| Page | ||
|---|---|---|
| Reference and Administrative Details ofthe Company, |
its Trustees and Advisers | |
| Trustees' Report |
2-8 | |
| Independent Examiner's Report |
9-10 | |
| Statement of Financial Activities | ||
| Balance Sheet | 12-13 | |
| Statement ofCash Flows | ||
| Notes to the Financial Statements | 15-32 |
| Restricted | Unrestricted | Total | Total | |||
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||
| 2020 | 2020 | 2020 | 2019 | |||
| Note | E | |||||
| INCOME FROM: | ||||||
| Donations and legacies |
133,456 | 133,456 | 18,641 | |||
| Charitable activities |
6,000 | 627,624 | 633,624 | 810,978 | ||
| Other trading activities |
18,650 | 66,681 | 85,331 | 129,058 | ||
| Investments | 324 | 324 | 361 | |||
| TOTAL INCOME | 24,650 | 828,085 | 852,735 | 959,038 | ||
| EXPENDITURE ON: | ||||||
| Raising funds | 81,481 | 81,481 | 87,019 | |||
| Charitable activities |
20,607 | 846,069 | 866,676 | 871,552 | ||
| TOTAL EXPENDITURE | 20,607 | 927,550 | 948,157 | 958,571 | ||
| NET MOVEMENT | IN FUNDS | 4,043 | (99,465) | (95,422) | 467 | |
| RECONCILIATION | OF FUNDS: | |||||
| Total funds brought | forward | 354,111 | 420,803 | 774,914 | 774,447 | |
| Net movement in funds |
4,043 | (99,465) | (95,422) | 467 | ||
| TOTAL FUNDS CARRIED FORWARD | 358,154 | 321,338 | 679,492 | 774,914 |
| 2020 | 2019 | |||||
|---|---|---|---|---|---|---|
| Note | F | E | ||||
| FIXEDASSETS | ||||||
| Tangible assets | 13 | 1,565,950 | 1,593,011 | |||
| 1,565,950 | 1,593,011 | |||||
| CURRENT ASSETS | ||||||
| Debtors | 14 | 21,407 | 3,603 | |||
| Cash at bank and | in hand | 196,051 | 415,857 | |||
| 217,458 | 419,460 | |||||
| Creditors: amounts | falling due within one | |||||
| year | 15 | (373,293) | (292,420) | |||
| NET CURRENT LIABILITIES IASSETS | (155,835) | 127,040 | ||||
| TOTAL ASSETS LESSCURRENT | ||||||
| LIABILITIES | 1,410,115 | 1,720,051 | ||||
| Creditors: amounts | falling due after more | |||||
| than one year | 16 | (730,623) | (945,137) | |||
| NET ASSETS EXCLUDING PENSION | ||||||
| ASSET | 679,492 | 774,914 | ||||
| TOTAL NET ASSETS | 679,492 | 774,914 | ||||
| CHARITY FUNDS | ||||||
| Restricted funds |
18 | 358,154 | 354,111 | |||
| Unrestricted funds |
18 | 321,338 | 420,803 | |||
| TOTAL FUNDS | 679,492 | 774,914 |
| 2020 | 2019 | |||||
|---|---|---|---|---|---|---|
| Note | F | E | ||||
| CASH FLOWS FROM OPERATING | ACTIVITIES | |||||
| Net cash used in operating activities |
20 | (25,503) | 225,476 | |||
| CASH FLOWS FROM INVESTING | ACTIVITIES | |||||
| Interest received | 324 | 361 | ||||
| Purchase of tangible fixed assets |
(30,697) | (56,087) | ||||
| NET CASH USED IN INVESTING | ACTIVITIES | (30,373) | (55,726) | |||
| CASH FLOWS FROM FINANCING | ACTIVITIES | |||||
| Repayments of bank loan |
(13,930) | (24,689) | ||||
| Repayments ofother loan |
(150,000) | |||||
| NET CASH USED IN FINANCING | ACTIVITIES | (163,930) | (24,689) | |||
| CHANGE IN CASH AND CASH EQUIVALENTS |
IN THE YEAR | (219,806) | 145,061 | |||
| Cash and cash equivalents at the beginning ofthe year |
415,857 | 270,796 | ||||
| CASH AND CASH EQUIVALENTS | AT THE END | OF THE YEAR | 21 | 196,051 | 415,857 |
| Restricted | Unrestricted | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2020 | 2020 | 2020 | |
| F | E | F | |
| Donations | 20,906 | 20,906 | |
| Grants | 112,550 | 112,550 | |
