2023-03-31-accounts - Royal West Of England Academy

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CONTENTS
		Page
Reference and administrative details
Report ofthe Trustees
Report ofthe Independent	Auditor	16
Statement of Financial Activities		19
Balance Sheet		20
Statement of Cash Flows		21
Notes forming part ofthe	Financial Statements	22

			Unrestricted	Unrestricted	Restricted	Endowment	Total funds	Total funds
			general	designated	funds	funds	2023	2022
		Note	funds f	funds f	f	f	f	(9months) f
Income from:
Donations and			104,457		728,409		832,866	2,756,423
legacies
Charitable activities		3	708,232				708,232	261,325
Other trading			91,585	20,920			112,505	28,053
activities
Investments					10,064		10,064	7,071
Total income			904,274	20,920	738,473		1,663,667	3,052,872
Expenditure on:
Charitable activities		8	826,218	23,260	300,936	63,371	1,213,785	498,961
Raising funds			127,161		7,303		134,464	54,065
Total expenditure			953,379	23,260	308,239	63,371	1,348,249	553,026
Loss on investments		11			(43,753)	(1,324)	(45,077)	(21,745)
Net income/			(49,105)	(2,340)	386,481	(64,695)	270,341	2,478,101
(expenditure)
Transfer between		17	55,468	(55,000)	(4,054,358)	4,053,890
funds
Net movement	in		6,363	(57,340)	(3,667,877)	3,989,195	270,341	2,478,101
funds
Total funds at	1	17	70,565	138,780	4,178,963	4,591,679	8,979,987	6,501,886
April 2022
Total funds at	31		76,928	81,440	511,086	8,580,874	9,250,328	8,979,987
March 2023

					2023	2022
				Note	f	E
Fixed assets
Tangible fixed assets				10	8,571,634	7,932,762
Investments				11	383,816	432,660
					8,955,450	8,365,422
Current assets
Stock				13	13,826	7,020
Debtors				14	133,845	140,243
Cash at bank	and in	hand		16	400,263	1,389,434
					547,934	1,536,697
Creditors: amounts		falling due within one year		15	(253,056)	(922,132)
Net current	assets				294,878	614,565
Net assets					9,250,328	6,501,886
Funds
Endowment	funds			18	8,580,874	4,591,679
Restricted funds				18	511,086	4,178,963
Unrestricted	general	funds		18	76,928	70,565
Unrestricted	designated		funds	18	81,440	138,780
Total funds					9,250,328	8,979,987

				Note	2023	2022
					f	f
Net cash	(outflow)/ inflow from	operating	activities	16	(291,730)	3,056,860
Non-operating cash flows
Investing	activities:
Proceeds	from the sale of investments				37,048	80,868
Proceeds	from the sale of				849
assets
Payments	for investments				(35,152)	(18,112)
Investment income					10,064	7,071
Payments	for tangible fixed assets				(712,122)	(3,006,936)
Net cash	outflow from investing	activities			(699,313)	(2,937,109)
Net cash	(outflow)/ inflow for the year				(991,043)	119,751

	Donations and legacies			Unrestricted	Unrestricted	Restricted	Total funds	Total funds
					Funds	funds	2023	2022
	Donations and grants:
	Patrons and Friends of	the RWA			63,945		63,945	27,406
	individual donations to	capital		project		29,617	29,617	122,667
	Arts Council England				6,986	42,426	49,412	355,178
	Other Trusts and Foundations			to				1,095,943
	capital project
	National Lottery Heritage Fund					507,632	507,632	1,032,126
	Other corporate capital	donations				13,167	13,167	76,682
	Bowerman Charitable Trust					10,000	10,000
	Art fund					55,000	55,000
	Medlock Charitable Trust					20,000	20,000	30,000
	Grants to support engagement			work		8,152	8,152
	Prize donations					7,400	7,400
	Other donations				7,176		7,176
	Bristol City Council				9,600	35,015	44,615	7,200
	Government Covid-19 schemes							3.221
	Sponsorship				16,750		16,750	6,000
					104,457	728,409	832,866	2,756,423
	The comparative data for this		note can be found		in note 20.
3	Income from charitable	activities					2023	2022
								f
	Exhibitions and events						405,921	113,356
	Gift Shop						52,641	1,482
	Drawing School and learning		activities				124,670	57,441
	Rental ofArt School premises						125,000	89,046
							708,232	261,325
4	Other trading activities						2023	2022
							f	f
	SGSservice charge						20,920	15,690
	Hire ofGalleries and other activities						91,585	12,363
							112,505	28,053

Investments	Investments	Unrestricted	Restricted	Total funds	Total
		funds	funds	2023	funds
					2022
					f
Dividends	and other distributions		9,984	9,984	7,060
Bank interest			80	80	11
			10,064	10,064	7,071

2023	2022
7,856	7,240
72,400	8,915

Staff costs and numbers
Staff costs comprise:	2023	2022
Wages and salaries Social security costs Pension contributions	501,644 36,488 12,578	274,145 24,006 7,781
	550,711	305,932

