REGISTERED CHARITY NUMBER: 1070419 Report of the Truslees and Unaudited Financial Statements for the Year Ended 31 March 2024 for Croydon Aeademy of EAStern Arts BBK partnehip Chartered Accounianis & Statutory Auditors l Beauchamp Cijurt l O Victors Way Bamel Hertfordshire EN5 5TZ
Croydon Aeademy of Easlern Arts Contents of the Financial Statemenls for the Year Ended 31 March 2024 Pfége Report of lh¢ Trustees Independent Examine8 Report Statement of Financlil Aetlvlties Statement of FlnallelAI Positlon Notes to the Finanelal Statemen1$ 6 to 10 Detailed Statement of Flnan¢iil Aetlvltles
Croydon Aegdemy of Eastern Arts Report of the Trusttts for the Year Ended 31 Mareh 2024 The trustees present their report ivitii the financial 5taleinetrts of the charity for the s,r ended 31 March 2(r24. The lThstees have adopted tl)e provisions of Accouniino ond Reporting by Charitie5.' Statement of Recoinmended Practice applicable to charities preparing their accounts Tn accordance with the FinaT)cial Reportins Slaiidard applicable in the UK ld Republic of Ireland (FRS 102) (effective l January 2019). OBJEcfivES AND ACTIVITIES Objeclives Tiie objectives of the CAEA are lo provide or assi81 in the provision of facilTties to advance educalion, cultural heritage, and the furtherance of social inclusion and wellbeing, primarily will)in the Tainil Community in the London Borough of Croydon and SUOnding aa$, to promote similar objectives which are de¢med by law ro be charilable and to provide or ass1S1 in Ihe provision5 of facilities for recreation and leisur¢ time activities benefiting the community, Achievement5 and Performanee The irnstees are satisfied with Ihe progress made during the year. The Charity organised a nulnber of events and aciivittes incorporating all age groups and has .8uc¢essfvlly trained num¢rous students iii performance arts. ACHIEVEMENT AND PERFORMANCE Charilble gctivitie$ The charity's achieveineiiis for Ihe )iear ar¢ conlained in the Annu41 Report And the trustees are satisfied with the pro8re$s Jnade during Ihe year. FINANCIAL REVIEW Financial posltion Teachers, salaries ai)d rent compri.se the large reCUlng cxpcns¢s of the charity. The board Also Inonitors the chaTily'8 reserve5 10 ensure that ihey are neither excessive nor in deficil. Similarly to lasl year, the charity geiieraled a satisfactory financial outcome with net increase in funds. This ivas achieved with ihe support of its member4 Staff and volunteers, togeili¢r with efficient financial management. The trustees continue lo revi¢w the administrative ¢ontro15 and Sysierns to ensure thai all sources of income are enhanced sufficiently to ei)able the future development of the A¢adeiny. STRUCTURE, COVERNANCE AND MANAGEMENT Governing docum¢iit The charity is controlled bs, its governing document, a deed of twst and consiitutes an unincorporated charity. Organls£tion41 structure The charity has 8 board of Iru51ees that meet regularly and are responsible for the strategic direction and policy of the trust's work. Related p#rtie5 There were no significanl r¢laled paty ti'8nsactioi)s during the accounting period ended 31 Mar¢h 20?4. Rlsk mnagern¢nt The irustees have a duty to identify and review the risks to which the charity is exposed and lo ensure appropriaie controls are in place lo provide reasonable assurance againsi frnud aild error. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Charity il umber 1070419 Princlp414ddre$s 65, Shirley Road, Croydon SUeY CRO 7ES Page I