| Total donations | 133,456 | 133,456 | |
| Restricted | Unrestricted | Total | |
| funds | funds | funds | |
| 2019 | 2019 | 2019 | |
| E | |||
| Donations | 17,941 | 17,941 | |
| Grants | 500 | 200 | 700 |
| 500 | 18,141 | 18,641 |
| Restricted | Unrestricted | Total | |||||
|---|---|---|---|---|---|---|---|
| funds | funds | funds | |||||
| 2020 | 2020 | 2020 | |||||
| Tuition | fees | and | other | income | 6,000 | 627,624 | 633,624 |
| Unrestricted | Total | ||||||
| funds | funds | ||||||
| 2019 | 2019 | ||||||
| E | E | ||||||
| Tuition | fees | and | other | income | 810,978 | 810,978 |
| Unrestricted | Total | ||
|---|---|---|---|
| funds | funds | ||
| 2020 | 2020 | ||
| E | E | ||
| Bank | interest | 324 | 324 |
| Unrestricted | Total | ||
| funds | funds | ||
| 2019 | 2019 | ||
| F | |||
| Bank | interest | 361 | 361 |
| Restricted | Unrestricted | Total | |||
|---|---|---|---|---|---|
| funds | funds | funds | |||
| 2020 | 2020 | 2020 | |||
| F | F | ||||
| Charity trading | income | ||||
| Cafe income | 42,765 | 42,765 | |||
| Gallery exhibition | income | 12,684 | 12,684 | ||
| Miscellaneous | sales | 18,650 | 11,232 | 29,882 | |
| TOTAL2020 | 18,650 | 66,681 | 85,331 |
| Restricted | Unrestricted | Total | |||
|---|---|---|---|---|---|
| funds | funds | funds | |||
| 2019 | 2019 | 2019 | |||
| E | F | F | |||
| Cafe income | 72,563 | 72,563 | |||
| Gallery exhibition | income | 28,125 | 28,125 | ||
| Miscellaneous | sales | 8,000 | 20,370 | 28,370 | |
| TOTAL2019 | 8,000 | 121,058 | 129,058 |
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2020 | 2020 | |
| E | ||
| Cafe costs (general) | 32,270 | 32,270 |
| Exhibition costs | 26,816 | 26,816 |
| Cafe costs (wages) | 22,395 | 22,395 |
| TOTAL 2020 | 81,481 | 81,481 |
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2019 | 2019 | |
| E | ||
| Cafe costs (general) | 30,057 | 30,057 |
| Exhibition costs | 22,560 | 22,560 |
| Cafe costs (wages) | 34,402 | 34,402 |
| 87,019 | 87,019 |
| Support | Total | |
|---|---|---|
| Direct costs | costs | funds |
| 2020 | 2020 | 2020 |
| E | ||
| 325,624 | 541,052 | 866,676 |
| Activities | |||||
|---|---|---|---|---|---|
| undertaken | Support | Total | |||
| directly | costs | funds | |||
| 2019 | 2019 | 2019 | |||
| E | F | E | |||
| Total charitable | expenditure | 333,700 | 537,852 | 871,552 | |
| Analysis | ofdirect costs |
| Total | |||
|---|---|---|---|
| Activities | funds | ||
| 2020 | 2020 | ||
| E | |||
| Wages and | salaries | 281,457 | 281,457 |
| Models | 20,501 | 20,501 | |
| Advertising | 4,468 | 4,468 | |
| Purchases | of materials | 19,198 | 19,198 |
| 325,624 | 325,624 | ||
| Total | |||
| Activities | funds | ||
| 2019 | 2019 | ||
| F | E | ||
| Wages and | salaries | 268,886 | 268,886 |
| Models | 31,584 | 31,584 | |
| Advertising | 10,131 | 10,131 | |
| Purchases | of materials | 23,099 | 23,099 |
| 333,700 | 333,700 |
| Total | ||||
|---|---|---|---|---|
| Activities | funds | |||
| 2020 | 2020 | |||
| E | ||||
| Staff costs | 343,516 | 343,516 | ||
| Accountancy fees |
4,770 | 4,770 | ||
| Insurance | 4,963 | 4,963 | ||
| Telephone and fax |
2,491 | 2,491 | ||
| Printing, postage |
& stationery | 8,651 | 8,651 | |
| Travelling expenses |
4,454 | 4,454 | ||
| Rent and rates | 12,647 | 12,647 | ||
| Repairs, maintenance | and cleaning | 32,875 | 32,875 | |
| Legal and professional | fees | 11,630 | 11,630 | |