The average headcount ofsta	ff during the year was as follows:
	2023	2022
	No.	No.
Gallery	18	5
Learning	3	3
Support
Total	28	14

Analysis ofexpenditure
		Direct costs	Support costs	Total	Total
On raising funds		f	(Note 9) f	2023 f	2022 f
Fundraising costs including	investment
management fees		107,198		107,198	52,294
Other trading costs		27,266		27,266	1771
		134,464		134,464	54,065
On charitable activities
Exhibitions, events and related activities		342,592	542,050	844,642	314,886
Drawing school and Learning	activities	209,599	119,544	329,143	184,075
		552,191	661,594	1,213,785	498,961
Total expenditure		686,655	661,594	1,348,249	553,026
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	2023	2022
Charitable activities
Exhibitions			113,797	428,253	542,050	210,269
Drawing	School and learning	activities	58,029	61,515	119,544	50,159
			171,826	489,768	661,594	260,428

Tangible fixed assets
	Freehold	Assets	Plant and	Furniture
		Under		and
	property f	construction f	machinery f	equipmentf	Total f
Cost
At 1April 2022 Additions for period	4,570,000	3,344,331 709,559		131,437 2,563	8,045,768 712,122
Transfer	2,736,981	(4,053,890)	1,174,880	142,029
Disposals At 31March 2023	7,306,981		1,174,880	(6,229) 269,800	(6,229) 8,751,661
Depreciation At 1April 2022 Disposals				113,006 (5,379)	113,006 (5,379)
Charge for the period			49,182	23,218	72,400
At 31March 2023			49,182	130,845	180,027
Net book value At 31March 2023	7,306,981		1,125,698	138,955	8,571,634
At 1April 2022	4,570,000	3,344,331		18,431	7,932,762

freehold property in respect oftheir financial contribution t ted 2" November 2020) and the RWA Appeal (f350,000).	o the RWA Light and Inspiration project	(f1,373,60
Investments	2023	2022
Unlisted investments	1	1
Listed investments Cash investments	372,031 11,784	419,004 13,655
	383,816	432,660
Listed investments Market value at 1April 2022 Additions at cost	419,004 35,152	503,505 18,112
Disposal proceeds Investment (losses)/gains Market value at 31 March 2023	(37,048) (45,077) 372,031	(80,868) (21,745) 419,004

15	Creditors: Amounts falling due in	Creditors: Amounts falling due in	Creditors: Amounts falling due in	less	than one year		2023 f	2022 f
	Trade creditors						34,897	105,103
	Other creditors						14,864	10,823
	Taxation and social security						32,685	9,257
	Accruals and deferred	income					170,610	796,949
							253,056	922,132
16	Reconciliation ofnet	movement		in funds to net cash flow		from operating	2023	2022
	activities
							f	f
	Net movement in funds		for the year				270,341	2,478,101
	Losses on investments						45,077	21,745
	Depreciation						72,400	8,915
	Investment income						(10,064)	(7,071)
	(Increase)/Decrease in stock						(6,806)	2,965
	Decrease/(Increase) in debtors						6,398	(70,474)
	(Decrease)/Increase in creditors						(669,076)	622,678
	Net cash (outflow)/inflow		from operating				(291,730)	3,056,860
	activities
	Analysis of changes	in	cash during		the	Change	2023	2022
	year
	Cash at bank and in hand					(989,171)	400,263	1,389,434
	Cash in the investment		portfolio			(1,872)	11,784	13,656
						(991,043)	412,047	1,403,090
	Analysis of changes		in cash during		the	Change	2022	2021
	prior year					f	f
	Cash at bank and in	hand				396,451	1,389,434	992,983
	Cash in the investment		portfolio			(276,700)	13,656	290,356
						119,751	1,403,090	1,283,339

Funds
				At 1April	Income	Expense	Transfer	Investment	At 31March
				2022				Gains/	2023
								(losses)
							f	f
Endowment		funds
The Theresa		Knowles		21,679				(1,324)	20,355
Scholarship
Endowed freehold assets				4,570,000		(63,371)	4,053,890		8,560,519
				4,591,679		(63,371)	4,053,890	(1,324)	8,580,874
Restricted	funds
The Mrs AA		Talboys		545,325	8,919	(12,791)		(43,753)	497,700
Bequest
The Theresa		Knowles		9,033	1,145	(1,500)			8,678
Scholarship
Other funds		relating to:
—premises	and equipment			4,368			134		4,502
-learning				468	20,072	(20,072)	(468)
-business				731		(525)			206
-exhibitions					7,400	(7,400)
LS. I capital		project		3,619,038	700,937	(265,951)	(4,054,024)
				4,178,963	738,473	(308,239)	(4,054,358)	(43,753)	511,086
Unrestricted		general funds		70,565	904,274	(953,379)	55,468		76,928
Unrestricted		designated	funds:
- SGSservice charge				21,678	20,920	(23,260)			19,338
—Post LR I				117,102			(ss,ooo)		62,102
Total funds				8,979,987	1,663,667	(1,348,249)		(45,077)	9,250,328

