##
##
##
##
||||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 Coles, Chair||
|---|---|---|---|---|
||||E Marshall||
||||R Madan||
||||Dr M Owens||
||||N Smales||
||||BSmith||
||||C Smith||
||||C Swift||
||||S Pallister||
|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|||Lloyds Bank Pic||
||||PO Box1000||
||||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|
||||2023|2023|2023|2022|
|||Note|E|E|F||
|Income from:|||||||
|Donations
and legacies||4|610,902|346,321|957,223|966,200|
|Charitable
activities:|||||||
|License fees, service charges and|||||||
|rents receivable|||1,498,535||1,498,535|1,304,337|
|Education
income|||243,010||243,010|206,383|
|Gallery income|||32,688||32,688|19,306|
|Other income|||38,883||38,883|10,443|
|Enterprise
and placemaking|||4,807||4,807|51,151|
|Other trading
activities|||399,751||399,751|208,392|
|Investments|||14,552||14,552|12,662|
|Total income|||2,843,128|346,321|3,189,449|2,778,874|
|Expenditure
on:|||||||
|Charitable
activities||8|1,951,938|254,351|2,206,289|1,908,358|
|Other expenditure|(non-charitable)||395,086||395,086|229,086|
|Total expenditure|||2,347,024|254,351|2,601,375|2,137,444|
|Net movement
in funds|||496,104|91,970|588,074|641,430|
|Reconciliation
offunds:|||||||
|Total funds brought|forward||2,470,984|200,741|2,671,725|2,030,295|
|Net movement
in funds (as|||||||
|restated)|||496,104|91,970|588,074|641,430|
|Total funds carried|forward||2,967,088|292,711|3,259,799|2,671,725|
##
##
##
||||||2023||2022|
|---|---|---|---|---|---|---|---|
||||Note||f|||
|Fixed assets||||||||
|Tangible assets|||14||3,734,844||738,852|
||||||3,734,844||738,852|
|Current assets||||||||
|Debtors: amounts|falling|due within one||||||
|year|||16|560,809||871,806||
|Cash at bank and|in hand|||1,316,843||2,824,390||
|||||1,877,652||3,696,196||
|Creditors: amounts|falling due within|||||||
|one year|||17|(849,705)||(1,150,374)||
|Net current assets|||||1,027,947||2,545,822|
|Total assets less current||liabilities|||4,762,791||3,284,674|
|Creditors: amounts|falling due after|||||||
|more than one year|||||(1,502,992)||(612,949)|
|Total net assets|||||3,259,799||2,671,725|
|Charity funds||||||||
|Restricted funds|||19||292,711||200,741|
|Unrestricted
funds|||19||2,967,088||2,470,984|
|Total funds|||||3,259,799||2,671,725|
##
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##
|||||2023||2022|
|---|---|---|---|---|---|---|
|||Note|||||
|Fixed assets|||||||
|Tangible assets||14||3,270,353||254,128|
|Investments||15||1||1|
|||||3,270,354||254,129|
|Current assets|||||||
|Debtors: amounts|falling due after more||||||
|than one year||16|341,325||321,282||
|Debtors: amounts|falling due within one||||||
|year||16|679,299||1,061,383||
|Cash at bank and|in hand||1,201,798||2,677,853||
||||2,222,422||4,060,518||
|Creditors: amounts|falling due within||||||
|one year||17|(728,784)||(1,031,953)||
|Net current assets||||1,493,638||3,028,565|
|Total assets less current liabilities||||4,763,992||3,282,694|
|Creditors: amounts|failing due after||||||
|more than one year||||(1,502,992)||(612,949)|
|Total net assets||||3,261,000||2,669,745|
|Charity funds|||||||
|Restricted
funds||19||292,711||200,741|
|Unrestricted
