 1995, is ol a consistgnlly high quality. Objsctive confirmation is provided by the wdo range of external sponsorship, partnerships and collaborations that the selected exhiiitors have generated. Information aboLrt all exhibitions is made availat4e to the pU1C through a regular e-newsletter, national advertising and through APTS website (v1.aptsIud1OS.orgI. We have increasingly used social m&lia to promote our activities with a strong presen on Twtter. FacebJok and Instagram. Achlevements and perfomiance a. Key perforniance Indlcators The trustees cc)nsider the financi position of the chwity lo be satisfactory. During th8 ygar, the charity generated £193,73412020 - £167,373) in incom8 and generated lolJ funds of £35,61612020- £16,9411. Pag8 3
Tho Art In PeetUIty Trust (A Company Umlted by Guarantee) Trustees. Report (continued) For the Year Ended 31 March 2021 Achlévements and pertorniance {contlnuedl b. Revlew ot actlvitles A visual archive and a r8wrd ol all events, activty and vistlors lo the studio compl8x are kept. These are summarised below. 20 2020 APT Gallery exhibitions Artists exhibiting in the APT Gallery Education events-total Artists, talks by Gallery exhibltors Gallery visits Workshops Symposium I panel discussion South London Art Map Last Fridays- events & lours Events I perfomiances (APT LIVE 20181 Conversations with Art Sharing shorts film nights Peer Sessions Turps Banana studio vists Fact findinfylsludio visits APT Project SUPFX)rted Creekside Open Outreach projects I me8tings Outreach collaborators student Placements APT Artist-member studio viwts APT Artist-member studio talks and events Collaborators i funding organisations Vi&lors to Open SILtyJios Total number of visltors to events of Avr 25 131 32 14 20 20 y? 503 5,436 Flnanclal review a. Golng ¢oncem Alter making appropriate enquiries, the Iruslees have a reasonable expectation that the Charity has adal8 resources lo continue in operational existen lor the foreseeable future. For this reason, they continue lo adopt the going concern basis in preparing the fInarla1 statements. Further details regarding the adoption of the going ¢onc8m basis call be lourKI in the accouniing policies. Page 4
The Art In Perpetulty Twst (A Company Limlled by Guarantee) Truste85' Report Icontlnued) For tho Year Ended 31 March 2021 b. Reserrfes pollcy 11 Is Dur policy lo maintwn sufficient cash re58Nes to fund at least six months of running costs ol the Chayity. These funds are not ring feed in a separate account. At the balance sheel date the charity held £349,711 12020- £346,14n in r8stricted funds. Total funds amounted to £1,074,63912020 - £1,039.0231. The majority of 10t luThJs remains up in tangible assets and are not elY conv8rlable Into cash. ¢. Prlnclpal lunding The ChalIS main area ol fundlng is via the rentd ol its sttMJios. Structur•, governance and management a. Constilutlon The Art In P8rpeluity Trust is registered as a chantable company limited by guarantee and was s8t up by a Memorandum of Association and its registered chanty number is 1045363. The aim ol APT is lo promote. maintain, improve and advance edwation lor thtt benefit ol the public, in particular by the encouragement ol the arts including the arts of wnling, drawing, sculpture. photography, design, archileclure, printmaking, mc, singing, poetry, lileralure, lithcgraphy, ballet, dance and drama. There have been no thanges in the objectives since the last annu report. b. Methods of appointment or electlon of trusteeb Tho management of the Chartty is the responbIlIty of the trustees who are elted and ctropled under the terms ol the Memorandum of Association. Folloving an initial introduction a prospective Iruslee is invited lo visit APT to view the studio complox and meet wlth the Admimistrative Director and sorne of the Artisl-members. They wll then be invited lo atteThJ a Management Committee meeting, as an observer. If wlling to stand, the existing trustees m8el lo decide wh81her lo appoint. Any ngw truslee remains in post until the next AGM when all IteeS resign and are voted back {or nol) by the membership. Page 5
The Art In Paulty TNst (A Company Llmiled by Guarantee) Trustees. R0POrt (contlnued) For the Year Ended 31 March 2021 Struclure, governance and management (contlnu8d) c. Organlsatlonal slruclure and declslon-making pollcleg APT Is managed by the Administrative Director who wth the truslees, artist-members and other staff to deliver APT'S work. Th8 trustees work voluntarily.. each having a swilic area of responsiixlity towards realising the aims of the Charity. On8 trustee acts as Char al Management Committee me81ings vthich are held al eighl-weekly inl8rvals. There are six sub committees ¥thich act as Athisory Bodies lo the trustees.. Gallery, Ev&nls, Building, Vetting, Planning and Platform. There are currently 43 Artist-members, 26 01 %thom Constite these sub comrnittees which report to the Board ol Twslees through the Managetnent Committee which comprises the INslees, the chairs of the sub committee& three Artist Advisers Ilrom the Artlsl-membersl arKI Ie Floor Flepresenlalives (likewise from the Artist-membersl aThd the AdministratTve Director. All committee and SLAb committee meetings are minuted. Apart Irom the Administrative Director, all mernbers ol all cornmittees are elected annually. The collective character ol APT oudined above has evolv&l naturally 5inc8 1995 and ensures th APT'S decision-making processes are fully Iranspaient lo the enlire membership. d. Flnan¢lal rlsk management The trustees have assessed the major risks io vthich the Charity is exFX)sed, in particular those relaled to th9 operations and finances ol the Charity, and are satisfied that systems and procedurès are in place lo miliga18 exposure lo the major risk8. Plans for future perlods Our locus for th8 year ahead is to suStn our position financially. arKJ lo rAJntinue in deliv8ring Ihe Charity's ms and obj8cIiv8s. The coronavirus pandemic has been challenging for all at A.P.T, but il has also offered an opportunity to pause and reflect. The interna] evaluation we have begun as an organisation shall continue into the future lo develop strategic planning, clear procedures and policies and effective risk rnanagemenl lo ensure APT remains in a rasilient position to meet future paThlemics and any othgr threats lo the work of the charity. Trustees. Ilablllty The Iruslees ol the Gharity guarantee to conlributg an amounl not exceeding £1 to the assets of the Charity in the event ol ndIng up. Page 6