			Fixed		Cash and	Intra fund	Total
			Assets f	Investments f	other Iiabilit&es f	Loan f	31March 2023 f
Endowment funds The Theresa Knowles Scholarship Endowed assets			8,560,519	20,355			20,355 8,560.519
			8,560,519	20,355			8580874
Restricted funds
The Mrs AA The Theresa	Talboys Bequest Knowles Scholarship			363,460	109,740 8,678	24,500	497,700 8,678
Other funds relating to:- —premises and equipment			4,502				4,502
- business					206		206
			4,502	363,460	118,624	24,500	511,086
Unrestricted	general funds		6,613		94,814	(24,500)	76,928
Unrestricted	designated	funds			81,440		81,440
Total funds			8,571,634	383,816	294,878		9,250,328

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

20.Prior year comparatives	20.Prior year comparatives
	Donations and legacies		Unrestricted		Restncted	Total funds
				Funds	funds	2022
	Donations and grants:
	Patrons and Friends ofthe	RWA		27,406		27,406
	Other donations and Gift Aid			3,250	11,167	14,417
	Arts Council England				355,178	355,178
	Garfield Weston Foundation				50,000	50,000
	Foyle Foundation				50,000	50,000
	National Lottery Heritage	Fund			1,032,126	1,032,126
	The Nisbet Trust				100,000	100,000
	The Linbury Trust				100,000	100,000
	Anonymous				100,000	100,000
	Other capital donations				71,682	71,682
	John James Bristol Foundation				355,000	355,000
	Bristol Port Company
	Medlock Charitable Trust				30,000	30,000
	Society ofMerchant Venturers				25,000	25,000
	The Wolfson Foundation				200,000	200,000
	Pople Charitable Trust				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				5,000	5,000
	The Kenny Family				42,000	42,000
	Mary Prior CVO MBE and John Prior				12,500	12,500
	Dr Geoff and Jenny Sharman				18,750	18,750
	John and Kimberly Vasey				5,000	5,000
	Bristol City Council			7,200		7,200
	Government Covid-19 schemes			3,221		3221
	Sponsorship			6,000		6,000
				47,077	2,709,346	2,756,423
21	Prior year comparatives		Unrestricted	funds	Restricted funds	Total funds 2022
	Investments
	Dividends and other distributions				7,060	7,060
	Bank interest				11	11
					7,071	7,071

22	Prior year comparatives
	Analysis ofexpenditure
			Direct costs	Support costs	Total
					2022
	On raising funds				f
	Fundraising costs including	investment
	management fees		52,294		52,294
	Other trading costs		1.771		1,771
			54,065		54,065
	On charitable activities
	Exhibitions, events and related activities		104,617	210,269	314,886
	Drawing school and Learning activities		133,915	50,159	184,075
			238,532	260,428	498,961
	Total expenditure		292,598	260,428	553,026
23	Prior year comparatives
	Analysis and allocation ofsupport costs
	Support costs:			General	Total
			Staff	Office	2022
	Raising funds
	Charitable activities
	Exhibitions		68,737	141,532	210,269
	Drawing School and learning	activities	35,051	15,108	50,159
			103,788	156,640	260,428

Prior year comparatives	Prior year comparatives
Funds
			At 1July 2021	income	Expenditure	Transfer	Investment gains/(losses)	At 31March 2022
						f	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 The Theresa	Talboys Bequest 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			103,900	(103,900)
L& I capital	project		875,833	2,600,221	(122,016)	265,000		3,619,038
			1,725,558	2,716,417	(240,609)		(22,403)	4,178,963
Unrestricted	general funds		58,356	320,765	(308,556)			70,565
Unrestricted	designated	funds:
- SGSservice charge			9,849	15,690	(3,861)			21,678
—Post L& I			117,102					117,102
Total funds			6,501,886	3,052,872	(553,026)		(21,745)	8,979,987

Allocation of	Allocation of	net assets
			Fixed		Cash and	Intra fund	Total
			Assets f	Investments f	other liabilities f	Loan f	31March 2022 f
Endowment	funds
The Theresa	Knowles Scholarship			21,679			21,679
Endowed freehold		property	4,570,000				4,570,000
			4,570,000	21,679			4,591,679
Restricted funds
The Mrs AA	Talboys	Bequest		410,981	37,844	96,500	545,325
The Theresa Other funds	Knowles Scholarship relating to:—				9,033		9,033
-premises and equipment					4,368		4,368
-learning					468		468
—business —L5 I capital	project		3,354,499		731 334,539	(70,000)	731 3,619,038
			3,354,499	410,981	386,983	26,500	4,178,963
Unrestricted	general funds		8,263		88,801	(26,500)	70,565
Unrestricted	designated funds				138,780		138,780
Total funds			7,932,762	432,661	614,564		8,979,987