2022-03-31-accounts - Royal West Of England Academy

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CONTENTS
			Page
Reference and administrative		details
Report ofthe	Trustees
Report ofthe	Independent Auditor		14
Statement of	Financial Activities		17
Balance Sheet			18
Statement of	Cash Flows		19
Notes forming	part ofthe Financial Statements		20
Staff, Academicians' Council		and Supporters	34

			Unrestricted	Unrestricted	Restricted	Endowment	Total	Total funds
			general	designated	funds	funds	funds	2021
		Note	funds f	funds f			2022 f	f
Income from:
Donations and		2	47,077		2,709,346		2,756,423	1,185,611
legacies
Charitable activities		3	261,325				261,325	299,865
Other trading			12,363	15,690			28,053	53,379
activities
Investments					7,071		7,071	13,289
Total income			320,765	15,690	2,716,417		3,052,872	1,552,144
Expenditure	on:
Charitable activities		8	270,911	3,861	224,189		498,961	658,909
Raising funds		8	37,645		16,420		54,065	85,255
Total expenditure			308,556	3,861	240,609		553,026	744,164
Gain/(loss)	on				(22,403)	658	(21,745)	87,154
investments
Net income	being net
movement	in funds	6	12,209	11,829	2,453,405	658	2,478,101	895,134
Total funds	at 1July	17	58,356	126,951	1,725,558	4,591,021	6,501,886	5,606,752
2021
Total funds	at 31	17	70,565	138,780	4,178,963	4,591,679	8,979,987	6,501,886
March 2022

								At 31March	At 30June
								2022	2021
							Note	f	f
Fixed assets
Tangible fixed assets							10	7,932,762	4,934,741
Investments								432,660	793,862
								8,365,422	5,728,603
Current assets
Stock							13	7,020	9,985
Debtors							14	140,243	69,769
Cash at bank		and	in	hand			16	1,389,434	992,983
								1,536,697	1,072,737
Creditors: amounts				falling due within		one year	15	(922,132)	(299,454)
Net current		assets						614,565	773,283
Net assets								8,979,987	6,501,886
Funds
Endowment		funds					18	4,591,679	4,591,021
Restricted	funds						18	4,178,963	1,725,558
Unrestricted		general		funds			18	70,565	58,356
Unrestricted		designated			funds		18	138,780	126,951
Total funds								8,979,987	6,501,886

			Note	2022	2021
				E	f
Net cash	inflow from operating	activities	16	3,056,860	993,283
Non-operating cash flows
Investing	activities:
Proceeds	from the sale of investments			80,868	333,378
Payments	for investments			(18,112)	(40,561)
Investment income				7,071	13,289
Payments	for tangible fixed assets			(3,006,936)	(349,554)
Net cash	outflow from investing	activities		(2,937,109)	(43,448)
Net cash	inflow for the year		16	119,751	949,835

Donations and legacies	Unrestricted	Restricted	Totalfunds	Total funds
	Funds	funds	2022	2021
Donations and grants:
Patrons and Friends ofthe RWA Other donations and Gift Aid	27,406 3,250	11,167	27,406 14,417	150,027 46,640
Arts Council England		355,178	355,178	152,596
Garfield Weston Foundation		50,000	50,000	150,000
Foyle Foundation		50,000	50,000	100,000
National Lottery Heritage Fund The Nisbet Trust The Linbury Trust		1,032,126 100,000 100,000	1,032,126 100,000 100,000	121,233 50,000 50,000
Anonymous		100,000	100,000
Other capital donations John James Bristol Foundation		71,682 355,000	71,682 355,000	61,712
Bristol Port Company Medlock Charitable Trust		30,000	30,000	50,000
Society of Merchant Venturers The Wolfson Foundation		25,000 200,000	25,000 200,000	25,000
Pople charitable Trust		10,000	10,000	10,000
Carr-Gregory Trust		51,757	51,757
Joan Hawkins		30,000	30,000
Clark Foundation		25,000	25,000
Ibstock Enovert Trust		14,186	14,186
Pilgrim Trust		15,000	15,000
DAC Beachcroft The Kenny Family		5,000 42,000	5,000 42,000	5,000 21,834
Mary Prior CVQ MBE and John Prior Dr Geoff and Jenny Sharman John and Kimberly Vasey Bristol City Council Government Covid-19 schemes	7,200 3 221	12,500 18,750 5,000	12,500 18,750 5,000 7,200 3 221	14,582 18,750 5,000 9,600 132,583
Sponsorship	6,000		6,000	11,054
	47,077	2,709,346	2,756,423	1,185,611

ncome rom cartae	ities	2022	2021
		f	f
Exhibitions and events		113,356	103,660
Gift Shop		1,482	10,824
Drawing School and learning	activities	57,441	75,227
Rental ofArt School premises		89,045	110,154
		261,324	299,865
Other trading activities		2022	2021
		f	f
SGSservice charge		15,690	20,920
Hire ofGalleries and other activities		12,363	32,459
		28,053	53,379

