##
##
##
##
|||Page|
|---|---|---|
|Reference and administrative
details ofthe charity,|its Trustees and advisers||
|Trustees'
report||2-9|
|Trustees'
responsibilities
statement||10|
|Independent
auditors'
report on the financial statements||11-14|
|Consolidated
statement
offinancial
activities||15|
|Consolidated
balance sheet||16-17|
|Charity balance sheet||18-19|
|Consolidated
statement
ofcash flows||20|
|Charity statement
ofcash flows||21|
|Notes to the financial statements||22-45|
|Trustees|||M Gales, Chair|||
|---|---|---|---|---|---|
||||E Marshall|||
||||R Madan|||
||||Dr M Owens|||
||||N Smales|||
||||BSmith|||
||||C Smith|||
||||C Swift|||
||||SPallister|||
|Company|registered|||||
|number|||03031923|||
|Charity registered||||||
|number|||1046958|||
|Registered||office|183Bow Road|||
||||London|||
||||E32SJ|||
|Company|secretary||M Baettig|||
|Chief executive officer|||M Baettig|||
|Independent||auditors|RPG Crouch Chapman|||
||||5th Floor|||
||||14-16Dowgate|Hill||
||||London|||
||||EC4R 2SU|||
|Bankers|||National
Westminster||Bank Pic|
||||161 Bow Road|||
||||London|||
||||E32SG|||
||||Lloyds Bank Pic|||
||||PO Box 1000|||
||||BX1 1LT|||
||||Aldermore
Bank|||
||||1st Floor, Block|B||
||||Western
House|||
||||Lynch Wood|||
||||Peterborough|||
||||PE2 6FZ|||
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##
||||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|---|
||||funds|funds|funds|funds|
||||2022|2022|2022|2021|
|||Note|F|F|F||
|Income from:|||||||
|Donations
and legacies||4|759,875|206,325|966,200|875,254|
|Charitable
activities:|||||||
|License fees, service charges and|||||||
|rents receivable|||1,304,337||1,304,337|1,028,407|
|Education
income|||206,383||206,383|31,419|
|Gallery income|||19,306||19,306|28,940|
|Other income|||10,443||10,443||
|Enterprise
and placemaking|||51,151||,51,151|4,363|
|Other trading
activities|||208,392||208,392|136,751|
|Investments|||12,662||12,662|12,224|
|Total income|||2,572,549|206,325|2,778,874|2,117,358|
|Expenditure
on:|||||||
|Charitable
activities||8|1,675,462|232,896|1,908,358|1,641,142|
|Other expenditure|(non-charitable)||229,086||229,086|96,565|
|Total expenditure|||1,904,548|232,896|2,137,444|1,737,707|
|Net income/(expenditure)|||668,001|(26,571)|641,430|379,651|
|Transfers
between|funds|19|(1,989)|1,989|||
|Net movement
in funds|||666,012|(24,582)|641,430|379,651|
|Reconciliation
offunds:|||||||
|Total funds brought|forward||1,804,972|225,323|2,030,295|1,650,644|
|Net movement
in funds (as
restated)|||666,012|(24,582)|641,430|379,651|
|Total funds carried|forward||2,470,984|200,741|2,671,725|2,030,295|
##
##
##
||||||2022||2021|
|---|---|---|---|---|---|---|---|
||||Note|||||
|Fixed assets||||||||
|Tangible assets|||14||738,852||436,340|
||||||738,852||436,340|
|Current assets||||||||
|Debtors: amounts|falling|due within one||||||
|year|||16|871,806||701,332||
|Cash at bank and|in hand|||2,824,390||2,201,706||
|||||3,696,196||2,903,038||
|Creditors: amounts|falling due within|||||||
|one year|||17|(1,150,374)||(966,788)||
|Net current assets|||||2,545,822||1,936,250|
|Total assets less current||liabilities|||3,284,674||2,372,590|
|Creditors: amounts|falling due after|||||||
|more than one year|||18||(612,949)||(342,295)|
|Total net assets|||||2,671,725||2,030,295|
|Charity funds||||||||
|Restricted
funds|||19||200,741||225,323|
|Unrestricted
funds|||19||2,470,984||1,804,972|