The Art In Perpetulty Trust IA Company Llmiled by Guarantee) Trustees, Report {continuedl For the Year Ended 31 March 2021 Statement of trustees, responslblllties The Iruslees (who are also the directors ol the Charity lor the PLJrposes ol company lawl are responsible for preparing the Iruslees, report and the financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praelicel, Company law requires the Iruslees to prepare financial slalemenls lor each financial yèar. Under company law, the Iruslees musl not approve the financial statements unles8 they are satisfied that they give a true and fair view of the slate ol allairs ol the Charity and ol ils incoming resources and application ol resources, including ils income and expenditure, for that period. In preparing these financial slalements, the Iruslees are required lo.. select suitable accounting policies and then apply them consislenlly., observe the methods and principles of the Charities SORP IFRS 1021 make judgments and accounting eslimales that are reasonable and prudent., slate whether applicable UK AccoLJnling Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial slalemenls., prepare the financial statements on the going concern basis unless il is inappiopriale lo presume that the Charity will continue in business. The Iruslees are responsible lor keeping adequate accounting records that are sullicient lo show and explain the Charity's transactions and disclose with reasonable accuraey al any lime the financial position ol the Charity and enable them lo ensure that the financial slaiemenls comply with the Companies Act 2006. They are also responsible lor safeguarding the assets ol the Charity and hence lor taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of Information lo auditors Each ol the persons who are Iruslees al the lime when this Trustees, Fieporl is approved has confirmed Ihal.. so far as that Iruslee is aware, there is no relevant audit information ol which the charity's auditors are unaware, and that Iruslee has taken all the steps that ought lo have been taken as a trustee in order to be aware ol any relevant audit information and lo establish that the charity's auditors are awarg ol that information. Audltors The auditors, Acuity Professional Partnership LLP, have indicated their willingness lo continue in olliee. The designated Iruslees will propose a motion reappointing the auditors al a meeting ol the Iruslees. Approved by order ol the members ol the board ol trustees on 28 October 2021 and signed on their behalf by.. Gllllan Laidlaw Chair ol Trustees Page 7
The Art In Perpetuity Trust {A Company Limlted by Guarantee) Chair's and Treasurer's Statement For the Year Ended 31 March 2021 The chair presents her slalement lor the year. The first national lockdown due lo Covid 19 began in March 2020 barely a week before the beginning ol this financial year. The Iruslees decided not lo close the building because artists could sell-isolale in their studios. Enhanced hygiene routines were pul in place, artist members monitored the building and the Adminislralive Director and her stall worked from home. We were concerned about the financial impact ol lockdown on artist members and consequently on the financial security ol our charity as the greater part ol the Art in Perpeluily Trust's income is from studio rents. However our Administrative Director secured a grant from the Arts Council lor APT'S l(>ss ol income and another grant from the Creative Land Trust which ollered a hardship fund lor artists,. we look advantagè ol thÈ government backed Bounce Back Loan lor small businesses. We have ended the tinancial year in a more se¢ure financial position than seemed possible twelve months earSier. Grateful thanks are due lo all arlisl members who ensured the survival of APT in such a difficult year, both financially and in respect ol the safety and security ol our buildings. Liz May, who had been with APT lor 18 years, retired as Administrative Director in June 2020. We welcomed Sarah Vvalsh as her replacement on one ol the first occasions when we were able lo meet again in the yard. We held a small celebration lo mark Liz's departure and lo thank her lor her major contribution lo APT'S success over so many years. Sarah has quickly established herself as a pivotal member ol the APT team. During the year Heather Burrell lell APT and her studio is now occupied by Bernice Donszelmann. Patrick Jones also leli and was replaced on a temporary basis by Ned Armstrong. In January, thanks lo the efforts of Mali Morris and Liz May, we were awarded a grant from the Fenton Trust lo run a one year mentoring programme lor two painters. Mali and Rebecca Harper agreed lo be the mentors. As Ned was selected as one ol the menlees he will slay al APT lor a further year- he was joined in July 2021 by Lollie Sioddart. For most ol the year lace lo lace meetings have been impossible so we have all become adept al Zoom. Early in the year a major ellort lo update our website allowed shows and educational projects lo move online. Inevitably our gallery programme suffered considerable disruption, As many shows as possible were rescheduled to the short period ol autumn 2020 when meeting indoors was possiblÈ. A major show planned lor the year had been "25 work by APT members as a celebration ol the 25th anniversary ol APT. Each item was reslricled in size lo 25cm x 25cm which in no way inhibited the variety ol inlerprelalions. Thanks are due lo Marcus Cope and David Oates for lacililaling this enjoyablg event which had a reduced audience bul was also represented online. Another near casually of lockdown was the show curated by Liz May, "A personal perspective" celebrating her lime al APT. A handful of visitors was able lo see the show before the gallery had lo close bul il had a long online presence with an excellent accompanying film. Several APT artists contributed lo another online show, 'Hearlen" initiated by Chris Marshall and designed lo support NHS stall al the Queen Elizabeth hospital in Lewisham. Vvhen il became possible the art works themselves were displayed in a gallery al the hospital. During the year we started an organisalional review ol APT the outcomes of which will inform our processes, practices and activities as we move forward. Gillian Laidlaw Dale.. 28 October 2021 Page 8
