Registered number: 03089740
**ARTCORE (INTERNATIONAL) DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020**
JSA Partners London Limited
41 Skylines Business Village Limeharbour, Canary Wharf London E14 9TS
**Artcore (International) Directors' Report and Unaudited Financial Statements For The Year Ended 31 August 2020**
## **Contents**
||**Page**|
|---|---|
|Company Information|1|
|Directors' Report|2|
|Accountant's Report|3|
|Income and Expenditure Account|4|
|Balance Sheet|5|
|Notes to the Financial Statements|6—7|
|The following pages do not form part of the statutory accounts:||
|Detailed Income and Expenditure Account|8|
**Artcore (International) Company Information For The Year Ended 31 August 2020**
|**Directors**|Mr Liam Hayhow|
|---|---|
||Ms Naima Karlsson|
||Ms Kim Thomas|
|**Company Number**|03089740|
|**Registered Office**|169 Balls Pond Road|
||London|
||N1 4BG|
|**Accountants**|JSA Partners London Limited|
||41 Skylines Business Village|
||Limeharbour, Canary Wharf|
||London|
||E14 9TS|
Page 1
## **Artcore (International) Company No. 03089740 Directors' Report For The Year Ended 31 August 2020**
The directors present their report and the financial statements for the year ended 31 August 2020.
## **Statement of Directors' Responsibilities**
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing the financial statements the directors are required to:
select suitable accounting policies and then apply them consistently; make judgments and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Directors**
The directors who held office during the year were as follows: Mr Liam Hayhow Ms Naima Karlsson Ms Kim Thomas
## **Small Company Rules**
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
## **Mr Liam Hayhow**
Director
4 May 2021
Page 2
## **Artcore (International) Accountant's Report For The Year Ended 31 August 2020**
In accordance with the engagement letter dated , and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors for our work or for this report.
You have acknowledged on the balance sheet as at year ended 31 August 2020 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
4 May 2021
JSA Partners London Limited
41 Skylines Business Village Limeharbour, Canary Wharf London E14 9TS
Page 3
## **Artcore (International) Income and Expenditure Account For The Year Ended 31 August 2020**
|**Notes**
**TURNOVER**
Cost of sales
**GROSS SURPLUS**
Distribution costs
Administrative expenses
**OPERATING (DEFICIT)/SURPLUS**
Other interest receivable and similar income
**(DEFICIT)/SURPLUS FOR THE FINANCIAL YEAR**|**2020**
**£**
118,907
(34,935)
83,972
(1,755)
(83,077)
(860)
495
(365)|**2019**
**£**
137,958
(43,063)|
|---|---|---|
|||94,895
(3,337)
(91,018)|
|||540
450|
|||990|
The notes on pages 6 to 7 form part of these financial statements.
Page 4
## **Artcore (International) Balance Sheet As at 31 August 2020**
|**Notes**
**FIXED ASSETS**
Tangible Assets
**3**
**CURRENT ASSETS**
Cash at bank and in hand
**NET CURRENT ASSETS (LIABILITIES)**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**Creditors: Amounts Falling Due After More Than One**
**Year**
**5**
**NET ASSETS**
Income and Expenditure Account
**MEMBERS' FUNDS**|**2020**
**£**
**£**
5,882
5,882
107,279
107,279
107,279
113,161
(15,000)
98,161
98,161
98,161|**2020**
**£**
**£**
5,882
5,882
107,279
107,279
107,279
113,161
(15,000)
98,161
98,161
98,161|**2019**
**£**
**£**
11,763
11,763
86,763
86,763
86,763
98,526
-
98,526
98,526
98,526|**2019**
**£**
**£**
11,763
11,763
86,763
86,763
86,763
98,526
-
98,526
98,526
98,526|
|---|---|---|---|---|
|||5,882
107,279||11,763
86,763|
||107,279||86,763||
|||113,161||98,526|
|||(15,000)||-|
|||98,161||98,526|
|||98,161||98,526|
|||98,161||98,526|
For the year ending 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
## **Directors' responsibilities:**
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
## **Mr Liam Hayhow**
Director
4 May 2021
The notes on pages 6 to 7 form part of these financial statements.
