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2021-08-31-accounts

Registered number: 03089740

ARTCORE (INTERNATIONAL) DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

JSA Partners London Limited

9A WICK ROAD BUSINESS PARK WICK ROAD BURNHAM-ON-CROUCH ESSEX CM0 8LT

Artcore (International) Directors' Report and Unaudited Financial Statements For The Year Ended 31 August 2021

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—9

Artcore (International) Company Information For The Year Ended 31 August 2021

Directors Mr Liam Hayhow
Ms Naima Karlsson
Ms Kim Thomas
Secretary Mr Jeffery Taylor
Company Number 03089740
Registered Office 169 Balls Pond Road
London
N1 4BG
Accountants JSA Partners London Limited
9A WICK ROAD BUSINESS PARK
WICK ROAD
BURNHAM-ON-CROUCH
ESSEX
CM0 8LT

Page 1

Artcore (International) Company No. 03089740 Directors' Report For The Year Ended 31 August 2021

The directors present their report and the financial statements for the year ended 31 August 2021.

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.

By order of the board

Mr Jeffery Taylor

Company Secretary

16 May 2022

Page 2

Artcore (International) Accountant's Report For The Year Ended 31 August 2021

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 2021 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.

Signed

16 May 2022

JSA Partners London Limited 9A WICK ROAD BUSINESS PARK WICK ROAD BURNHAM-ON-CROUCH ESSEX CM0 8LT

Page 3

Artcore (International) Income and Expenditure Account For The Year Ended 31 August 2021

Notes
TURNOVER
Cost of sales
GROSS SURPLUS
Distribution costs
Administrative expenses
Other operating income
OPERATING SURPLUS/(DEFICIT)
Other interest receivable and similar income
SURPLUS/(DEFICIT) FOR THE FINANCIAL YEAR		 2021
£
129,021
(37,397)
91,624
(2,041)
(85,383)
1,300
5,500
127
5,627		 2020
£
118,907
(34,935)
83,972
(1,755)
(83,077)
-
(860)
495
(365)

The notes on pages 6 to 7 form part of these financial statements.

Page 4

Artcore (International) Balance Sheet As at 31 August 2021

Notes
FIXED ASSETS
Tangible Assets
3
CURRENT ASSETS
Cash at bank and in hand
Creditors: Amounts Falling Due Within One Year
4
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		 2021
£
£
2,385
2,385
101,903
101,903
(499)
101,404
103,789
(1)
103,788
103,788
103,788		 2021
£
£
2,385
2,385
101,903
101,903
(499)
101,404
103,789
(1)
103,788
103,788
103,788		 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
2,385
101,404		 5,882
107,279
101,903
(499)		 107,279
-
103,789 113,161
(1) (15,000)
103,788 98,161
103,788 98,161
103,788 98,161

For the year ending 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

16 May 2022

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 2021

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 (2020: 1)

3. Tangible Assets

Cost
As at 1 September 2020
Additions
Disposals
As at 31 August 2021
Depreciation
As at 1 September 2020
Provided during the period
As at 31 August 2021
Net Book Value
As at 31 August 2021
As at 1 September 2020
.
Creditors: Amounts Falling Due Within One Year
Trade creditors		 Plant &
Machinery
£
16,416
-
-		 Plant &
Machinery
£
16,416
-
-		 Motor Vehicles
£
11,340
14,760
(8,685)		 Total
£
27,756
14,760
(8,685)
16,416 17,415 33,831
14,314
2,102		 7,560
7,470		 21,874
9,572
16,416 15,030 31,446
- 2,385 2,385
2,102 3,780 5,882
2021
£
499
499		 2020
£
-
-

4. Creditors: Amounts Falling Due Within One Year

Page 6

Artcore (International) Notes to the Financial Statements (continued) For The Year Ended 31 August 2021

  1. Creditors: Amounts Falling Due After More Than One Year
.
Creditors: Amounts Falling Due After More Than One Year
Bank loans 2021
£
1
1		 2020
£
15,000
15,000

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 2021

TURNOVER
Volunatary Income
Rental income
COST OF SALES
Wages and salaries
Vehicle insurance costs
Insurance
Printing, postage and stationery
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
Accountancy fees
Sundry expenses
Misc expenses
HMRC refund of penalty
Other Operating Income
Grants and subsidies received
OPERATING SURPLUS/(DEFICIT)		 2021
£
£
6,808
122,213
129,021
23,127
2,723
922
(32)
158
927
2,102
7,470
(37,397)
91,624
2,041
(2,041)
307
4,498
56,210
8,930
6,841
977
2,539
2,700
1,000
1,771
10
(400)
(85,383)
1,300
1,300
5,500		 2021
£
£
6,808
122,213
129,021
23,127
2,723
922
(32)
158
927
2,102
7,470
(37,397)
91,624
2,041
(2,041)
307
4,498
56,210
8,930
6,841
977
2,539
2,700
1,000
1,771
10
(400)
(85,383)
1,300
1,300
5,500		 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)
...CONTINUED
129,021
(37,397)
2,041 1,755
91,624
(2,041)
(85,383)
1,300
307
4,498
56,210
8,930
6,841
977
2,539
2,700
1,000
1,771
10
(400)		 745
1,800
63,706
(5,465)
7,354
1,072
2,409
2,682
500
1,590
6,684
-
1,300 -
5,500

Page 8

Artcore (International) Detailed Income and Expenditure Account (continued) For The Year Ended 31 August 2021

Other interest receivable and similar income
Bank interest receivable
SURPLUS/(DEFICIT) FOR THE FINANCIAL YEAR		 127 127 495 495
5,627 (365)

Page 9

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 2020 To 31 08 2021

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

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

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:

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:

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. A new lease has been negotiated for a further 5 years Hardess St studios provided studio spaces for around 30 artists and is in negotiations for potentially a further 2 or 3 years of operation The Hackney Wick Arts Club continues to provide shared workshop facilities and design space with around 20 regular users Our collaborative enterprise with Hotel Elephant continued to provide space for over 60 artists, and Praxis N16 secured a further 2 years of operation in Stoke Newington

Over the course of the year ending Dec 21, membership of the Charity increased to 252.

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 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.

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 THOMAS HAYHOW Position (e.g. Secretary, Chair, etc)[Secretary ] Trustee Date 15/06/22

TAR

April 2009

5