The *Jt In Peipelulty Trust (A Company Llmited by Guarantee) Chalr's and Treasurerfs Slalemont (¢ontlnuedl For Ihe Year Ended 31 March 2021 Trea8urerf$ StstenMt Another good year tor APT with to.tal funds increang by £35K lo £1,074K. The small increase in exponditure is due mainly lo higher staff costs. There has been no ggnificanl capitaj expenditure during the year. Additional funding has b&en securod lo ensure thal APT wll continue as a goirrtJ conc8rn beyond the cuNenl pandemic. aulian Sherwood FCA FCCA Date: 28 October 2021 Page 9
The Art In Perpetulty Trust (A Company Llmlted by Guarantee) Independent Audltors. Report to the Members of The Art In Perpetulty Trust Oplnlon We have audited the Ilnancial statements of The Art In Perpetuity Trust Ilhe 'charitable company'} for the year ended 31 March 2021 which cornprise the Statement of FinanThal Activities, the Balance She&t, the Statement of Cash Flows the related notes, including a summary ol significant accounting policies. The financial reporting framework that ha5 beell applied in their preparation 15 applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'Tre Financial Reporting Standard applicable in the UK and RepUle ol Ireland, Iunited Kingdom Generaly Accepted Accounting Prattli). In our otynion the financial statements.. give a true and far view of the stale of the Gharitable mpanS affrS as at 31 March 2021 aTrd of its incoming resources and application of resources, includiro its income and expenditure lor the year then ended., have been properly prepared in accordance wth Unit&J Kingdom Generally Accepted Accounlir Practice., and have been prepared in accordance wth the requirements ol the Charities Act 2011. Ba$ls for oplnlon We conducted our audit in accordance wih Intemalional SiaThYards on Auditing {UKI IISAS {UKII and appliCae law. Our responsibilities undar those standards are further described in the Auditors, respDnsibililies lor the audit ol the financial statements section of our reFX)rt. We a indewndent ol the charitable company in accordance wih the ethical requiremonts that are relevant to our audii ol the financial slalements" in the United Kingdom, including the Financi Fiep)rting Council's Ethical Standard. and we have lulli11 our other ethical responsibilities in accordance with these requirements. We Ixlieve that the audil evidenco we have obtained is sufficient and aFvopriale to provide a basis for our opinion. Concluslons relating to going concem In auditing the financial statements, we have concluded that the INslees' use ol the going concem basis ol accounting in the preparation of the linanci statements is apFKopiale. Bas&d on the work w8 hav8 performgd, w8 have not id8ntili8d any material uncertainties relating 10 9venls or conditions that, individually or collectivety, may cast significant doubl on the charltable company's ability to continue as a going conc8rn for a period of al least Iw81ve months frorn when the financial statements are aulhorised lor issue. Qur responsibilities and the responsibililies ol the trusiees Yth resFect lo going concern are described in the relevant sections of this report. Page10
The Art In Perpetulty Twsl (A Company Llmlted by GuaTante8) Indepgndent Audltors. Report lo the Members of The Art In Peiwulty Trust {conlinued) Other Inlormatlon The other infomiation Comprises the inlormation included in the annual repoil other than the Ilnancial 81alements and our Auditors, Report thereon. The trustees are restx)nsible lor the other information contained within thg annual report. Our opinion on the financi statements does not cover the other infomiation and, except to the exlenl olhemse explicitly staled in our retx)rt. we do not express any form ol assurance conclusion Ihereon. Our responsibility is to read the other infomiation and, In dolng $0, consider whether the other inlorrnation is materially inconsistent wtth the financid stalemerrts or our knowlgdg8 obtaingd in the course ol the audit, or othemse appears lo be materilY misstated. If w8 idgniily such mat8rial inconsistencies or apparent material misstatements, we are requlred to dg18rming whether thi5 gives ris8 lo a mat8rial rnisslalemenl in the financial stalemenls themselves. If, based on th8 work we have performgd, we conclude that there is a material rnisslalement of this other information, we are required to r8FKJrt that lacl. We have nothing to rewrt in Ihis regard. Matter8 on which we are requlred to roport by exception We have nothing lo reF)Ort in respect of the lollowng matters where the Charities IAccoLJnts and Reports} Regulations 2008 requires us lo report lo you rf, in our opinion: the infoirnation given in the truslees, report is inconsistent in any material respect with the financial slatement5', or SLrfficienl accounting records have not been kept" or the financial slat8ments are not in agre8m8nl wlh the accounling records and r8turns- or we have not received all the information and explanalions we require for our audit. Responslbllltles of trustees As oxplained more lully in the Truslees, Fleswn&bilities Stalemenl, the truslees (who are also the directors of the charitthe company for the purposes of company lawl are respor)sibl8 for th8 preparation ol th8 fillancial statements and for being satisfied that they give a true and fwr view, and for such internal control as tho trustees determine is necessary lo enable the preparation ol financial statements that ar8 free from material rrii5Statern8nl, whelher due lo fraud or error. In prepariw the linan¢lal statements, the trustees are responsible for assessing the charitable company's ability to conlinue as a going concern, dis£lowng, as applicable, mallers related lo going concern arTrd using the going concern basis of accounting unless the llustees either intend to liquidate the charitable Company or lo ce operations, or have no realistic altemative to do so. Page11