Page 5
**Artcore (International) Notes to the Financial Statements For The Year Ended 31 August 2020**
## 1. **Accounting Policies**
## 1.1. **Basis of Preparation of Financial Statements**
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
## 1.2. **Turnover**
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
## **Sale of goods**
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
## **Rendering of services**
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
## 1.3. **Tangible Fixed Assets and Depreciation**
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery Straight Line Motor Vehicles Straight Line
## 2. **Average Number of Employees**
Average number of employees, including directors, during the year was as follows: 1 (2019: 1)
## 3. **Tangible Assets**
|**Cost**
As at 1 September 2019
As at 31 August 2020
**Depreciation**
As at 1 September 2019
Provided during the period
As at 31 August 2020
**Net Book Value**
As at 31 August 2020
As at 1 September 2019|**Plant &**
**Machinery**
**£**
16,416|**Motor Vehicles**
**£**
11,340|**Total**
**£**
27,756|
|---|---|---|---|
||16,416|11,340|27,756|
||12,213
2,101|3,780
3,780|15,993
5,881|
||14,314|7,560|21,874|
||2,102|3,780|5,882|
||4,203|7,560|11,763|
4. **Creditors: Amounts Falling Due Within One Year**
|**2020**|**2019**|
|---|---|
|**£**|**£**|
Page 6
## **Artcore (International) Notes to the Financial Statements (continued) For The Year Ended 31 August 2020**
5. **Creditors: Amounts Falling Due After More Than One Year**
|.
**Creditors: Amounts Falling Due After More Than One Year**|||
|---|---|---|
|Bank loans|**2020**
**£**
15,000
15,000|**2019**
**£**
-|
|||-|
## 6. **Company limited by guarantee**
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
## 7. **General Information**
Artcore (International) is a private company, limited by guarantee, incorporated in England & Wales, registered number 03089740. The registered office is 169 Balls Pond Road, London, N1 4BG.
Page 7
## **Artcore (International) Detailed Income and Expenditure Account For The Year Ended 31 August 2020**
|**TURNOVER**
Volunatary Income
Exhibiton sales
Rental income
**COST OF SALES**
Wages and salaries
Vehicle insurance costs
Insurance
Royalties and licence fees payable
Subscriptions
Depreciation of plant and machinery
Depreciation of motor vehicles
**GROSS SURPLUS**
**Distribution Costs**
Waste disposal
**Administrative Expenses**
Health and safety costs
Travel expenses
Rent
Rates
Light and heat
Water rates
Council Tax
Telecommunications
Website costs
Accountancy fees
Legal fees
Sundry expenses
Misc expenses
**OPERATING (DEFICIT)/SURPLUS**
**Other interest receivable and similar income**
Bank interest receivable
**(DEFICIT)/SURPLUS FOR THE FINANCIAL YEAR**|**2020**
**£**
**£**
5,402
-
113,505
118,907
26,679
336
976
908
155
2,101
3,780
(34,935)
83,972
1,755
(1,755)
745
1,800
63,706
(5,465)
7,354
1,072
2,409
2,682
-
500
-
1,590
6,684
(83,077)
(860)
495
495
(365)|**2020**
**£**
**£**
5,402
-
113,505
118,907
26,679
336
976
908
155
2,101
3,780
(34,935)
83,972
1,755
(1,755)
745
1,800
63,706
(5,465)
7,354
1,072
2,409
2,682
-
500
-
1,590
6,684
(83,077)
(860)
495
495
(365)|**2019**
**£**
**£**
4,875
3,677
129,406
137,958
29,223
1,207
5,711
1,041
-
2,101
3,780
(43,063)
94,895
3,337
(3,337)
-
2,367
59,588
6,139
10,818
2,617
2,307
2,358
125
1,000
200
2,949
550
(91,018)
540
450
450
990|**2019**
**£**
**£**
4,875
3,677
129,406
137,958
29,223
1,207
5,711
1,041
-
2,101
3,780
(43,063)
94,895
3,337
(3,337)
-
2,367
59,588
6,139
10,818
2,617
2,307
2,358
125
1,000
200
2,949
550
(91,018)
540
450
450
990|
|---|---|---|---|---|
|||118,907
(34,935)||137,958
(43,063)|
||1,755||3,337||
|||83,972
(1,755)
(83,077)||94,895
(3,337)
(91,018)|
||745
1,800
63,706
(5,465)
7,354
1,072
2,409
2,682
-
500
-
1,590
6,684||-
2,367
59,588
6,139
10,818
2,617
2,307
2,358
125
1,000
200
2,949
550||
||495||450||
|||(860)
495||540
450|
||||||
|||(365)||990|
Page 8
## **Trustees' Annual Report for the period**
||Period start date|Period start date|||Period end date|Period end date||
|---|---|---|---|---|---|---|---|
||Day|Month|Year||Day|Month|Year|
|**From**|**01**|**09**|**2019**|**To**|**31**|**08**|**2020**|
## Section A Reference and administration details
**Charity name** ARTCORE [INTERNATIONAL]
**Other names charity is known by Registered charity number (if any)** 1053641 **Charity's principal address** 169 BALLS POND RD LONDON
**Postcode** N1 4BG
**Names of the charity trustees who manage the charity**
|1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20|**Trustee name**|**Office (if any)**|**Dates acted if not for whole**
**year**|**Name of person (or body) entitled**
**to appoint trustee (ifany)**|
|---|---|---|---|---|
||LIAM HAYHOW|DIRECTOR|||
||KIM THOMAS|DIRECTOR|||
||NAIMA KARLSSON|DIRECTOR|||
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## **Names of the trustees for the charity, if any, (for example, any custodian trustees)**
**Name Dates acted if not for whole year**
**TAR**
**April 2009**
1
## **Names and addresses of advisers (Optional information)**
**Type of adviser Name Address**
## **Name of chief executive or names of senior staff members (Optional information)**
## **Section B Structure, governance and management**
## **Description of the charity’s trusts**
Type of governing document
MEMORANDUM AND ARTICLES OF ASSOCIATION
- (eg. trust deed, constitution)
COMPANY LIMITED BY GUARANTEE How the charity is constituted (eg. trust, association, company) APPOINTMENT BY MANAGEMENT COMMITTEE Trustee selection methods
(eg. trust, association, company)
(eg. appointed by, elected by)
## **Additional governance issues (Optional information)**
You **may choose** to include additional information, where relevant, about:
- policies and procedures adopted for the induction and training of trustees;
- the charity’s organisational structure and any wider network with which the charity works;
- relationship with any related parties;
- trustees’ consideration of major risks and the system and procedures to manage them.