|Total funds'|||||2,671,725||2,030,295|
##
##
##
##
##
##
|||||2022||2021|
|---|---|---|---|---|---|---|
|||Note|||||
|Fixed assets|||||||
|Tangible assets||14||254,128||12,461|
|Investments||||1||1|
|||||254,129||12,462|
|Current assets|||||||
|Debtors: amounts|falling due after more||||||
|than one year||16|332,757||414,330||
|Debtors: amounts|falling due within one||||||
|year||16|1,049,908||707,521||
|Cash at bank and|in hand||2,677,853||2,137,126||
||||4,060,518||3,258,977||
|Creditors: amounts|falling due within||||||
|one year||17|(1,031,953)||(854,613)||
|Net current assets||||3,028,565||2,404,364|
|Total assets less current liabilities||||3,282,694||2,416,826|
|Creditors: amounts|falling due after||||||
|more than one year||18||(612,949)||(342,295)|
|Total net assets||||2,669,745||2,074,531|
|Charity funds|||||||
|Restricted funds||19||200,741||225,323|
|Unrestricted
funds||19||2,469,004||1,849,208|
|Total funds||||2,669,745||, 2,074,531|
##
##
##
##
##
||FOR THE Y|EAR ENDED 31 MARCH 2022|||
|---|---|---|---|---|
||||2022|2021f|
|Cash flows from operating|activities||||
|Net cash provided
by operating
activities|||928,457|395,416|
|Cash flows from investing|activities||||
|Dividends,
interests
and rents from investments|||12,662|12,224|
|Purchase" oftangible
fixed|assets||(318,436)|(84,145)|
|Net cash used in investing|activities||(305,774)|(71,921)|
|Cash flows from financing|activities||||
|Net cash provided
by financing
activities|||||
|Change
in cash and cash equivalents
in the||year|622,683|323,495|
|Cash and cash equivalents|at the beginning|ofthe year|2,201,708|1,878,213|
|Cash and cash equivalents|at the end ofthe|year|2,824,391|2,201,708|
|The notes on pages 22 to|45 form part ofthese financial statements||||
##
||CHARITY STATEMENT OF CASH FLOWS|CHARITY STATEMENT OF CASH FLOWS|||
|---|---|---|---|---|
||FOR THE YEAR ENDED 31 MARCH 2022||||
||||2022|2021|
|Cash flows from operating|activities||||
|Net cash provided
by operating
activities|||774,422|399,391|
|Cash flows from investing|activities||||
|Dividends,
interests
and rents from investments|||12,662|12,224|
|Purchase oftangible assets|||(246,358)|(5,197)|
|Net cash (used in)/provided|by investing
activities||(233,696)|7,027|
|Cash flows from financing|activities||||
|Net cash provided
by financing
activities|||||
|Change
in cash and cash equivalents
in the||year|540,726|406,418|
|Cash and cash equivalents|at the beginning|ofthe year|2,137,128|1,730,710|
|Cash and cash equivalents|at the end ofthe|year|2,677,854|2,137,128|
|The notes on pages 22 to|45 form part ofthese financial statements||||
##
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##
##
##
##
##
##
##
|Long-term
leasehold|over the|length ofthe lease|
|---|---|---|
|property|||
|Fixtures and fittings|20% reducing|balance|
|Cafe equipment|20% straight|line|
|Live/ Work improvements|over three years||
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
||Un-||||
|---|---|---|---|---|
||restricted|Restricted|Total|Total|
||funds|funds|funds|funds|
||2022f|2022
6|2022
E|2021
E|
|Grants and donations|759,875|206,325|966,200|875,254|
|Total 2021|584,256|290,998|875,254||
|||Un-||
|---|---|---|---|
|||restricted|Total|
|||funds|funds|
|||2022|2022|
|Admin fees||3,930|3,930|
|Key costs||247|247|
|Nunnery
Cafe|rent|1,300|1,300|
|Management|fees|3,000|3,000|
|Miscellaneous||1,966|1,966|
|||10,443|10,443|
##
##
||||Un-|||