funds||19||2,968,289||2,469,004|
|Total funds||||3,261,000||2,669,745|
##
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##
##
##
##
||FOR|THE Y|EAR ENDED 31 MARCH 2023|||
|---|---|---|---|---|---|
|||||2023f|2022
E|
|Cash flows from operating|activities|||||
|Net cash provided
by operating
activities||||1,499,226|928,457|
|Cash flows from investing|activities|||||
|Dividends,
interests
and rents from||investments||14,552|12,662|
|Purchase oftangible
fixed|assets|||(3,021,325)|(318,436)|
|Net cash used
in investing|activities|||(3,006,773)|(305,774)|
|Cash flows from financing|activities|||||
|Net cash provided
by financing
activities||||||
|Change
in cash and cash equivalents||in the|year|(1,507,547)|622,683|
|Cash and cash equivalents|at the beginning||ofthe year|2,824,391|2,201,708|
|Cash and cash equivalents|at the end|ofthe|year|1,316,844|2,824,391|
|The notes on pages 22 to|45 form part ofthese financial statements|||||
##
##
##
|FOR THE Y|EAR ENDED 31 MARCH 2023|||
|---|---|---|---|
|||2023f|2022|
|Cash flows from operating
activities||||
|Net cash provided
by operating
activities||1,528,184|774,422|
|Cash flows from investing
activities||||
|Dividends,
interests
and rents from investments||14,552|12,662|
|Purchase
of tangible assets||(3,018,792)|(246,358)|
|Net cash used
in investing
activities||(3,004,240)|(233,696)|
|Cash flows from financing
activities||||
|Net cash provided
by financing
activities||||
|Change
in cash and cash equivalents
in the|year|(1,476,056)|540,726|
|Cash and cash equivalents
at the beginning|ofthe year|2,677,854|2,137,128|
|Cash and cash equivalents
at the end ofthe|year|1,201,798|2,677,854|
|The notes on pages 22 to 45 form part ofthese financial statements||||
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##
##
|Long-term|leasehold|not depreciated|not depreciated|
|---|---|---|---|
|property||||
|Short-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||
##
##
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##
##
##
|||Un-||||
|---|---|---|---|---|---|
|||restricted|Restricted|Total|Total|
|||funds|funds|funds|funds|
|||2023f|2023f|2023f|2022|
||Grants and donations|610,902|346,321|957,223|966,200|
||Total 2022|759,875|206,325|966,200||
|5.|Other income|||||
||||Un-|||
|---|---|---|---|---|---|
||||restricted|Total|Total|
||||funds|funds|funds|
||||2023f|2023f|2022|
|Admin fees|||||3,930|
|MGETR|Tax|relief|10,205|10,205||
|Key costs|||||247|
|Nunnery|Cafe rent||||1,300|
|Management||fees|||3,000|
|Miscellaneous|||28,678|28,678|1,966|
||||38,883|38,883|10,443|
##
##
##
##
||||Un-|||
|---|---|---|---|---|---|
||||restricted|Total|Total|
||||funds|funds|funds|
||||2023f|2023f|2022f|
||Place making|income|114,432|114,432|32,723|
||Fees receivable||58,059|58,059|29,488|
||Service charge receivable||27,397|27,397|16,018|
||Project Income||19,703|19,703|3,815|
||Cafe income||111,176|111,176|86,005|
||Management|fees|56,153|56,153|40,000|
||Space hire income||12,831|12,831|5|
||Other income||||338|
||||399,751|399,751|208,392|
||Total 2022||208,392|208,392||
|7.|Investment
income|||||
|||Un-|||
|---|---|---|---|---|
|||restricted|Total|Total|
|||funds|funds|funds|
|||2023f|2023f|2022f|
