REGISTERED CHARITY NUMBER: 1070419
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 March 2022
for
CROYDON ACADEMY OF EASTERN ARTS
BBK Partnership Chartered Accountants
& Statutory Auditors
1 Beauchamp Court 10 Victors Way Barnet Hertfordshire EN5 5TZ
CROYDON ACADEMY OF EASTERN ARTS
Contents of the Financial Statements FOR THE YEAR ENDED 31 MARCH 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Statement of Financial Position | 5 | ||
| Notes to the Financial Statements | 6 | to | 10 |
| Detailed Statement of Financial Activities | 11 | to | 12 |
CROYDON ACADEMY OF EASTERN ARTS
Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2022
The trustees present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives
The objectives of the CAEA are to provide or assist in the provision of facilities to advance education, cultural heritage, and the furtherance of social inclusion and wellbeing, primarily within the Tamil community in the London Borough of Croydon and surrounding areas, to promote similar objectives which are deemed by law to be charitable and to provide or assist in the provisions of facilities for recreation and leisure time activities benefiting the community.
Achievements and Performance
The trustees are satisfied with the progress made during the year. The charity organised a number of events and activities incorporating all age groups and has successfully trained numerous students in performance arts.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity's achievements for the year are contained in the Annual Report and the trustees are satisfied with the progress made during the year.
FINANCIAL REVIEW
Financial position
Teachers' salaries and rent comprise the large recurring expenses of the charity. The board also monitors the charity's reserves to ensure that they are neither excessive nor in deficit. Similarly to last year, the charity generated a satisfactory financial outcome with net increase in funds. This was achieved with the support of its members, staff and volunteers, together with efficient financial management.
The trustees continue to review the administrative controls and systems to ensure that all sources of income are enhanced sufficiently to enable the future development of the Academy.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Organisational structure
The charity has a board of trustees that meet regularly and are responsible for the strategic direction and policy of the trust's work.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1070419
Principal address
65, Shirley Road, Croydon Surrey CR0 7ES
Page 1
CROYDON ACADEMY OF EASTERN ARTS
Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2022
Trustees
Dr S Sivakumar President (resigned 4.12.21) Mr R Sivapooranan Treasurer (resigned 4.12.21) Mr R Sivachelvam Head of Projects (resigned 4.12.21) Mr V Sritharan Secretary (resigned 4.12.21) Mrs R Ragulan Head of Education (resigned 4.12.21) Mr P Ganandran Head of Community (resigned 4.12.21) Mr S Ramalingam Treasurer (appointed 4.12.21) Mr K Subramaniam Head of Community (appointed 4.12.21) Mr C A Kailaya-Vasan President (appointed 4.12.21) Mrs U I Prasanna Head of Education (appointed 4.12.21) Mr K Arasaratnam Head of Projects (appointed 4.12.21) Mr S Bharaneetharan Secretary (appointed 4.12.21)
Independent Examiner
BBK Partnership Chartered Accountants & Statutory Auditors 1 Beauchamp Court 10 Victors Way Barnet Hertfordshire EN5 5TZ
23 /09/2022 Approved by order of the board of trustees on ............................................. and signed on its behalf by:
................................................................................ Mr C A Kailaya-Vasan - Trustee
Page 2
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CROYDON ACADEMY OF EASTERN ARTS
Statement of Financial Activities FOR THE YEAR ENDED 31 MARCH 2022
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31.3.22 31.3.21
Unrestricted Total
fund funds
Notes £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 3,165 10,368
Charitable activities
resource expended - 300
Other trading activities 2 38,646 31,665
Total 41,811 42,333
EXPENDITURE ON
Raising funds 12,398 7,347
Charitable activities
resource expended 29,441 58,131
Other 2,228 2,689
Total 44,067 68,167
NET INCOME/(EXPENDITURE) (2,256) (25,834)
RECONCILIATION OF FUNDS
Total funds brought forward 228,743 254,577
TOTAL FUNDS CARRIED FORWARD 226,487 228,743
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The notes form part of these financial statements
Page 4
CROYDON ACADEMY OF EASTERN ARTS
Statement of Financial Position 31 MARCH 2022
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31.3.22 31.3.21
Unrestricted Total
fund funds
Notes £ £
FIXED ASSETS
Tangible assets 6 341,836 342,307
CURRENT ASSETS
Stocks 7 - 4,951
Debtors 8 2,956 7,890
Cash at bank and in hand 13,008 3,987
15,964 16,828
CREDITORS
Amounts falling due within one year 9 (10,229) (2,989)
NET CURRENT ASSETS 5,735 13,839
TOTAL ASSETS LESS CURRENT LIABILITIES 347,571 356,146
CREDITORS
Amounts falling due after more than one year 10 (121,084) (127,403)
NET ASSETS 226,487 228,743
FUNDS 12
Unrestricted funds 226,487 228,743
TOTAL FUNDS 226,487 228,743
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23/09/2022 and were
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. signed on its behalf by:
............................................. Mr C A Kailaya-Vasan - Trustee
The notes form part of these financial statements
Page 5
CROYDON ACADEMY OF EASTERN ARTS
Notes to the Financial Statements FOR THE YEAR ENDED 31 MARCH 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings
- 20% on reducing balance
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asst, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Land and Building
No depreciation is provided in respect of freehold land. No depreciation has been charged on the freehold property as the trustees considers that the policy of maintaining properties to a high standard would cause any depreciation potentially charged to be immaterial. As a result of the trustees' view regarding freehold property values, a full annual impairment review is carried out.
continued...