| Bank charges | 14,403 | 14,403 | ||
| Sundry expenses | 2,628 | 2,628 | ||
| Computer expenses | 10,362 | 10,362 | ||
| Light & heat | 5,433 | 5,433 | ||
| Mortgage interest |
24,471 | 24,471 | ||
| Depreciation | 57,758 | 57,758 | ||
| TOTAL2020 | 541,052 | 541,052 |
| Analysis ofsup |
port | costs (c | ontinued | ) | |||||
|---|---|---|---|---|---|---|---|---|---|
| Total | |||||||||
| Activities | funds | ||||||||
| 2019 | 2019 | ||||||||
| Staff costs | 323,944 | 323,944 | |||||||
| Audit fee | 3,500 | 3,500 | |||||||
| Accountancy fees |
8,500 | 8,500 | |||||||
| Insurance | 2,986 | 2,986 | |||||||
| Telephone and fax |
2,732 | 2,732 | |||||||
| Printing, postage |
8 stationery | 10,456 | 10,456 | ||||||
| Travelling expenses |
3,991 | 3,991 | |||||||
| Rent and rates | (2,668) | (2,668) | |||||||
| Repairs, maintenance | and cleaning | 39,945 | 39,945 | ||||||
| Legal and professional | fees | 20,381 | 20,381 | ||||||
| Bank charges | 15,974 | 15,974 | |||||||
| Sundry expenses | 3,579 | 3,579 | |||||||
| Computer expenses |
10,461 | 10,461 | |||||||
| Light 8 heat | 12,984 | 12,984 | |||||||
| Mortgage interest |
30,645 | 30,645 | |||||||
| Depreciation | 50,442 | 50,442 | |||||||
| 537,852 | 537,852 | ||||||||
| 10. | INDEPENDENT | EXAMINER'S | REMUNERATION | ||||||
| 2020 | 2019 | ||||||||
| Fees payable to the Company's | Independent | examiner | for the independent | ||||||
| examination of |
the Company's | annual | accounts | 3,500 | 3,500 |
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| E | |||||
| Wages and | salaries | 597,320 | 581,806 | ||
| Social security costs | 42,193 | 38,887 | |||
| Contribution | to defined | contribution | pension schemes | 7,855 | 6,539 |
| 647,368 | 627,232 |
| The average n |
umber | of p | ersons e |
mployed by the Company du |
ring the year was as follows: |
|
|---|---|---|---|---|---|---|
| 2020 | 2019 | |||||
| No. | No. | |||||
| Administration, | tutors | and | canteen | staff | 34 | 29 |
| Long-term | |||
|---|---|---|---|
| leasehold | Office | ||
| property | equipment | Total | |
| F | E | ||
| COST OR VALUATION | |||
| At 1 September 2019 | 1,520,917 | 207,625 | 1,728,542 |
| Additions | 2,744 | 27,953 | 30,697 |
| At 31 August 2020 | 1,523,661 | 235,578 | 1,759,239 |
| Long-term | |||||
|---|---|---|---|---|---|
| leasehold | Office | ||||
| property | equipment | Total | |||
| F | |||||
| DEPRECIATION | |||||
| At 1 September 2019 | 67,645 | 67,886 | 135,531 | ||
| Charge for the year | 30,418 | 27,340 | 57,758 | ||
| At 31 August | 2020 | 98,063 | 95,226 | 193,289 | |
| NET BOOK | VALUE | ||||
| At 31 August | 2020 | 1,425,598 | 140,352 | 1,565,950 | |
| At 31 August | 2019 | 1,453,272 | 139,739 | 1,593,011 | |
| 14. | DEBTORS | ||||
| 2020 | 2019 | ||||
| f. | |||||
| DUE WITHIN | ONE YEAR | ||||
| Trade debtors | 3,455 | 490 | |||
| Other debtors | 395 | 2,220 | |||
| Prepayments | and accrued income | 17,557 | 893 | ||
| 21,407 | 3,603 |
| 2020 | 2019 | |||
|---|---|---|---|---|
| Bank loans | 26,781 | 26,197 | ||
| Trade creditors | 57,347 | 42,019 | ||
| Other taxation | and social security | 11,524 | 9,036 | |
| Other creditors | 76,919 | 5,037 | ||
| Accruals and deferred | income | 200,722 | 210,131 | |
| 373,293 | 292,420 |
| 2020 | 2019 | ||
|---|---|---|---|
| E | |||
| Bank | loans | 679,447 | 693,961 |