Investments	Investments	Restricted funds	Totalfunds 2022	Total funds
				2021
		f	f	f
Dividends	and other distributions	7,060	7,060	13,229
Bank interest		11		60
		7,071	7071	13289

This is sta	ted	after chargi	ng:
				2022	2021
Auditor's	remuneration			7,240	6,808
Depreciation		oftangible	fixed assets	8,915	13,034

Staff costs and numbers
Staff costs comprise:	2022 f	2021 f
Wages and salaries Social security costs Pension contributions	274,145 24,006 7,781	393,250 27,588 10,593
	305,932	431,431

he average headcount ofst	aff during the year was as follows:
	2022	2021
	No.	No.
Gallery	5	14
Learning	3	3
Support
Total	14	23

Analysis ofexpenditure
	Direct costs	Support costs	Total	Total
			2022	2021
On raising funds			f	f
Fundraising costs Including investment
management fees Other trading costs	52,294 1,771		52,294 1,771	73,870 11,385
	54,065		54,065	85,255
On charitable activities
Exhibitions, events and related activities	104,617	210,269	314,886	470,992
Drawing school and Learning activities	133,915	50,159	184,075	187,917
	238,532	260,428	498,960	658,909
Total expenditure	292,598	260,428	553,026	744,164
The comparative data for this note can be found	in note 22.

Analysis	and allocation ofsupport costs	and allocation ofsupport costs
Support	costs:			General	Total	Total
			Staff	Office	2022	2021
Raising	funds					3,160
Charitable activities
Exhibitions			68,737	141,532	210,269	249,458
Drawing	School and learning	activities	35,051	15,108	50,159	26,419
			103,788	156,640	260,428	279,037

equipment) and ifappropriate, will then be depr	eciated in lin	e with the stated policy.	e with the stated policy.
The Trustees ofthe National Heritage Memorial the freehold property in respect oftheir financial	Fund hold a contribution	legal charge (to a maximum of61,723,600 to the RWA Light and Inspiration project		plus costs) over (61,373,600
dated 2~ November 2020) and the RWA Appeal	(6350,000).
Investments			2022	2021
Unlisted investments Listed investments Cash investments			1 419,004 13,656	1 503,505 290,356
			432,661	793,862
Listed investments Market value at 1July 2021 Additions at cost			503,505 18,112	709,168 40,561
Disposal proceeds Investment (losses)/gains Market value at 31 March 2022			(80,868) (21,745) 419,004	(333,378) 87,154 503,505
Historical cost			320,224	364,488

16	Reconciliation of net movement	in	in	funds to net	cash flow from operating	cash flow from operating		2022	2021
	activities							f
	Net movement in funds for the year							2 478 101	895,134
	Losses/(gains) on investments Depreciation Investment income Decrease in stock (Increase) in debtors Increase in creditors							21,745 8,915 (7,071) 2,965 (70,474) 622,678	(87,154) 13,034 (13,289) 2,796 (9,274) 192,036
	Net cash inflow from operating	activities						3,056,860	993,283
	Analysis of changes in cash	during the				Change		2022	2021
	year								f
	Cash at bank and in hand Cash in the investment portfolio						396,451 (276,700)	1,389,434 13,656	992,983 290,356
							119,751	1,403,090	1,283,339
17	Funds			At 1July 2021	Income	Expenditure	Transfer	Investment gains/(losses)	At 31March 2022
								f	f
	Endowment funds
	The Theresa Knowles			21,021				658	21,679
	Scholarship Endowed freehold property		4,570,000						4,570,000
			4,591,021					658	4,591,679
	Restricted funds
	The Mrs AA Talboys Bequest The Theresa Knowles			835,858 8,300	6,338 733	(9,468)	(265,000)	(22,403)	545,325 9,033
	Scholarship
	Other funds relating to: - premises and equipment —learning —business			4,368 468 731	5,225	(5,225)			4,368 468 731
	ACE Cultural Recovery Fund L Ik I capital project			875,833	103,900 2,600,221	(103,900) (122,016)	265,000		3,619,038
			1,725,558		2,716,417	(240,609)		(22 403)	4 178963
	Unrestricted general funds			58,356	320,765	(308,556)			70,565
	Unrestricted designated funds:
	— SGS service charge — Post L& I			9,849 117,102	15,690	(3,861)			21,678 117,102
	Total funds			6,501,886	3,052,872	(553,026)		(21,745)	8,979,987