## **Section C Objectives and activities**
[1] PROMOTE AND IMPROVE PUBLIC EDUCATION BY ENCOURAGEMENT OF THE ARTS
[2] ADVANCE PUBLIC EDUCATION BY DEVELOPMENT OF **Summary of the objects of the** UNDERSTANDING AND APPRECIATION OF THE ARTS **charity set out in its** [3] PROVIDE FACILITIES SUCH AS EXHIBITIONS, PERFORMANCES AND **governing document** TRAINING IN ORDER TO FURTHER PUBLIC EDUCATION IN THE ARTS [4] RELIEVE NEED AMONG POOR ARTISTS BY PROVIDING WORKSPACE FACILITIES.
**TAR**
**April 2009**
2
With regard to the guidance issued by the Charity Commission on public benefit, and in accordance with the principles, aims and objectives of the Charity itself, the Trustees have considered how best to apply the resources and activities of the Charity in the furtherance of our charitable purpose for the benefit of the public. This charitable purpose can be demonstrated through our maintenance of minimal charges for entrance to exhibitions/performances etc, and also through the low fees charged for artist’s workspace in the premises that we administer.
This policy is intended to ensure that economic circumstances should not preclude access to, or creation of, the Arts.
**Summary of the main activities undertaken for the public benefit in relation to these objects (include within this section the statutory declaration that trustees have had regard to the guidance issued by the Charity Commission on public benefit)**
## **Additional details of objectives and activities (Optional information)**
You **may choose** to include further statements, where relevant, about:
- policy on grant-making;
- policy programme related investment;
- contribution made by volunteers.
**TAR**
**April 2009**
3
Section D Achievements and performance
## **Summary of the main achievements of the charity during the year**
This year the Charity maintained its base of affordable workshops and accessible exhibition/performance spaces for the creation and presentation of the Arts.
The number of locations operated and maintained by Artcore over the course of the year remained at 12 spaces of various sizes, all locations being in the Greater London area
Napier Works Studios in East Ham maintained occupancy levels throughout the year housing around 50 artists. Hardess St studios continued its expansion, adding several additional studio spaces for around 30 artists, and a proposed new annex is in the pipeline
The Hackney Wick Arts Club, providing shared workshop facilities and design space now has over 20 regular users
Our collaborative enterprise with Hotel Elephant expanded into adjacent premises and now provides space for over 60 artists, and Praxis succeeded in securing a further year of operation in Stoke Newington
This year, membership of the Charity increased to 217.
**TAR**
**April 2009**
4
## **Section E Financial review**
## **Brief statement of the charity’s policy on reserves**
The Charity maintains reserves of between 3 and 6 months of current expenditure.
**Details of any funds materially in deficit**
## **Further financial review details (Optional information)**
You **may choose** to include additional information, where relevant about:
- the charity’s principal sources of funds (including any fundraising);
- how expenditure has supported the key objectives of the charity;
The principal sources of funding for the Charity’s activities are currently the revenues gained by the hiring out of workshop, exhibition, and performance space for arts purposes, augmented by donations and membership subscriptions.
The expenditure of those revenues generated in excess of running costs has been directed into the development of currently occupied premises in order to further the Charity’s objectives in the provision of space for the creation and presentation of the arts.
- investment policy and objectives including any ethical investment policy adopted.
## **Section F Other optional information**
## **Section G Declaration**
**The trustees declare that they have approved the trustees’ report above.**
**Signed on behalf of the charity’s trustees**
**Signature(s) Full name(s)** JEFFERY HUGH TAYLOR LIAM HAYHOW **Position (e.g. Secretary, Chair, etc)**[Secretary ] Trustee **Date** 23/05/21
**TAR**
**April 2009**
5