| Page | ||||
|---|---|---|---|---|
| Reference and Administrative | Details ofthe Company, | its Trustees and Advisers | ||
| Trustees' Report |
||||
| Independent Auditors' |
Report | on the Financial Statements | 8-12 | |
| Statement of Financial | Activities | 13 | ||
| Balance Sheet | 14-15 | |||
| Statement ofCash Flows | ||||
| Notes to the Financial | Statements | 17-31 |
| REFERENCE AND | REFERENCE AND | REFERENCE AND | ADMINISTRATIVE DETAILS OF THE COMPANY, ITSTRUSTEES AND ADVISERS |
ADMINISTRATIVE DETAILS OF THE COMPANY, ITSTRUSTEES AND ADVISERS |
|---|---|---|---|---|
| FOR THE YEAR ENDED | 31AUGUST 2022 | |||
| Trustees | Julia Simpson, Chair (appointed |
17February 2022) | ||
| Reginald Boorer, Vice Chair |
||||
| Cynthia Barlow OBE |
||||
| Robert Goodall, Treasurer | ||||
| Nicolette Aubury | ||||
| Wendy MacKinnon (appointed |
2 August 2022) | |||
| Company | registered | |||
| number | 03015275 | |||
| Charity registered | ||||
| number | 1072327 | |||
| Registered | office | 2 Penrose Gardens | ||
| London | ||||
| England | ||||
| NW3 7BF | ||||
| Patrons | Sir Frank Bowling OBE, RA | |||
| Alan Gouk | ||||
| Francisco Gazitua MRSS | ||||
| Dolores Sinaga | ||||
| Rachel Bowling | ||||
| Angels Leible |
||||
| Independent | auditors | Nyman Libson Paul LLP |
||
| Chartered Accountants |
||||
| Statutory Auditors | ||||
| 124 Finchley Road | ||||
| London | ||||
| NW3 5JS |
| Unrestricted | Restricted | Total | Total | |||
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||
| 2022 | 2022 | 2022 | 2021 | |||
| Note | F | F | ||||
| Income from: | ||||||
| Donations and legacies |
28,774 | 28,774 | 179,959 | |||
| Charitable activities |
912,461 | 3,200 | 915,661 | 731,328 | ||
| Other trading activities |
72,584 | 72,584 | 51,206 | |||
| Investments | 27 | 27 | 10 | |||
| Total income | 1,013,846 | 3,200 | 1,017,046 | 962,503 | ||
| Expenditure on: |
||||||
| Raising funds | 56,985 | 56,985 | 20,601 | |||
| Charitable activities |
869,209 | 8,671 | 877,880 | 877,919 | ||
| Total expenditure | 926,194 | 8,671 | 934,865 | 898,520 | ||
| Net movement in funds |
87,652 | {5,471) | 82,181 | 63,983 | ||
| Reconciliation offunds: |
||||||
| Total funds brought | forward | 363,439 | 380,036 | 743,475 | 679,492 | |
| Net movement in funds |
87,652 | (5,471) | 82,181 | 63,983 | ||
| Total funds carried forward | 451,091 | 374,565 | 825,656 | 743,475 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Note | F | |||||
| Fixed assets | ||||||
| Tangible assets | 13 | 1,487,322 | 1,546,625 | |||
| 1,487,322 | 1,546,625 | |||||
| Current assets | ||||||
| Debtors | 14 | 76,891 | 25,555 | |||
| Cash at bank and | in hand | 268,836 | 268,525 | |||
| 345,727 | 294,080 | |||||
| Creditors: amounts | falling due within one | |||||
| year | 15 | (388,734) | (395,688) | |||
| Net current liabilities | (43,007) | (101,608) | ||||
| Total assets less | current liabilities | 1,444,315 | 1,445,017 | |||
| Creditors: amounts | falling due after more | |||||
| than one year | 16 | (618,659) | (701,542) | |||
| Total net assets | 825,656 | 743,475 | ||||
| Charity funds | ||||||
| Restricted funds | 18 | 3?4,565 | 380,036 | |||
| Unrestricted funds |
18 | 451,091 | 363,439 | |||
| Total funds | 825,656 | 743,475 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| E | E | |||||
| Cash flows from operating | activities | |||||
| Net cash used in operating |
activities | 81,213 | 143,057 | |||
| Cash flows from investing | activities | |||||
| Interest received | 10 | |||||
| Purchase oftangible fixed assets |
(45,604) | |||||
| Net cash provided by/(used |
in) investing | activities | 27 | (45,594) | ||
| Cash flows from financing | activities | |||||
| Cash inflows from new borrowing | 50,000 | |||||