Prior year comparatives
Statement offinancial	activities
			Unrestricted	Unrestricted	Restricted	Endowment	Tota I
			general funds	designated funds	funds	funds	funds 2021
		Note		6	6	6	6
Income from:
Donations and legacies			205,611		980,000		1,185,611
Charitable activities			299,865				299,865
Other trading activities Investments			32,459	20,920	13,289		53,379 13,289
Total income			537,935	20,920	993,289		1,552,144
Expenditure on:
Charitable activities			465,935		192,974		658,909
Raising funds			63,559		21,696		85,255
Total expenditure			529,494		214,670		744,164
Gain/(loss) on					83,698	3,456	87,154
Investments
Net income being net movement in funds			8,441	20,920	862,317	3456	895 134
Transfer between
funds			9,398 17,839	(9,398) 11,522	862,317	3,456	895,134
Total funds at 1July		17	40,517	115,429	863,241	4,587,565	5,606,752
2020 Total funds at 30 June		17	58,356	126,951	1,725,558	4,591,021	6,501,886
2021

Donations and legacies
	Unrestricted		Restricted	Total funds
		funds	Funds	2021
Donations and grants:		f	f	f
Patrons and Friends ofthe RWA Other donations and Gift Aid Arts Council England Garfield Weston Foundation Foyle Foundation National Lottery Heritage Fund Nisbet Trust Linbury Trust Other capital donations Bristol Port Company 29'" May Trust Society of Merchant Venturers		40,778 11,596	109,249 35,044 152,596 150,000 100,000 121,233 50,000 50,000 71,878 50,000 35,000 25,000	150,027 46,640 152,596 150,000 100,000 121,233 50,000 50,000 71,878 50,000 35,000 25,000
Swire Foundation			20,000	20,000
Pople Trust			10,000	10,000
Bristol City Council		9,600		9,600
Government Covid-19 schemes		132,583		132,583
Sponsorship		11,054		11,054
		205,611	980,000	1,185,600
21 Prior year comparatives
Investments	Unrestricted	funds	Restrlctedfunds	Total funds 2021
Dividends and other distributions			13,229	13,229
Bank interest			60	60
			13,289	13,289

Analysis of expenditure
					Direct costs	Support	Total
						costs	2021
On raising funds						6	6
Fundraising costs including fees Other trading costs		investment		management	73,870 11,385		73,870 11,385
					85,255		85,255
On charitable activities
Exhibitions, events and related activities Drawing school and Learning activities					214,272 161,042	256,720 26,875	470,992 187,917
Development phase —L Br	I	project
					375,314	283,595	658,909
Total expenditure					460,569	283,595	744,164
23 Prior year comparatives
Support costs:						General	Total
					Staff	Office	2021
Raising funds						3,160	3,160
Charitable activities
Exhibitions					111,712	137,746	249,458
Drawing School and learning			activities		12,412	14,007	26,419
					124,124	154,913	279,037

Funds				At					At
				1July				Investment	30June
				2020	Income	Expenditure	Transfer	gains/(losses)	2021
								f
Endowment	funds
The Theresa scholarship	Knowles			17,565				3,456	21,021
Endowed freehold property				4,570,000					4,570,000
				4,587,565				3,456	4,591,021
Restricted funds
The Mrs AA The Theresa Scholarship	Talboys Knowles	Bequest		757,583 7,214	12,203 1,086	(17,626)		83,698	835,858 8,300
Other funds	relating	to;
- premises and equipment -learning —business				4,368 468 731	5,840	(5,840)			4,368 468 731
—exhibitions Emergency L & I capital	Funding project			92,877	9,200 177,133 787,827	(9,200) (127,133) (54,871)	(50,000) 50,000		875,833
				863,241	993,289	(214,670)		83,698	1,725,558
Unrestricted	general	funds		40,517	537,935	(529,494)	9,398		58,356
Unrestricted	designated		funds:
— SGSservice charge				38,929	20,920		(50,000)		9,849
— L & I closure period				76,500			40,602		117,102
Total funds				5,606,752	1,552,144	(744,164)		87,154	6,501,886

Prior year comparatives
Allocation of net assets
	Fixed		Cash and	Intra fund	Tota I
	Assets	Investments	other liabilities	Loan	30June
					2021
					f
Endowment funds The Theresa Knowles Scholarship Endowed freehold property	4,570,000	21,021			21,021 4,570,000
	4,570,000	21,021			4,591,021
Restricted funds The Mrs AA Taiboys Bequest The Theresa Knowles Scholarship		772,840	35,018 8,300	28,000	835,858 8,300
Other funds relating to:— —premlses and equipment —learning —business —L Br I capital project	356,491		4,368 468 731 519,342		4,368 468 731 875,833
	356,491	772,840	568,227	28,000	1,725,558
Unrestricted general funds Unrestricted designated funds	8,250		78,105 126,951	(28,000)	58,356 126,951
Totalfunds	4,934,741	793,862	773,283		6,501,886