Cro)'don Academy of FA$terh Arts R4rt of the Triistoe8 for the Yeur Ended 31 MArch 2024 Truste¢s r S Ramglii)gim Head of FinanGC Mr K SubTamaniam Hcsd ofcoininunily Mr C A Kailaya-VaSAD Presidenl Mt.¥ U T Prasanna H¢ad of Education Mr K Ardsaratnam Head of Proiccts Mr S Bhar¥neclharan Secr¢lary Indtpendcnt Examlner BBK Partnersbip Chartered A¢eounlaiils & Ststulory Auditors l Beauol)arnp Court l O Vicr5 Way Barnel Hcrtfordshire ENS 5TZ Approved by order of Ili¢ board of In15teC8 Qji . nd signed oli its bc1181fby: Mr C A K&ilaya-Vas¥n - Tiv¥lee Pagc 2
Independent Exmhner's Report to the Trustet$ of Croydoll Aedemy of Eastern Arts Indendent ex21niiitr'$ reporl to ihe tru5te¢s of Cro)'don Academy of Eastern Arts I report to the charity trustees on my examination of the accounts of Croythn Academy of Eastern Arts (tl)e Trust) for ihe year ended 31 MarGh 2024. Responsibilities and basis of report As the charity trustees of the Trust you are reswjnsible for the prep8ratlOD of the accounts in accordance with the ttqulmcn1s of the Charities Act 201 I cihe Act,). I report in respect of my examination of the Trust's accounts carried out under Seciion 145 of the Act and in carrying out my examination I have followed all applicable Directions glven by the Cl)arity Coinmission under S¢ction 145(5)(b) of ihe Act. Independent examiner's statement I have compleied my examinalion. I confinn that no material matters have come lo my attention in connection with ihe exaininalion giving Ine cause lo believe that in any material Spect- accounting records were nol kept in respect of the Trust as required by Section 130 of the Act. oi. the accounts do not accurd wilh those records- or the accounts do not comply with the applicable requirements concernin8 Ihe forin and conient of accounts set out in th¢ Charities (Accounls and R¢ports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not B malt¢r ¢onsidered as pan of an independent examinaiion. I have no concerns and have come across no other matters in conneaion with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. S S Arnold BBK PaTiner5hip Chaitered Accounl&nis & Slalurory Audiiors l Beauch811)p Court l O Viclvrs Way Barnei Herrfordshire EN5 5TZ !Il:,/J-
Croydon Academy of Eastern Arts Statement of Financial Activlties for the Year Ended 31 March 1024 31.3.24 Unrestricted fund Toial funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 11,039 6,105 Other trdding activilies Investsnent incL)me 33,679 39,248 Total 66,990 62,753 EXPENDITURE ON Books 518 CharltAble activlti¢$ resource expended 40,285 39,897 Other Total NET INCOME 16,365 19,056 RECONCILIATION OF FUNDS Total funds broughi forward 245,543 226.487 TOTAL FUNDS CARRIED FORWARD 261,908 245.543 The iiotes forim part of ihese financial slaleinents Page 4
Croydon Aeadenry of E4$tern Arl$ ststemcnt of FlninclAI Posltfon 31 Mnrcb 2024 31.3.24 UnTcstriGtcd rund 31,3,23 Total funds Noles FIXED ASSETS Tansible assets 341,158 341.459 CURRENT ASSETS Dcbtors Cash &1 ballk and iii hund 1.290 18,329 2,430 29.645 19,619 32,D75 CREDITORS Amouiit5 falling due within onc year {8,384) (20,094) YET CURRENT ASSETS 11.235 TOTAL ASSETS LESS CURRENT LIABILITIES 352,391 353,440 CREDITORS Amoiiilts falliiig due after iiiorc Ililln oli¢ yeui. {90,485} (107.8971 NET ASSETS 261.908 245,543 IruNDS Unr¢slricted fuiids 12 261908 245.543 TOTAL FUNDS 261908 245,J43 Tlic finaT]Lial slHLemcnlS Wc. approved by Ilie Board of Trii$iees lli)d auihorised for issuL 011 signed on ils behalf by: Lb werc Mr C A Kailaya-V8saii - Truslee Th¢ noics forni part of thes¢ financial slatemcnts PRg¢ 5
