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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|
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||||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|||||||||
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||||||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|
##
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|||||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|
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||2|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|
##
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|5|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|
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|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.||||
|9|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|
##
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|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|
##
|17|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|
##
##
|24|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|
##