|Bank|and other interest receivable|14,552|14,552|12,662|
|Total|2023|14,552|14,552|12,662|
|Total|2022|12,662|12,662||
##
##
##
##
||||Un-||||
|---|---|---|---|---|---|---|
||||restricted|Restricted|||
||||funds|funds|Total|Total|
||||2023f|2023f|2023f|2022f|
|Expenditure|on charitable|activities|1,951,938|254,351|2,206,289|1,908,358|
|Total 2023|||1,951,938|254,351|2,206,289|1,908,358|
|Total 2021|||1,675,462|232,896|1,908,358||
##
||||Direct|Support|Total|Total|
|---|---|---|---|---|---|---|
||||Costs|Costs|funds|funds|
||||2023f|2023|2023f|2022f|
|Provision ofCreative||Workspace|1,058,641|205,773|1,264,414|1,082,531|
|Education|Projects||479,900|93,280|573,180|469,597|
|Gallery Programme||8 Events|176,611|34,329|210,940|148,628|
|Enterprise|& Placemaking||62,293|12,108|74,401|112,059|
|Governance||||83,356|83,356|95,543|
||||1,777,445|428,846|2,206,291|1,908,358|
|Total 2022|||1,482,788|425,570|1,908,358||
##
##
##
##
||||||2023|2022|
|---|---|---|---|---|---|---|
||||||E||
|Fees payable|to the charity's|auditor|for the audit ofthe charity's||||
|annual accounts|||||7,800|6,500|
|Fees payable|to the charity's|auditor|in|respect of:|||
|Taxation services|||||6,049||
|The auditing|ofaccounts of|subsidiaries||ofthe charity|4,950|4,850|
|Staff costs|||||
|---|---|---|---|---|
||Group|Group|Charity|Charity|
||2023|2022|2023|2022|
||E|E|E|F|
|Wages and salaries|737,384|583,198|737,384|583,198|
|Social security costs|67,524|49,272|67,524|49,272|
|Pension costs|52,792|91,601|52,792|91,601|
||857,700|724,071|857,700|724,071|
|||Group|Group|Charity|Charity|
|---|---|---|---|---|---|
|||2023|2022|2023|2022|
|||No.|No.|No.|No.|
|Total|employees|26|21|26|21|
|Group|Group|
|---|---|
|2023|2022|
|No.|No.|
##
##
##
##
|benefits
from services
pro
benefits was as follows:|vided
to the charity.
The|value of Trustee|s'
remuneration|and other|
|---|---|---|---|---|
||||2023|2022|
|Dr M Owens|Consultancy|Services||19,200|
|N Smales|Consultancy|Services||2,000|
|S Pallister|Consultancy|Services|500||
##
||Long-term|Short-term||||
|---|---|---|---|---|---|
||leasehold|leasehold|Fixtures and|Cafe||
||property
f|property
f|fittings
f|Equipment
f|Total
f|
|Cost or valuation||||||
|At 1 April 2022|246,357|486,408|29,397|15,916|778,078|
|Additions|3,018,791|||2,534|3,021,325|
|At 31 March 2023|3,265,148|486,408|29,397|18,450|3,799,403|
|Depreciation||||||
|At 1 April 2022||8,107|21,626|9,493|39,226|
|Charge for the year||19,132|2,566|3,635|25,333|
|At 31 March 2023||27,239|24,192|13,128|64,559|
|Net book value||||||
|At 31 March 2023|3,265,148|459,169|5,205|5,322|3,734,844|
|At 31 March 2022|246,357|478,301|7,771|6,423|738,852|
##
##
##
##
||Long-term|||
|---|---|---|---|
||leasehold|Fixtures and||
||property
f|fittings
f|Total|
|Cost or valuation||||
|At 1 April 2022|246,357|29,397|275,754|
|Additions|3,018,791||3,018,791|
|At 31 March 2023|3,265,148|29,397|3,294,545|
|Depreciation||||
|At 1 April 2022||21,626|21,626|
|Charge for the year||2,566|2,566|
|At 31 March 2023||24,192|24,192|
|Net book value||||
|At 31 March 2023|3,265,148|5,205|3,270,353|
|At 31 March 2022|246,357|7,771|254,128|
##
##
##
##
||Investments|
|---|---|
||in subsidiary|
|charity|companies
f|
|Cost or valuation||