|---|---|---|---|---|---|
||||restricted|Total|Total|
||||funds|funds|funds|
||||2022f|2022|2021
E|
||Place making|income|32,723|32,723|13,500|
||Fees receivable||29,488|29,488||
||Service charge receivable||16,018|16,018||
||Project Income||3,815|3,815|10,248|
||Cafe income||86,005|86,005|26,129|
||Management|fees|40,000|40,000|52,350|
||Space hire income||5|5||
||Other income||338|338|34,524|
||||208,392|208,392|136,751|
||Total 2021||136,751|136,751||
|7.|Investment
income|||||
|||Un-|||
|---|---|---|---|---|
|||restricted|Total|Total|
|||funds|funds|funds|
|||2022|2022|2021|
|||E|F|E|
|Bank|and other interest receivable|12,662|12,662|12,224|
|Total|2022|12,662|12,662|12,224|
|Total|2021|12,224|12,224||
##
##
||||Un-||||
|---|---|---|---|---|---|---|
||||restricted|Restricted|Total|Total|
||||funds|funds|funds|funds|
||||2022f|2022f|2022f|2021f|
|Expenditure|on charitable|activities|1,675,462|232,896|1,908,358|1,641,142|
|Total 2022|||1,675,462|232,896|1,908,358|1,641,142|
|Total 2021|||1,416,344|224,798|1,641,142||
##
||||Direct|Support|Total|Total|
|---|---|---|---|---|---|---|
||||Costs|Costs|funds|funds|
||||2022f|2022|2022
F|2021|
|Provision of Creative||Workspace|885,466|197,065|1,082,531|1,137,098|
|Education|Projects||384,111|85,486|469,597|270,292|
|Gallery Programme||& Events|121,572|27,056|148,628|164,299|
|Enterprise|& Placemaking||91,639|20,420|112,059||
|Governance||||95,543|95,543|69,453|
||||1,482,788|425,570|1,908,358|1,641,142|
|Total 2021|||1,273,146|367,995|1,641,141||
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##
|||||||2022|2021|
|---|---|---|---|---|---|---|---|
||Fees payable|to the charity's|auditor|for the audit ofthe charity's||||
||annual
accounts|||||6,500|6,250|
||Fees payable|to the chaiity's|auditor|in|respect of:|||
||The auditing|ofaccounts of|subsidiaries||ofthe charity|4,850|4,175|
|12.|Staff costs|||||||
||Group|Group|Charity|Charity|
|---|---|---|---|---|
||2022f|2021|2022|2021
F|
|Wages and salaries|583,198|525,005|583,198|525,005|
|Social security costs|49,272|50,382|49,272|50,382|
|Pension costs|91,601|104,316|91,601|104,316|
||724,071|679,703|724,071|679,703|
||||||Group|Group|Group|
|---|---|---|---|---|---|---|---|
||||||2022||2021|
||||||No.||No.|
|In|the|band|F80,001|- F90,000|1|.|1|
##
##
|be|nefits was as follows:|||||
|---|---|---|---|---|---|
|||||2022|2021|
|Dr|M Owens|Consultancy|Services|19,200||
|'N|Smales|Consultancy|Services|2,000||
##
##
##
##
##
||Long-term||||
|---|---|---|---|---|
||leasehold|Fixtures and|Cafe||
||property|fittings|Equipment|Total|
||F|6||6|
|Cost or valuation|||||
|At 1 April 2021|462,914|29,397|15,916|508,227|
|Additions|318,435|||318,435|
|Disposals|(48,584)|||(48,584)|
|At 31 March 2022|732,765|29,397|15,916|778,078|
|Depreciation|||||
|At 1 April 2021|47,008|18,512|6,367|71,887|
|Charge for the year|9,683|3,114|3,126|15,923|
|On disposals|(48,584)|||(48,584)|
|At 31 March 2022|8,107|21,626|9,493|39,226|
|Net book value|||||
|At 31 March 2022|724,658|7,771|6,423|738,852|
|At 31 March 2021|415,906|10,885|9,549|436,340|
##
||Long-term|||
|---|---|---|---|
||leasehold|Fixtures and||
||property|fittings|Total|
||E||E|
|Cost or valuation||||
|At 1 April 2021|48,584|29,397|77,981|
|Additions|246,357||246,357|
|Disposals|(48,584)||(48,584)|
|At 31 March 2022|246,357|29,397|275,754|
|Depreciation||||
|At 1 April 2021|47,008|18,512|65,520|
|Charge for the year|1,576|3,114|4,690|