The Art In Perp8tulty Trust (A Company Llmlted by Guarantspl Indepondenl Audilors, Report to the Members of The Art In peryUlty Twst (contlnuedl Audltors, responslbllltles for the audll ol the flnanclal statemonls We have trken appointed as auditor under seGlion 145 of the Charilies Act 2011 report in accordance with the AGt and relevant regulations made or having ettecl thereunder. Our objeclives aT8 to obtan reasonable as5uranGe abolrt whether the financial statements as a thole are free from material misstalemant, whether due to fraud or error, and to issue an Auditors, R8POrt that includes our opinion. Fleasonable assurance is a high level of assurance. bLrt is not a guaranlee that an audit conducted in accordanc8 wlth ISAS IUKI wll always delect a mal8rial misstatement when it exists. Misslatemenls can arise from fraud or error and are Consider material if, irKlividually or in the aggregate, they COLkld reasonably be expectod lo influence the economic decisions of Use taken on the basis of these financial statements. Irregularities, including fraud, are inslan$ of non<0mlanCe wth laws and rgJulations. We design procedures in line with our responsibilities, outlined above, to delect material misstatements in respect of irregularities, including fraud. The extent to which our PrOlUreS are capable ot detecting irregularities, including fraud is detalled below- Wo have assessed Ihe susceptibility of the enlity's financia statements to material tnisstalemenl, Including hi)w fraud might occur, a5 low by way ol ewuiry, prior knoYleckJe a1 current year analytical review and testing We have enquired wth management and those charg&J Tmth governance to obtain an understallding of th8 legal and regulatory framework applicable lo the entity and, through our audit testing, our findings have confirmed that the entity is Complying wlh tho relevant fraMesrkS We have enquired wth management and ihoso charged with govemance lo obtain an understanding of the enlily's policies and procedures relating to compliance with laws and regulations. ThTough our testing, we have reviewed all relevant doGum8ntation and confim) that there have been no instance5 01 non- compliance Through onqLJiry, analytical review, walkthrough teslirwJ arKI substantive testing we have obl&ned an nderstanding ol the enttty's policies and procedures on fraud risks, including knowledge of any actsjal, suspected or alleged fraLhY. We have confirmed that the engagement team collectively had the aFvropriate competence and capabilities to identify or recognise non-compliance wlh laws and regulations and fraud Li8led above is the extant of procedures we have taken lo detecl material misstatements in resGI ol irregUl111es, including fraud, to which w8 have found no inslancgs. Because ol the inherent limitations of an audit, there is a risk that we will not detect all IrrularItie8, including those leading to a material misstatement in the financial slalemenls or non-compliance wlh regulation. This risk increases the more that compliance with a law or regulation is removed IrDm the events and transactions reflected in Ihe financial statements as we wll b8 less likely lo bme aware of instances ol non<ompliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment. forgery, colluson, OMIon or misrepresentation. A further description of our responsibilities for the audit of Iho financial statements is located on the Financial Reporting Gouncil's wobsile at: frc.or .uKlauditorsres nsibilities. This description forms part ol our Auditors, Report. Page12
The Art In Pe¢tlty Twst (A Company Limiled by Guarantee) Independent Audltor$' Report to the Membgrs of The Art In Pe81U1ty Trust (continuodl Use ot our report This report is made solely to the charitable companys trustees, as a body, in accordance wth Part 4 of the Charilies IAccounls and Reports) Regulations 2008. Our audit work has len undertakeri so that W9 rnight slate to the charitable company's trustees those matters we are requlred to stale to them in an Auditors, Report and for no Dther purpose. To the tullest extent pemiilled by law, we do not accept or assume resKK)nsibilily lo anyone other than the charitable company and its members, as a tA)dy, for our audit )rk, lor Ihis report, or lor the oplnions we have formed. A¢ulty Professlonal Partnorshlp LLP Chartered Accountants and Regi*ered Auditors 11 Leadenhall Slreet London EC3V 1LP 29 O¢lobar 2021 Acuity Profession Partnership LLP are eligitle lo act as auditors in lemis ol section 1212 of the Companies Aot 2006. Pagg13
The Art In Perpetulty Twst (A Company LIMIt by Guarantge) Statem1 of flnanclal acllvlties {incorporatlng Incoma and expendlture accoun1> For Ihe Year Ended 31 March 2021 Unrestrlcled funds 2021 R8strlcted funds 2021 Totsl funds 2021 Total nds 2020 Nole Income from: Donations Charilablg atstlvltles Flental income Olher incom8 10.688 1,742 142.464 6,965 31.875 42,563 1,742 142,464 6.965 24,170 139,465 3. 738 Total incomo 161,859 31,875 193,734 167,373 Expenditure on: Charitable actlvlles 129,807 28.311 151118 Total expènditure 129,807 28,311 158,118 150,432 Net movement In funds 32,052 3,564 35,616 16,941 Reconclllation ol funds- Totd funds brought forward Nel movernenl in funds 692,876 32.052 346,147 3,564 1,039,OZJ 35,616 1,022,082 16,941 Tolal funds carrled forward 724,928 349,711 1,074,639 1.039,023 The Statement ol Financial Activities inclLKks all gains and losses recognised in the year. The notes on pages 17 10 31 lom part of these financial statements. Page 14
The Art In Perpetuity Trust (A Company Limited by Guarantee) Registered number: 03012557
Balance Sheet As at 31 March 2021
| Fixed assets Tangible assets Current assets Debtors Cash at bank and in hand Creditors: amounts falling due within one year Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year Total net assets Charity funds Restricted funds Unrestricted funds Total funds Note 9 10 11 12 13 19 19 16,588 131,155 147,743 (38,399) |
2021 1,015,717 109,344 1,125,061 (50,422) 1,074,639 349,711 724,928 1,074,639 |
7,308 84,802 92,110 (53,314) |
2020 £ 1,033,398 38,796 1,072,194 (33,171) 1,039,023 346, 147 692,876 1,039,023 |
|---|---|---|---|
The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
However, an audit is required in accordance with section 144 of the Charities Act 2011.
The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the trustees on 28 October 2021 and signed on their behalf by: I_ �?\:J Sl.
I_ e..H..)09-e. Julian Sherwood FCA FCCA
The notes on pages 17 to 31 form part of these financial statements.