|At 1 April 2022||
|At 31 March 2023||
|Net book value||
|At 31 March 2023||
|At 31 March 2022||
##
||||Charity|Charity|
|---|---|---|---|---|
||||2023f|2022|
|Due after more than one year|||||
|Arts Council Capital Grant|||341,325|321,282|
||Group|Group|Charity|Charity|
||2023f|2022f|2023f|2022|
|Due within one year|||||
|Trade debtors|285,616|239,155|134,740|137,789|
|Amounts
owed by group undertakings|||261,038|283,267|
|Other debtors|3,659|56,774|3,659|55,997|
|Prepayments
and accrued income|271,534|575,877|265,022|572,855|
|Arts Council Capital Grant|||14,840|11,475|
||560,809|871,806|679,299|1,061,383|
##
##
##
##
||||Group|Group|Charity|Charity|
|---|---|---|---|---|---|---|
||||2023|2022|2023|2022|
||||6|6|6|6|
|Bank loans|||70,000|58,333|70,000|58,333|
|Trade creditors|||284,168|117,580|261,044|105,737|
|Arts Council Capital Grant|||14,840|11,475|14,840|11,475|
|Other taxation|and social security||22,108|18,524|||
|Other creditors|||283,892|266,030|276,421|251,115|
|Accruals
and deferred||income|174,697|678,432|106,479|605,293|
||||849,705|1,150,374|728,784|1,031,953|
||||Group|Group|Charity|Charity|
||||2023|2022|2023|2022|
||||6||6|6|
|DEFERRED INCOME|||||||
|Opening
balance|||268,882|227,313|200,742|227,313|
|Received
in the|year||142,395|268,882|79,276|200,742|
|Released
in the year|||(268,882)|(227,313)|(200,742)|(227,313)|
|Closing balance|||142,395|268,882|79,276|200,742|
##
##
##
##
||Group|Group|Charity|Charity|
|---|---|---|---|---|
||2023f|2022f|2023f|2022|
|Bankloans|1,161,667|291,667|1,161,667|291,667|
|Arts Council Capital Grant|341,325|321,282|341,325|321,282|
||1,502,992|612,949|1,502,992|612,949|
||||Group|Group|Charity|Charity|
|---|---|---|---|---|---|---|
||||2023|2022f|2023f|2022f|
|Payable or repayable|by instalments||5,833|11,667|5,833|11,667|
|Payable or repayable|other than|by|||||
|instalments||||275,385||275,385|
||||5,833|287,052|5,833|287,052|
##
##
##
|Statement
offunds||||||
|---|---|---|---|---|---|
|Statement
offunds - current|year|||||
||||||Balance at|
||Balance at 1|||Transfers|31 March|
||April 2022
E|Income
E|Expenditure
f|in/out
E|2023
E|
|Unrestricted
funds||||||
|Designated
funds||||||
|Resilience
fund|1,561,000|||(1,176,000)|385,000|
|General funds||||||
|General funds|909,984|2,843,128|(2,347,024)|1,176,000|2,582,088|
|Total Unrestricted
funds|2,470,984|2,843,128|(2,347,024)||2,967,088|
|Restricted funds||||||
|LBTH Carbon Reduction||10,000|(2,145)||7,855|
|Arts Council NPO Grant|10,009|16,980|(20,863)||6,126|
|HLF Grant (Plastics)||||||
|HLF Grant (Textiles)||||||
|Paul Harnlyn
- More 8 Better|63,961||(54,987)||8,974|
|Vauxhall
New Development||||||
|Education
projects|64,260|63,103|(91,744)||35,619|
|Furlough
Grant||||||
|Thamesrnead
Arts Chest|35,232|4,100|(4,321)||35,011|
|ACE NPO Bow Skills|4,450|138|||4,588|
|HLF Emergency
Funding||||||
|East London Art Prize||||||
|(Minerva)|2,083|20,000|(22,083)|||
|Paul Harnlyn
-Social Justice||||||
|Fund|20,746|65,000|(48,442)||37,304|
|East London
Art Prize||||||
|(Private Grant)||167,000|(9,766)||157,234|
||200,741|346,321|(254,351)||292,711|
|Total of funds|2,671,725|3,189,449|(2,601,375)||3,259,799|
##
##
##
##
##
##
|Statement