|On disposals|(48,584)|-|(48,584)|
|At 31 March 2022||21,626|21,626|
|Net book value||||
|At 31 March 2022|246,357|7,771|254,128|
|At 31 March 2021|1,576|10,885|12,461|
##
##
||Investments|
|---|---|
||in subsidiary|
||companies|
|charity|F|
|Cost or valuation||
|At 1 April 2021||
|At 31 March 2022||
|Net book value||
|At 31 March 2022||
|At 31 March 2021||
||||||Charity|Charity|
|---|---|---|---|---|---|---|
||||||2022|2021|
||||||F|F|
|Due after|more than one year||||||
|Amounts|owed by group undertakings||||332,757|414,330|
||||Group|Group|Charity|Charity|
||||2022|2021|2022|2021|
||||F||F|6|
|Due within|one year||||||
|Trade debtors|||239,155|246,100|137,789|104,827|
|Amounts|owed by group undertakings||||283,267|35,274|
|Other debtors|||56,774|22,103|55,997|21,254|
|Prepayments||and accrued income|575,877|433,129|572,855|546,167|
||||871,806|701,332|1,049,908|707,522|
##
##
|||Group|Group|Charity|Charity|
|---|---|---|---|---|---|
|||2022
F|2021f|2022f|2021f|
|Bank loans||58,333||58,333||
|Trade creditors||117,580|56,659|105,737|46,240|
|Arts Council Capital Grant||11,475||11,475||
|Other taxation and social security||18,524|16,722|||
|Other creditors||266,030|208,028|251,115|193,117|
|Accruals and deferred|income|678,432|685,379|605,293|615,256|
|||1,150,374|966,788|1,031,953|854,613|
|||Group|Group|Charity|Charity|
|||2022
F|2021f|2022|2021f|
|Deferred income||||||
|Opening
balance||227,313|155,508|227,313|155,508|
|Received
in the year||268,882|227,313|200,742|227,313|
|Released
in the year||(227,313)|(155,508)|(227,313)|(155,508)|
|Closing balance||268,882|227,313|200,742|227,313|
##
||Group|Group|Charity|Charity|
|---|---|---|---|---|
||2022f|2021f|2022f|2021f|
|Bank loans|291,667||291,667||
|Arts Council Capital Grant|321,282|342,295|321,282|342,295|
||612,949|342,295|612,949|342,295|
##
|||Group|Group|Charity|Charity|
|---|---|---|---|---|---|
|||2022|2021|2022|2021|
|||E||E||
|Payable or repayable|by instalments|11,667||11,667||
|Payable or repayable|other than by|||||
|instalments||275,385||275,385||
|||287,052||287,052||
##
##
##
|Statement
offunds|-|current|year||||||
|---|---|---|---|---|---|---|---|---|
|||||||||Balance at|
||||Balance at 1||||Transfers|31 March|
||||April 2021
E||Income
2|Expenditure
6|in/out
f|2022
E|
|Unrestricted
funds|||||||||
|Designated
funds|||||||||
|Resilience fund|||941,000||||620,000|1,561,000|
|General funds|||||||||
|General funds|||863,972||2,572,549|(1,904,548)|(621,989)|909,984|
|Total Unrestricted|funds||1,804,972||2,572,549|(1,904,548)|(1,989)|2,470,984|
|Restricted funds|||||||||
|Arts Council NPO|Grant||3,168||10,185|(10,176)|6,832|10,009|
|HLF Grant (Plastics)|||149||||(149)||
|HLF Grant (Textiles)|||1,277|.|||(1,277)||
|Paul Hamlyn
Foundation-|||||||||
|More & Better|||100,530|||(33,690)|(2,879)|63,961|
|Vauxhall
New Development|||34,048|||(34,048)|||
|Education
projects|||86,151||83,110|(94,470)|(10,531)|64,260|
|Furlough
Grant|||||12,547|(12,547)|||
|Thamesmead
Arts|Chest||||30,757||4,475|35,232|
|ACE NPO Bow Skills|||||2,643|(901)|2,708|4,450|
|HLF Emergency
Funding|||||||||
|(Covid)||||||(2,810)|2,810||
|East London Painting||Prize|||||||
|(Minerva)|||||2,083|||2,083|
|Paul Hamlyn
Foundation-|||||||||
|Social Justice Fund|||||65,000|(44,254)||20,746|
||||225,323||206,325|(232,896)|1,989|200,741|
|Total offunds|||2,030,295||2,778,874|(2,137,444)||2,671,725|