Page 15
The Art In Perpetuity Trust (A Company Umlted by Guaranteo) Stement of Cash Flows For the Year Ended 31 March 2021 2021 2020 Cash flows from operallng acllvllles Nel cath used in operating activities 22,357 25,075 Cash flows from Invesllng actlvltles Purchase of tangible fixed assets (2,461) Nel cash provlded byl{used In) Inv•stlng activiti6s {2.461) Cash flows from flnanclng actfvilies Repayments ol borro¥ving New loans (16,(WMI 40,000 (20,995) Nel cash provided byl(u$ed Inl flnanclng actlvllles 23,996 120,995) Change In cash and cash equlvalenls In Ihe year Cash and cash equivalents at the beginnirvJ of the year 1,619 84,8W2 83, 183 Cash and cash equlvalents at thè end of year 131,155 84,802 The notes on pages 17 to 31 fomi part ol these finala1 slalemenls Page 16
The Art In Perpetulty TNst (A Company Limited by Guarantee) Notes to the Flnanclal Staternents For the Year Ended 31 March 2021 Genoral Inlorn)atlon The Art In Perpetuity Trust is a charity, Ilmited by guarantee, incorporated in England arKI Wal88. Its registered office Is Harold Works, Harold Wharf, 6 Creekslde, Depttord, London SE8 4SA. Aceounting pollcles 2.1 Basls of preparatlon of financlal $tstom¢nts Th8 financial statern9nts hav8 Lwn prepared in aCcOrdae wth the Charities SOFIP {FRS 1021- Accounting and Reporting by Charities.. Statement of Recommended Practice applicabl8 lo charities eparing their accounts in accordan wih the Financlal Reporting Standard applicabls in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191, the Financial Fleporting Standard applicable in the UK and Republic of Ireland IFRS 102} and the Companies Act 2006, The Art In Perpetuity Trust meets the definition ol a public Ixnelit entlty under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othemise staled in th8 relevant accounting policy. The financial staternenls are prepared in sterfing which is the functional currency ol the charity and rounded lo the nearest £. 2.2 Golng concern The income lor this financial year has increased slightly and the cfvarity has also en able lo secuie additional fun(ts Ihrough Ihe boUe back loan. Therefore the Iruslees believe that the Gharily wll continue to operate as a going COre[n during the twelve months allei Ihe aA)¥oval of th8S9 finanGial statem6nls and for the forseethe future. 2.3 In¢on* All income is r8cogni5ed once the Charity has entitlement lo the income, It is probable that the income wll b8 received and the amount of irorne recgivable can be measured reliably. The recognib'on of income from legacies is dependent on establishing entillemenl, the p¥obabilily ol receipt and the ability to estimate wth suNicienl accuracy the arnounl receivable. Evidence of entitlement lo a legacy exists when the Charity has sulticient evid8nce Ihat a gift has been jell to Iheffl Ithiough knOedge ol the existere ol a valid will and the death of the benelaclorl and the executoi is salislied that the property in question will not be required to satisfy claims in the estate. Receipt ol a legacy must be recogriised when il is prObae that il will be received and the fair value Df the amount receivable. which wll generally be the expected cash amount lo be dislribLrted lo the Charity, can be reliably measur&J. Rental income relates to income receiveable in lelling out sludios to artists al an appropriate alfordable rale in accordance with the Chariws objectives. Rental income is recognised on a straight line basis over the lew lem)s. Charitab18 aclivi118s' income relates to income receiveable from exhibitions held on the Charity's premises: in accordance with the Charity's objectives. Donat1 services or facilities are recognised when the company has control over the item, any conditions associated with the donated item have been mel. the receipt of economic benefit from Ihe use of the company of the item is probthe and that e¢onomi¢ benefit can bg measured reliably. In accordancè wlh the Charities SORP IFRS 1021. the general volunleer lime is not recognised and refer lo the Trustees. report for more infomation aLKsut their contribution. Page 17
The Art In Pery)etulty Trust (A Company Llmited by Guarantee) Nol8S to the Financlal Slatements For Ihe Year Ended 31 March 2021 Accountlng poll¢l8s (¢ontlnued> 13 Income {contlnued) On receipt, donat9d professionat seNices and donated facilities are recognised on the basis ol the value of the gilt to the company Yknich is the amount the company would hav8 been wllirvJ lo pay 10 obtn serviGes or facilities ol equivlent economlc bonefil on thg op8n rnarkel., a corresponding arnounl is then recognised in expenditure in the pgriod of relpt. Grants are included in the Slalement of Financial Activities on a receivable basis. The balance of income r1Ved for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where rwme is received in advance of entitlement ol receipt, its recognition is deferred and included in creditors as deferred income. Where enlillement occuis LfOre income is received, the income is accrued. other income is rocognised in the tEriod in which It Is re1Vable ar to the exterrt the goods have been provided or on cornplelion ol the service. 