| Other | creditors | 51,176 | 251,176 |
| 730,623 | 945,137 |
| 2020 | 2019 | |||||
|---|---|---|---|---|---|---|
| E | ||||||
| FINANCIAL | ASSETS | |||||
| Financial | assets measured | at fair value through | income and expenditure | 196,051 | 415,857 | |
| 2020 | 2019 | |||||
| E | E | |||||
| FINANCIAL | LIABILITIES | |||||
| Financial | liabilities measured | at fair value through | income and expenditure | (868,518) | (1,017,120) |
| STATEMENT OF FUNDS - CURRENT YEA | R | |||
|---|---|---|---|---|
| Balance at 1 | Balance at | |||
| September | 31 August | |||
| 2019 | Income | Expenditure | 2020 | |
| f. | ||||
| UNRESTRICTED FUNDS | ||||
| General Funds - all funds |
420,803 | 828,085 | (927,550) | 321,338 |
| RESTRICTED FUNDS | ||||
| Restricted Funds - all funds |
354,111 | 24,650 | (20,607) | 358,154 |
| TOTAL OF FUNDS | 774,914 | 852,735 | (948,157) | 679,492 |
| STATEMENT OF FUNDS - PRIOR YEAR | ||||
| Balance at | Balance at | |||
| 1 September | 31 August | |||
| 2018 | Income | Expenditure | 2019 | |
| E | E | E | E | |
| UNRESTRICTED FUNDS | ||||
| General Funds - all funds |
428,836 | 950,538 | (958,571) | 420,803 |
| RESTRICTED FUNDS | ||||
| Restricted Funds - all funds |
345,611 | 8,500 | 354,111 | |
| TOTAL OF FUNDS | 774,447 | 959,038 | (958,571) | 774,914 |
| ANALY | SIS O | F NET ASSETS BETWEEN FUNDS | - CURRENT PERIOD | ||
|---|---|---|---|---|---|
| Restricted | Unrestricted | Total | |||
| funds | funds | funds | |||
| 2020 | 2020 | 2020 | |||
| E | |||||
| Tangible | fixed | assets | 358,154 | 1,207,796 | 1,565,950 |
| Current | assets | 217,458 | 217,458 | ||
| Creditors | due | within one year | (373,293) | (373,293) | |
| Creditors | due | in more than one year | (730,623) | (730,623) | |
| TOTAL | 358,154 | 321,338 | 679,492 |
| ANALY | SIS O | F NET ASSETS BETWEEN FUNDS | - PRIOR PERIOD | ||
|---|---|---|---|---|---|
| Restricted | Unrestricted | Total | |||
| funds | funds | funds | |||
| 2019 | 2019 | 2019 | |||
| F | |||||
| Tangible | fixed | assets | 354,111 | 1,238,900 | 1,593,011 |
| Current | assets | 419,460 | 419,460 | ||
| Creditors | due | within one year | (292,420) | (292,420) | |
| Creditors | due | in more than one year | (945,137) | (945,137) | |
| 354,111 | 420,803 | 774,914 |
| 2020 | 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| E | |||||||||
| Net income/expenditure for |
the | period | (as per | Statement | of Financial | ||||
| Activities) | (95,422) | 467 | |||||||
| ADJUSTMENTS FOR: | |||||||||
| Depreciation charges |
57,758 | 50,442 | |||||||
| Dividends, interests |
and rents | from | investments | (324) | (361) | ||||
| Decrease/(increase) | in debtors | (17,804) | 184,435 | ||||||
| Increase/(decrease) | in creditors | 30,289 | (9,507) | ||||||
| NET CASH PROVIDED BY/(USED | IN) OPERATING | ACTIVITIES | (25,503) | 225,476 | |||||
| 21. | ANALYSIS OF CASH AND CASH | EQUIVALENTS | |||||||
| 2020 | 2019 | ||||||||
| F | |||||||||
| Cash in hand |
196,051 | 415,857 | |||||||
| TOTAL CASH AND | CASH EQUIVALENTS | 196,051 | 415,857 |
| At 1 | |||||||
|---|---|---|---|---|---|---|---|
| September | At 31 August | ||||||
| 2019 | Cash flows | 2020 | |||||
| F | |||||||
| Cash | at | bank and | in hand | 415,857 | (219,806) | 196,051 | |
| Debt | due | within | 1 | year | (26,197) | (584) | (26,781) |
| Debt | due | after | 1 year | (693,961) | 14,514 | (679,447) |