##
##
##
##
##
##
##
##
##
##
##
|19.|Statement
offunds (continued)|Statement
offunds (continued)|||||
|---|---|---|---|---|---|---|
||Statement
offunds - prior year||||||
|||||||Balance at|
||||Balance at|||31 March|
||||1 April 2020|Income
f|Expenditure
f.|2021
f|
||Unrestricted
funds||||||
||Designated
funds||||||
||Resilience fund||941,000|||941,000|
||General funds||||||
||General funds||550,520|1,826,360|(1,512,908)|863,972|
||Total Unrestricted
funds||1,491,520|1,826,360|(1,512,908)|1,804,972|
||Restricted
funds||||||
||Arts Council NPO Grant||3,168|||3,168|
||HLF Grant (Plastics)||149|||149|
||HLF Grant (Textiles)|||1,277||1,277|
||Paul Hamlyn
Foundation|- More 8Better|109,231||(8,701)|100,530|
||Vauxhall
New Development|||34,048||34,048|
||Education
projects||46,575|59,691|(20,115)|86,151|
||Furlough
Grant|||195,982|(195,982)||
||||159,123|290,998|(224,798)|225,323|
||Total offunds||1,650,643|2,117,358|(1,737,706)|2,030,295|
##
##
|Analysis|ofnet assets between|funds - current year||||
|---|---|---|---|---|---|
||||Un-|||
||||restricted|Restricted|Total|
||||funds|funds|funds|
||||2022|2022|2022|
||||F|F|E|
|Tangible|fixed assets||260,550|478,302|738,852|
|Current|assets||3,652,475|43,721|3,696,196|
|Creditors|due within one year||(1,150,374)||(1,150,374)|
|Creditors|due in more than one|year|(291,667)|(321,282)|(612,949)|
|Total|||2,470,984|200,741|2,671,725|
|Analysis|of net assets between|funds - prior year||||
||||Un-|||
||||restricted|Restricted|Total|
||||funds|funds|funds|
||||2021|2021|2021|
||||F|||
|Tangible|fixed assets||22,010|414,330|436,340|
|Current assets|||2,749,750|153,288|2,903,038|
|Creditors|due within one year||(966,788)||(966,788)|
|Creditors|due in more than one|year||(342,295)|(342,295)|
|Ttl|||1,804,972|225,323|2,030,295|
##
|||||||Group|Group|Charity|Charity|
|---|---|---|---|---|---|---|---|---|---|
|||||||2022
f|2021
f|2022
f|2021|
||Net
income
for|the|year|(as|per|||||
||Statement
of Financial Activities)|||||641,430|379,651|595,214|344,044|
||Adjustments
for:|||||||||
||Depreciation
charges|||||23,406|11,084|4,690|7,956|
||Dividends,
interests|and rents from||||||||
||investments|||||(12,662)|(12,224)|(12,662)|(12,224)|
||Decrease/(increase)|in debtors||||(170,474)|(146,797)|(260,814)|(72,002)|
||Increase
in creditors|||||421,823|163,701|447,994|131,616|
||Net cash provided
by operating|||activities||903,523|395,415|774,422|399,390|
|22.|Analysis ofcash and|cash|equivalents|||||||
|||||||Group|Group|Charity|Charity|
|||||||2022
f.|2021|2022
f|2021|
||Cash
in hand|||||2,824,391|2,201,708|2,677,854|2,137,128|
||Total cash and cash|equivalents||||2,824,391|2,201,708|2,677,854|2,137,128|
|23.|Analysis
ofchanges|in net debt||||||||
||||||||At 1 April||At 31|
||||||||2021|Cash flows
f|March 2022
f|
||Cash at bank and
in|hand|||||2,201,706|622,684|2,824,390|
||Debt due within
1 year|||||||(69,808)|(69,808)|
||Debt due after 1 year|||||||(291,667)|(291,667)|
||||||||2,201,706|261,209|2,462,915|
##
##
|Operating
lease commitments|Operating
lease commitments|||||
|---|---|---|---|---|---|
|At 31 March 2022 the Group and||the charity had commitments||to make future
minimum
lease||
|payments|under non-cancellable|operating|leases as follows:|||
|||||Charity|Charity|
|||||2022f|2021f|
|Not later than
1 year||||345,392|345,392|
|Later than|1 year and not later than 5years|||4,000|4,000|
|Later than|5 years|||20,000|21,000|
|||||369,392|370,392|
##