2.4 Expendlluro Expenditure is recognised once ther9 is a legal or conslrucliv8 obligation to Iransl8r econornic benefit lo a third party. it is probable that a transfer of 8conomic tsenefils wll be r9quir8d in settlement and the amount of the OlgatiOn can measured reliably. Expsnditur9 is classiligd by activity. The costs ol each activity are made up of the total ol dir8Ct costs and shargd costs, including support Costs involved in undertthng each activity. Direct costs attribulabl8 lo a single activity are allocated directly to Ihal activity. Shared costs which contribute lo mor8 than one activity and support costs which are not allribLrtable lo a single activity are apportionsd betWg8n thos8 acthvilies on a basis consislenl wth the use of r8sources. Central slalf costs are allocated on the basts ol lime SFent, and depreciation charges allccaled on the wrtion of the asset's use. Expenditure on charitable aclivilies is 1rujr on directty undertaking the activities lch further the Charty's objectives, as well as any a&8wiated support costs. Grants payable are charged in the year when the offer is made except in those cases whgre the offer is conditional, such grants b8ing recognised as expenditure sthen the conditions attaching are full111. Grants offered subject to condilions vthi¢h have nol been met at th? year end are noted ag a commitment, but not accrued as expenditure. All expenditure is inclusive ol irrecoverable VAT. 2.5 Government grants Government grants relating to langible fixed assets are treated as deferred income and released lo the Staternent ol Financial Activities over the expected useful lives of the assets collrned. Other grant5 are crediled to the Slatemerrt of Financial Activit5es as the relat1 experitlfre is incurred. 2.6 Tanglbl8 fixed assets and depreciation Tangible lixwj assets costing £100 or More are capilalised and recognised when lulure economic enelits are probable aJKI the cost or value ol the asset can be measured reliably. Tangible fixed assets ar8 initially reciyJnised at cost. Alter recognition, under ihe cost model. tangible fixed assets are measured at cost less accutnulated depreciation and any accumulated impairmgnl losses. All costs inwrred ID bring a tangible Iixgd asset into its int9nded wort(ing condition shoukl be Includ in the measurement ol cosl. Pag8 18
The In Perpetulty Twst {A Company Llmlled by Guarantee Noles lo the Flnanclal Ststements For Ihe Year Ended 31 Mar¢h 2021 Aceounllng pollcles (continuod) 2.6 Tanglble flxed assets and depre¢latlon (contlnued) Depreciation is charged so as to the cost of laThJlbie fixed assets less their residual value over thelr estimated useful lives, . Depreciation is provided on the followng bases: Frgehgld prOtty Office equipment Fieehold land - Strwghl line ba5iS - 250/ti reducing balanc8 Nol depre¢iated 2.7 Debtors Debtors are recognised at Ihe settlement amount. Prepayments are valued al the amount prepaid nel ol any Irade discounts due. 2.8 Cash at bank and in hand Cash at bank and in hand indudes cash and short-lem highly liquid investments with a short maturity ol three months or less from the date of acquisition or opgning of the deposit or similar accoLJnt. 2.9 Llabilitles and provlslons Liabililieg are recognised when there is an obligation at the Balance Sheet dale as a result ol a past event, il is probable that a transfer of OnOMiC benefit wll be required in settlement, and the amount of Ihe settlement can be estimated reliably. abilities are recognised al the amount Ihal the Charity anlicipales it wll pay to sellle the debt or the amount it has received as advanced payments lor the goods or services it musl provide. Provisions are measured at the t£st eslimale of Ihe amounts r8quired lo sellle the obligation. Where the effect of the time vdue of money is material, the provision is based on the present value of those amounts. discounted at Ihe pre-tax diOnt rate that reflects Ihe risks specific lo the l1a.11ty- The unwinding of the discount is reccMJnised in the Sialement of Financial Activities as a finance cosl. 2.10 Flnanclal Instruments The Charity only has financial assets and finanual liabilities of a nd that qualify as basi¢ financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their sottlement value wlh the exception ol bank loans thich are subsequently measured al amortised cost using the effective interest method. 2.11 Penslons The Cfvarily operates a defined contribJtion pension scheme and the pension charge represents th8 amounts payable by the Gharily to the lund in respect ol the yeaT. Page 19
The Art In Perpetulty Trust (A Company Llmlled by Guarantee) Notes to the Flnanclal Slalements For the Year Ended 31 March 2021 A¢¢ounllng pollcles {continuod 2.12 Fund accountlng General funds are unrestricled furKJs which are available lor use at Ihe discretion of the trustees in furtherance of the general objectives of the Charity aj Trlhich hav8 not been designalgd for other purposes. Designated funds comprise unrestriGled funds that have ten sel aside by the trustees lor particular purwses. The am and use of each deslgnat&Y fund is sel out in th8 notes lo the finanrial slalemenls. Reslrlcted funds are funds thich are to used in accordance wth specilic restrictions imposed by donors or thich have ieen raised by th& Charity lor particular purposes. The cosls ol raising and adminislering such funds are charged ansI the ycific fund. The aim and use ol each reslricled fund is set out in Ihe notes lo the finawal statements. Income from charltable activities Unrestrfcted funds 2021 Total funds 2021 Total funds 2020 Income from charitable activities- Gallery Exhibitions Cro8kside Open Exhibition 232 1,510 232 1,510 8,567 15,603 Tolal 2021 1.742 1,742 24,170 Tot212020 24,170 24,7TO Page 20
The Art In Perpetulty Trust (A Company Llmlted by Guardntee) Notos to the Flnanclal Statements For the Year Ended 31 March 2021 Analysls ol expendllure on charltablo acllvlties Summary by lund type Unrestrfded Restrfcled fundg funds 2021 2021 Total funds 2021 Dlrect costs.. Gallery Direct costs: Donations Adminislralive expenses Expenditure on govemance 2,310 2,310 1&745 134,863 4,200 16.745 11,566 123.297 4.200 Total 2021 129,807 28,311 158,118 Unrestsycte funds 2020 Restricted funds 2020 Total funds 2020 Direcl costs- Gallery Direct costs-. Creek5ide Open Direct costs". APT Projects Administrative expenses Expenditure on govemance 8,415 8,975 1.822 8,413 8,975 1,822 126,487 4, 735 114,921 4,735 11,586 Total 2020 138,866 11,566 150,432 Analysls of expenditure by aclivilies Direct a1vitieS 2021 Grant lunding 2021 Support costs 2021 Total fund$ 2021 Expenditure on govemance Direct costs.. Donations Direct costs.. Grants Adminislralive expenses 4,200 4,200 2,310 16,745 134,863 2,310 16,745 134,863 Total 2021 2.310 16.745 139,063 158,118 Page 21