offund|s - prior ye|ar|||||
|---|---|---|---|---|---|---|
|||||||Balance at|
|||Balance at|||Transfers|31 March|
|||1 April 2021|Income|Expenditure|In/out|2022|
|||F|||F|F|
|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|||||||
|LBTH Carbon Reduction|||||||
|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
- More 8 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)|||
|Thamesrnead
Arts|Chest||30,757||4,475|35,232|
|ACE NPO Bow Skills|||2,643|(901)|2,708|4,450|
|HLF Emergency
Funding||||(2,810)|2,810||
|East London Art Prize|||||||
|(Minerva)|||2,083|||2,083|
|Paul Hamlyn - Social Justice|||||||
|Fund|||65,000|(44,254)||20,746|
|East London
Art Prize|||||||
|(Private Grant)|||||||
|||225,323|206,325|(232,896)|1,989|200,741|
|Total of funds||2,030,295|2,778,874|(2,137,444)||2,671,725|
##
##
|Analysis|ofnet assets between|funds - current year||||
|---|---|---|---|---|---|
||||Un-|||
||||restricted|Restricted|Total|
||||funds|funds|funds|
||||2023
6|2023f|2023|
|Tangible|fixed assets||3,734,844||3,734,844|
|Current|assets||1,505,665|371,987|1,877,652|
|Creditors|due within one year||(770,429)|(79,276)|(849,705)|
|Creditors|due in more than one|year|(1,502,992)||(1,502,992)|
|Total|||2,967,088|292,711|3,259,799|
|Analysis|of net assets between|funds - prior year||||
||||Un-|||
||||restricted|Restricted|Total|
||||funds|funds|funds|
||||2022|2022|2022f|
|Tangible|fixed assets||738,852||738,852|
|Current|assets||3,294,714|401,482|3,696,196|
|Creditors|due within one year||(949,633)|(200,741)|(1,150,374)|
|Creditors|due in more than one|year|(612,949)||(612,949)|
|Total|||2,470,984|200,741|2,671,725|
##
##
##
|||||||Group|Group|Charity|Charity|
|---|---|---|---|---|---|---|---|---|---|
|||||||2023|2022|2023|2022|
|||||||6|6|6|6|
||Net
income
for||the
year|(as|per|||||
||Statement
of Financial
Activities)|||||588,074|641,430|591,255|595,214|
||Adjustments
for:|||||||||
||Depreciation
charges|||||25,333|23,406|2,566|4,690|
||Dividends,
interests|and rents||from||||||
||investments|||||(14,552)|(12,662)|(14,552)|(12,662)|
||Decrease/(increase)||in debtors|||310,997|(170,474)|362,041|(260,814)|
||Increase
in creditors|||||589,374|421,823|586,874|447,994|
||Net cash provided|by|operating|activities||1,499,226|903,523|1,528,184|774,422|
|22.|Analysis ofcash and||cash equivalents|||||||
||||||Group|Group|Charity|Charity|
|---|---|---|---|---|---|---|---|---|
||||||2023|2022|2023|2022|
||||||6|F||6|
||Cash|in hand|||1,316,844|2,824,391|1,201,798|2,677,854|
||Total|cash and|cash|equivalents|1,316,844|2,824,391|1,201,798|2,677,854|
|23.|Analysis ofchanges|||in net debt|||||
|||||||At 1 April||At 31|
|||||||2022|Cash flows|March 2023|
|||||||||6|
||Cash|at bank and in||hand||2,824,390|(1,507,547)|1,316,843|
||Debt|due within|1 year|||(69,808)|(15,032)|(84,840)|
||Debt|due after|1 year|||(291,667)|(870,000)|(1,161,667)|
|||||||2,462,915|(2,392,579)|70,336|
##
##
##
##
|payments|und|er non-cancellable
operating
leases as follo|ws:||
|---|---|---|---|---|
||||Charity|Charity|
||||2023|2022|
||||9|9|
|Not later than||1 year|314,938|345,392|
|Later than|1 year and not later than 5years||608,422|4,000|
|Later than|5years||31,710|20,000|
||||955,070|369,392|
##