Croydon Academy of Eastern Arts Notes lo the Financial Statements ror the Ye¥r Ended 31 Mar¢li 2024 ACCOUNTING POLICJES Basis of prepariiig the fin8n£i81 stat.tmcnl$ The financial statemeiits of the Charity. which is a public benefil entity under FRS 102. have been prq)ared in accordanc¢ with Ihc Charities SORP {FRS 102) 'Accounting and Reporting by Charities.. Statement of Reeommended Pra¢tice applicable to chariiies preparing their accouiiis in accordance with the Financial Reporting Srandard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Rewjrting Standard applicable in (he UK and Republic of Ireland, and the Charities Act IO I l. Tlie financial staiements h&v¢ been prepared under tlle Iiistori¢al cost convention, as Ihodified by ihe revaluation of certain assd.s. Income All incoine is recognised in the Slafrm¢nt of Financial Activilies once the charity has entitlement to the funds. it is probable thal the incorne will be received aiid ihe &i)iount Can be measured reliably. Expendlture Liabilittes are recognised as expenditure ès soon 8$ ihtr¢ 1$ a legol OT ¢ons1Ctive obligation cominitling the Charity to thai expendiwre, it is probable that a transfer of economi¢ knefits will be requir¢d in settlement and the OlDounl of the obligation can be measured reliably. Expenditure is accoiinted for on an aecruals basis and has been classified under headings ihal aggregate all cost related to the caiegory. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a ba515 con5islent with the use of resources. Tanglble llxed as5et$ Depj'eciation is provided at Ihe following annual rates in order to write off each asset over it5 estimated useful life. Fixiures and firrings 21PA on reducing balance T4xAtlon Th¢ charity is exeinpt from tsx on its chariiable activities. Fund aceountlng UnTestricled funds can be used in accordance ivith the charitable ubj¢cliv¢s at the discretlon of ihe tNsiee$, Restricted funds can only be used for particular resiricled purposes iyilhin the objects of the charity, Restricliong arise when specified by tlie dunor or ivlien funds are raised f()r particular restricted purposes. urtlier explanRtion of the nature and purpose of each fvnd is included in th¢ notes to thc financial ststements, Land grsd bulldlng Nt) depreciation Ilas been charged on the freehold property as the trustees considers that the policy of Inainlaining propertieg to a high st8ndard would cause any deprecialion potentially charged lo be imiiiaierial. As a resuli of th¢ trusiees, view rcbFardin8 freehold property value5, b full aTinual impairinent review is ca1ed out, Page 6
Croydon Aeademy of Eastern Arts Notes to the Financial Statements - continued for the Year Ended 31 March 2024 OTHER TRADING ACTIVITIES 31.3.24 31.3.23 Rental income Fee income Community Activities Other incorne 5,736 15,875 9,090 4,414 15,129 13,640 6.065 33.679 39.248 Rental in¢oine rcccived from rooms let by the charity's freehold propety is received from unconnEcled tenants and is charged at open iknarket fair rale. The TeiMaind¢r of th¢ property is used by the charity. INVFSTMENT INCOME 31.3.24 31.3.23 Reni Income nler¢5t T¢¢eivable 22,270 17,400 22.272 TRUSTEES, REtVJUNERATION AND BENEFITS There were no iruslee8' remuneration or other benefits for the ye8r ended 31 March 2024 nor for the year ended 31 March 2023. Trustee¥, expenses There wer¢ no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. STAFF COSTS The average inonthly nujnber of thnploy¢es during rlie year was as follows: 31.3.24 16 31.3.23 16 Siaff No employees received emoluments in excess of £60,000. Page 7