The Art In Perpetulty Trust IA Company Umlted by Guarantee) Note5 to the Flnancial Statements For Iho Year Ended 31 March 2021 Analysls of expendllure by acllvllles (contlnued) Direcl actFvities 2020 Support Gosts 2020 Total funds 2020 Exponditure ori governance Direct costs.. Creekside Dirocl costs.. APT Proj8cts Direct costs.. Donations Administrative expenses 4, 735 4,735 8,415 8,975 8,413 8,975 1,822 126,487 126,487 Total 2020 19,210 Y31,222 150.432 Analysls ot support costs Total funds 2021 Total funds 2020 Stall costs Depreciation Insurance Light arKI heat Off ice supplies Equlpmenl leasing Premises, repairs and MntenanCe Telephone and internet TV licence Le and professional Water, rates and refuse removal Heath and safety Bank charges Website and mailout Bank loan interest External loan interest Sundry expenses Advertising Freelance Govarnance oosls 53,120 17,681 7,on 5,449 5,421 2,204 14,419 2.663 158 13 10,251 1,434 53,iY? 17.912 6,508 4,633 2,313 1,874 18,595 5,528 755 10, 776 1,605 514 2,109 1,175 1,088 585 432 31 13,580 4,200 4, 735 Total 2021 139,063 131.222 Pag8 22
The Art In Perpetulty Trust (A Company Umlled by Guarantoe) Notes to the Financlal Ststernents For the Yr Ended 31 IAar¢h 2021 Analysls of expendlture by actlvllles {continued) Analysls of support costs (contlnued) Govemance costs Includes Auditors. remuneralion of £4.2 {2020 - £4,200) and Trustee indemnity Insurance of £638 (2020 - £535}. Support costs are ajlocaled based on the activity they relate to. Audltors, remunoratlon 2021 2020 Fees payable lo the Charitys auditor for the audit of the Charity's annual acccNJnls 2,200 2,20Q Fees payable to the Charitys auditor in ret of: All accounting lees not inctuded abjve 2,000 2,000 Staff costs 2021 2020 Wages and salaries Sctia security costs Contribution lo defined contribution penOn schemes 47,336 3,932 1.852 49,920 2,029 1,186 53,120 53,117 The average number of persons employ by the Charity during the year was as follows: 2020 No. No. Full lime manager Part time administrative worker No employee receiv remunerallon amounting to more than £60,000 in either year. All staff wsts were allocated lo adrninislration. Trustees, remuneration and expenses During the year, no trustees received any remuneration or other benelits (2020 - £NILJ. During the year ended 31 March 2021, no Irustee expenses have b98n incurred {2020 . £NIL). Pagg 23
The Art In Perpetulty Trnst (A Company Limlted by Guarantoo) Noles to the Flnanclal Slalem8nts For the Year Ended 31 March 2021 Tanglblo Ilxed assets Freehold land Freehold Offlce property equlpmenl Total Cost or valuatlon At 1 April 2020 460,000 849,527 11,780 1,321,307 Al 31 March 2021 460,000 849,527 11,780 1,321,307 Depreclation and impairrnent Al 1 April 2020 Charge for the year 110,0(MJ 1688 16,991 9,021 287.909 17,681 At 31 March 2021 110.IKIO 185,879 9,711 305,590 Net book value Al 31 March 2021 350,0(K) 663,648 2,069 1,015,717 Al 31 March 2020 350,000 680.639 2, 759 1,033,398 10. Debtors 2021 2020 Due wlthln one year Other debtors Accrued income Prepaymenls 4,408 10,O¢J) 2,180 3,500 1, 722 2,086 16,588 7.308 11. Cash at bank and In hand Cash at bank and in hand inclLths amounts held for Arbst-members, deposits as shown in the Credilors.. Amounts falling du9 Wthin one year. Page 24
The Art In Perpetulty Trust (A Company Umlted by Guarantee) Notes to the Flnanclal Statemenls For the Year Ended 31 March 2021 12. Credltors: Amounts lalllng due wfthln oneyear 2020 Bank loan Extgmal loan External loan inler8St Other creditors Tenants. deposits Deferred income AccrLJals Bounce back loan 7,519 14,329 1,141 6,257 18,454 1,850 4,200 29 19,655 251 6,745 53,314 The bank loan has interest charged at 2.5% above the bank's base rate and is secured agansl th& Charills freehold propety. The loan expires in May 2024. 13. Credltors: Amounls falllng due after more ihan one year 2021 2020 Bank loan Exlernai loan Bounce back loan 17,167 25, 123 8.048 33,255 50,422 33,171 The aggregate amount of liabilities payaNe or repayabte wholly or in part more than five years after the r8POrting dale is.. 2021 2020 Payable or repayable by instalments 8,519 The BoUe back loan is a 72 month loan wlh an interest free wndow of 12 months and then a fixed interest rale of 2.5Vc pa is charged. 14. 1n.klnd support In the financial year onded 31 March 2021 the APT Artisl-members. and volunle8rs' in-kind SUFPOrt toialled £8.47512020 - £33,247). Duriro the year £-12020 - £30,250) volunlary Contributions re given by APT lor charitable work, as no projects were delivered in Ihis extraordinary year. Page 25