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CROYDON ACADEMY OF EASTERN ARTS
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2022
2. OTHER TRADING ACTIVITIES
| Rental income Fee income Community Activities Other income |
31.3.22 31.3.21 £ £ 15,235 18,800 12,377 11,626 1,995 999 9,039 240 |
|---|---|
| 38,646 31,665 |
Rental income received from rooms let out by the charity's freehold property is received from unconnected tenants and is charged at open market fair rate. The remainder of the property is used by the charity.
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
4. STAFF COSTS
The average monthly number of employees during the year was as follows:
5.
| Staff | 31.3.22 14 |
31.3.21 21 |
|---|---|---|
| No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities resource expended Other trading activities |
Unrestricted fund £ 10,368 300 31,665 |
|
| Total | 42,333 | |
| EXPENDITURE ON Raising funds Charitable activities resource expended Other |
7,347 58,131 2,689 |
|
| Total | 68,167 |
continued...
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CROYDON ACADEMY OF EASTERN ARTS
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2022
| 5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 6. TANGIBLE FIXED ASSETS Freehold property £ COST At 1 April 2021 and 31 March 2022 339,952 DEPRECIATION At 1 April 2021 - Charge for year - At 31 March 2022 - NET BOOK VALUE At 31 March 2022 339,952 At 31 March 2021 339,952 The estimated fair value of the freehold property as of the year end was £544000. 7. STOCKS Finished goods |
Unrestricted fund £ (25,834) 254,577 228,743 Fixtures and fittings Totals £ £ 14,976 354,928 12,621 12,621 471 471 13,092 13,092 1,884 341,836 2,355 342,307 31.3.22 31.3.21 £ £ - 4,951 |
|---|---|
Finished goods
continued...
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CROYDON ACADEMY OF EASTERN ARTS
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2022
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8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£ £
Trade debtors 3,024 7,230
-
Prepayments and accrued income (68)
Prepayments - 660
2,956 7,890
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£ £
Trade creditors - 346
Taxation and social security 89 105
Other creditors 10,140 2,538
10,229 2,989
10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.22 31.3.21
£ £
Bank loans (see note 11) 121,084 127,403
11. LOANS
An analysis of the maturity of loans is given below:
31.3.22 31.3.21
£ £
Amounts falling due between two and five years:
Natwest Loan 6195 88,559 96,403
Natwest Loan - BBL 17,625 18,000
Members Loan 14,900 13,000
121,084 127,403
12. MOVEMENT IN FUNDS
Net
movement At
At 1.4.21 in funds 31.3.22
£ £ £
Unrestricted funds
General fund 228,743 (2,256) 226,487
TOTAL FUNDS 228,743 (2,256) 226,487
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continued...
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CROYDON ACADEMY OF EASTERN ARTS
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2022
12. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS Comparative net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS |
Incoming Resources Movement resources expended in funds £ £ £ 41,811 (44,067) (2,256) 41,811 (44,067) (2,256) Net movement At At 1.4.20 in funds 31.3.21 £ £ £ 254,577 (25,834) 228,743 254,577 (25,834) 228,743 Incoming Resources Movement resources expended in funds £ £ £ 42,333 (68,167) (25,834) 42,333 (68,167) (25,834) |
|---|---|
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2022.
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CROYDON ACADEMY OF EASTERN ARTS
Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 MARCH 2022
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31.3.22 31.3.21
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations 2,635 -
CJRS Grants - 9,318
Subscriptions 530 1,050
3,165 10,368
Other trading activities
Rental income 15,235 18,800
Fee income 12,377 11,626
Community Activities 1,995 999
Other income 9,039 240
38,646 31,665
Charitable activities
CJRS Grants - 300
Total incoming resources 41,811 42,333
EXPENDITURE
Other trading activities
Opening stock 4,951 5,191
Bad debts 7,447 -
-
Closing stock (4,951)
12,398 240
Charitable activities
Wages 13,949 16,825
Rent Expense 6,748 800
Rates and Water 2,530 2,808
Insurance 1,002 999
Light and heat 1,661 1,709
Postage and stationery 492 439
-
Cultural Expenses 1,100
Fixtures and fittings 471 589
27,953 24,169
Other
Repairs and maintenance - 365
Accountancy fees 400 400
Bank interest 1,828 1,924
2,228 2,689
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CROYDON ACADEMY OF EASTERN ARTS
Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 MARCH 2022
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31.3.22 31.3.21
£ £
Support costs
Management
IT Cost 1,212 -
Finance
Bank charges 276 143
Other 2
-
Legal costs 40,926
Total resources expended 44,067 68,167
Net expenditure (2,256) (25,834)
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