Croydon Academy of Eastsrn Arts Notes to the FlnaneiAI StattmentS- ¢ODtlnu¢d for the YeAr Ended 31 Mirch 2024 ct)MPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund INCOME AND ENDOWMENTS FROM Donaiions and legleS 6,105 Other trading i¢tivilies Investinent income 39,248 Total EXPENDITURE ON Ch8ritsble activilies resource expended 39,897 Other 3,800 Total 43.697 NET INCOME 19,056 RECONCILIATION OF FUNDS Total funds broughi forward 226,487 TOTAL FUNDS CARRIED FORWARD 245,543 TANGIBLL FIXEIJ ASSETS Fixtures and rittings Freehold propert), Totals COST Al l April 2023 and 31 March 20?4 339 952 354928 DEPRECIATION Ai l April 2023 Cliarge for yr 13,469 301 13,469 301 At 31 March 2024 NET BOOK VALIJE At 31 March 2024 339 952 341.158 At 31 March 2023 339.952 1.507 341459 The estimated fair vfjlue of the freehold property as of the year end was £544000. Page 8
Croydon Academy of Ea$tern Arts Notes to the Financial Statements - continued for the Year Ended 31 Mxreh 2024 DEBTORS., AMOUTrITS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Trade debtors 1,290 2,430 CREDITORS: AMOUNTS FALLIi¥G DUE WITHIN ONE YEAR 31.3.24 31.3.23 Trade ¢reditOF5 Taxation and Social 52curity Other creditors 1,143 7,241 863 19,230 8,384 20,094 io. CREDITORS: AMOUNTS FALLING DUF. AFTER MORETHAN ONE YEAR 31.3,24 31.3.23 Bank loans (see note I l ) 107,897 LOANS An analysis of the maturity of loans 15 given below: 31.3.24 31.3.23 Amouiits fallin8 due belw¢en two and five years: Nativesi Loan 6195 Natwest Loan - BBL MeTnbers Loan 75,076 10,909 4.5110 81,448 14,149 12.300 90,485 107 897 12. MOVEMENT IN FUNDS Net Jnovement in Funds At 3113r24 At 114123 Unrestrlcted funds Getra] fund 245,543 16,365 261.908 TOTAL FUNDS 245 $43 261.908 Page 9
Croydon Ae$demy of Eastern Arts Not&8 to the Flnaneial Statements- eontinued for the Yesr Ended 31 March 2024 12. MOVEMENT IN FUNDS. continued Net moveiiienl in funds, included in the above are a5 follom's: Incoming resources Resources expended Movement in funds Unrtstrlcled Thd$ General fund 66.990 (50,625) 16,365 TOTAL FUNDS 50 625) 16,365 Comparatives for movement in funds Nel movement in funds Al 3113r23 Ai I142 Unrestricted thnds General fund 226.487 19,056 245,543 TOTAL FUNDS 226 487 19,056 245,543 CoMrative net Inoveinent in funds, included in the above are as folloivs". Incoming resOu¢S Resources expended Moveiiicnl in fui)ds Unreslricied fund8 tienerdl tund 62,7.53 {43,697) 19,056 TOTAL FUNDS 43.697) 13. RELATED PARTY DISCLOSURES Th¢re w¢rc no significani related party transactions during the accoui)tiiig period ended 31 March 2023. P8ge 10
Croydon Academy of Eastern Arts Detailed Staiement of Financial Activliies for the Ye¥r Ended 31 Mgreh 2024 31.3.24 31.3.23 INCOME AND ENDOWMENTS Donations and le8*¢ie5 Gifts Donations Subscriptions (i) 6,630 4,410 5,564 540 11.039 6,105 Other tr&dlng gellvl¢les Rental income F¢e income Community Activities ()ther tncorne 5,736 15,875 9,090 2.978 4,414 15,129 13,640 33.679 39,248 Invutment Income Ren( Income Interest receivable 22,?70 17,400 Total ineomlng resourtts 66.990 62,753 EXPENDITURE Olher trgdlng aetlYiti¢s Books 518 Charitable activities Wages Reftt Expense Rates and Water Insurance Light and heat Fixtures aiid filtings 17.158 13,495 4,415 604 3,008 301 14,853 17,682 2,713 1,024 2,696 377 39,345 Other Repairs and maintenance Accountancy fees Bank inlerest 4,100 400 400 9,822 3.800 This page does nol form part of the statutory financial statements Pa8e 11
Croydon Ac2demy of Eastern Arts Detgiled Sl#tement of Fln*ncial Attivilles for the Vtor Ended 31 March 2024 31.3.24 Support eosls M8nagcment IT Cost 389 Flnance Bank charges 171 163 Toial resources expended Net Ineome 16,365 19,056 Tliis page doe5 llot fonn part of tlie statutory financial slateinents PaEe 12