The Art In Perpetulty Trust {A Company Llmlted by Guaranto0) Notes lo the Flnancial Statements For Ihe Year Ended 31 March 2021 15. Penslon comrnltments The Charity operates a defined contributions pension eMe. The assets ol the scheme are held separal8ly from those ol th8 Gharity in an independently administered fund. The pension Cost chargg represents contributions payab18 by the Charity lo the fund and amounted lo £604 12020 - £3,114). Contributions lolalling £Nil 12021 £Nill were payable to Ihe fu at the balance sheet dale and are inclLKled in creditors. All p6won costs are allccated agansl unreslricled funds. 10. Operallng lease commilrnents Al 31 March 2021 Ihe Charity had commitmenls to make future rninimum lease payments under non- cancellable operating leases as follows: 2021 2020 Nol later than l year Later than 1 year aThJ not later Ihan 5 years 347 7,586 349 347 1, 735 The followng18a58 payments have been recognised as an exFense in th8 Statement of Financial Activities= 2021 2020 Operating lease rentals 347 1,386 17. Members, Ilabilrty Each Iruslee member of the charitable company uThJertakes lo conlribule lo the assets of the company in th8 8V8nt ol il being wound up while helshe is a member, or wthin one year after helshe ceases lo be a member. such amount as may be requir8J, not exceeding £1 lor the debts and liabililies conliacted before helshe ceases lo be a memÈer. Al 31 March 2021 Ihere were 612021- 61 trustee members. 18. Related party transactions The Art In Perpetuity Trust has not entefed into any related paty transaction during the year, nor are there any oulslanding balances owrrfJ betPen related parties and the charity at 31 March 2021. Page 26
The Art In Pery)etuity Twsl {A Company Umlted by Guarantee) Notes to the Flnanclal Statements For the Year Ended 31 March 2021 19. Statement of funds Statement ot funds - ¢urrent year Balan¢0 at 31 March 2021 Balance al 1 Aprfl 2(f20 Income Expondlture Unrestricted tunds Designat funds Elke Lacey Memorial {20191 10,688 15,381 General funds General Funds- all furKIs 688,183 151,171 (129,807) 709,547 Totsl Unrestrfcted lund$ 69£876 161,859 1129,80n 724,928 Restrlcted tund8 Depttord Challenge Trust119961 Creekside SRB11998) Foundation lor Sport & The Arts11999) GreenMri¢h SRB11999} Gr8enMrich SRB11999} London Development AgenGy12001) Foyle Foundation120131 City Bridge Trust (20151 Arts Council Emergency FurKI Creative Land Trust Hardship Fund The Fenton Arts Trust FurKJ 25,543 75,763 19,257 18,708 59,273 83,716 20,641 (1,0221 12,806) (688) (6681 (2,117) (2,7911 (4911 (9831 12,8221 (13,9Z3) 24,521 72,957 18,569 18,040 57,156 80,925 20,150 42,263 7,153 2,077 5,900 9,975 16,IXIO 5,900 346,147 31,875 (28,311) 349,711 Totsl of funds 1,039,023 193,734 (158,1181 1,074,639 GenerJ funds are Yree reserves" after dlowng for any designated funds. Designated funds are to be put towards the development of a mulli-wrpose edueaiion and gallery space. All r8striclod funds have been 4Enl on capttalised freehold propaty which is being depreciated anr)ually. Page 27
Thè Art In PeetUlty Twst (A Company Umllod by Guarantee) Nolos to the FInaTr Statemenls For tho Year Ended 31 March 2021 19. Statement of funds (¢ontlnuod) Statement ot funds- prfor year Bal&nce &1 31 March 2020 l Apn12015 Income Expenditure Unrostricted tunds Designated funds Elke Lacey Memorial (20191 4,693 4,$93 General lunds General Funds- all funds 659,676 767, 733 (139,226) 688, 183 Total Unr8slrlcted funds 664,369 167,733 (139,226) 692,876 Restrlclod funds Deptford Challenge Trust {1996) Creekside SRB {19981 Foundation lor Sport & The Arts {1999) Greenwich SRB (19991 Greenwich SF¢B11999) London Development Agency {2001 } FDyle Foundation120131 Clty Bridg8 Trusl120151 (1,022) (2,806) (688) (668) (2,117) (2, 791) (491) (983) 25,543 75,763 19,257 18,708 59,275 83,716 20,641 45,246 78.569 19.945 19,376 61.390 86.507 21,132 357,713 (11,566) 346, 147 Total ot lunds 1,022,082 167,733 [150,792) 1,039,023 Paoe 28
The Art In Perpetulty Trust (A Company Limlted by Guarantee) Noteg lo Ihe Financlal Statements For the Year Ended 31 March 2021 20. Summary of funds Summary of tunds- ¢urrent year Balance at 31 March 2021 Balance at 1 Aprll 2020 Income Expendlture D8signated funds General funds Restricted funds 4,693 688,183 346,147 10,688 151.171 31.875 15,381 709,547 349,711 1129,80n 128,311) 1,039,023 193,734 {158,118) 1,074,639 Summary of funds- prlor year Balance al 31 March 2020 Balance al 4 Apnl 2015 Incon7e Expendilure Designated funds General lund5 Restricted funds 4,693 659,676 357.713 4.693 688, 185 54S,147 767,733 (139,226) (11,566) 7.022,082 767, 733 {150, 792) 1,039,023 21. Analysis of net assets between lunds Analysls of nel assets botween lunds- ¢urrent year Unrestrlcted Rostricted funds lunds 2021 2021 Total funds 2021 Tangible fixed assets Current assets Creditors due wlhin one year Creditors due in more than one year 681.136 132,613 138,3991 150,4221 334,581 15,130 1,015,717 147,743 138,399) (50,422) Total 724,928 349,711 1,074,639 Page 29
The Art In Pèrpetulty Trust (A Company Umiled by Guarantee) Noles lo tho Flnanclal Staternents For the Year Endgd 31 March 2021 21. Analysls ol net assets between funds (contlnued) Analy$ls of net assets between funds- prfor year Unrgstricteo R6Strict8d funds funds 2020 2020 Total funds 2020 Tangible Ilxed assets Current assets Credltors due wthin one year Credllors due in more than one year 687,251 92.110 [53,314) 133,171) 346, 147 1,035.398 92,110 (53,3Y4) (33,171) Tolal 692,876 346, 147 1,039,023 Reconclllatlon of net mov8merrt In funds lo nel cash flow from operatlng acllvltlos 2021 2020 Net incom8 lor the year {as Fer Slalement of Finanad Activities) 35,616 16,941 Adjustments lor: Depreciation charges Decreasalllncrease} in debtors Decrease in Creditors 17,681 (9,280) {21,660) 17,912 708 (10,486) Net cash provided by operatlng actlvltles 22,357 25,075 23. Analysls of cash and cash equlv81onts 2021 2020 Cash in hand 131,155 84,802 Totgl cash and cash equlvalents 131,155 84.802 Page 30
The Art In Perpetulty Trust (A Company Llmlted by Guarantee) Notos to tha Flnanclal Statements For the Year Ended 31 March 2021 24. Analysls of changes In not debt At 31 March 2021 2020 Ca9h flows Cash al bank and in hand Debt due wlhin 1 year Debi due alter 1 year 84,802 {21,412) {33.171) 46,353 7,148 (17,251) 131,155 (14,264) (50,422) 30,219 36,250 66,469 Page 31