| Repayments of bank loan |
(30,929) | (24,989) | ||||
| Repayments ofother loan |
(50,000) | (50,000) | ||||
| Net cash used in financing | activities | (80,929) | (24,989) | |||
| Change in cash and cash |
equivalents | in | the year | 311 | 72,474 | |
| Cash and cash equivalents | at the beginning | ofthe year | 268,525 | 196,051 | ||
| Cash and cash equivalents | at the end | of | the year | 268,836 | 268,525 | |
| The notes on pages 17to 31 | form part ofthese financial statements |
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| funds | funds | funds | funds | ||
| 2022 | 2022 | 2022 | 2021 | ||
| E | E | ||||
| Donations | 25,160 | 25,160 | 46,111 | ||
| Government | Grants | 3,614 | 3,614 | 133,848 | |
| 28,774 | 28,774 | 179,959 | |||
| Total 2021 | 150,783 | 29,176 | 179,959 |
| Unrestricted | Restricted | Total | Total | ||||
|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | ||||
| 2022 | 2022 | 2022 | 2021 | ||||
| F | |||||||
| Tuition fees and other income | 912,461 | 3,200 | 915,661 | 731,328 | |||
| Total 2021 | 731,328 | 731,328 | |||||
| 6. | Income from other trading | activities | |||||
| Income from non charitable | trading | activities |
| Unrestricted | Total | Total | |||||
|---|---|---|---|---|---|---|---|
| funds | funds | funds | |||||
| 2022 | 2022 | 2021 | |||||
| F | E | E | |||||
| Cafe income | 42,781 | 42,781 | 20,413 | ||||
| Gallery exhibition | income | 10,600 | 10,600 | 4,577 | |||
| Miscellaneous | sales | 19,203 | 19,203 | 26,216 | |||
| 72,584 | 72,584 | 51,206 | |||||
| Total 2021 | 51,206 | 51,206 | |||||
| 7. | Investment | income | |||||
| Unrestricted | Total | Total | |||||
| funds | funds | funds | |||||
| 2022 | 2022 | 2021 | |||||
| F | |||||||
| Bank interest | 10 | ||||||
| Total 2021 | 10 | 10 |
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2022 | 2022 | 2021 | |
| F | |||
| Cafe costs (general) | 22,839 | 22,839 | 14,277 |
| Exhibition costs | 14,977 | 14,977 | 1,719 |
| Cafe costs (wages) | 19,169 | 1S,169 | 4,605 |
| 56,985 | 56,985 | 20,601 | |
| Total 2021 | 20,601 | 20,601 |
| Activities | ||||||
|---|---|---|---|---|---|---|
| undertaken | Support | Total | Total | |||
| directly | costs | funds | funds | |||
| 2022 | 2022 | 2022 | 2021 | |||
| E | ||||||
| Total | charitable | expenditure | 345,015 | 532,865 | 877,880 | 877,S19 |
| Total | 2021 | 314,244 | 563,675 | 877,919 |
| Total | Total | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2021 | ||
| F | |||
| Wages and | salaries | 282,001 | 261,794 |
| Models | 34,705 | 22,918 | |
| Advertising | 2,305 | 4,480 | |
| Computer expenses | 518 | 564 | |
| Purchases | ofmaterials | 25,486 | 24,488 |
| 345,015 | 314,244 |
| Total | Total | ||||
|---|---|---|---|---|---|
| Activities | funds | funds | |||
| 2022 | 2022 | 2021 | |||
| F | F | ||||
| Staffcosts | 293,106 | 293,106 | 338,923 | ||
| Audit and | accountancy | fees | 9,760 | 9,760 | 6,630 |
| Insurance | 4,595 | 4,595 | 4,415 | ||
| Telephone and fax |
2,517 | 2,517 | 2,444 | ||
| Printing, | postage and | stationery | 7,328 | 7,328 | 5,008 |
| Travelling | expenses | 4,646 | 4,646 | 3,820 | |
| Rent and | rates | 38,105 | 38,105 | 38,690 | |
| Repairs, | maintenance | and cleaning | 31,433 | 31,433 | 20,332 |
| Legal and professional | fees | 6,567 | 6,567 | 2,880 | |
| Bank charges | 16,576 | 16,576 | 14,765 | ||
| Sundry expenses | 15,871 | 15,871 | 18,696 | ||
| Computer | expenses | 12,010 | 12,010 | 11,679 | |
| Light and | heat | 8,059 | 8,059 | 6,489 | |
| Mortgage | interest | 22,990 | 22,990 | 23,975 | |
| Depreciation | 59,302 | 59,302 | 64,929 | ||
| 532,865 | 532,865 | 563,675 | |||
| Total 2021 | 563,675 | 563,675 |
| Staffcosts | |||||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| Wages and | salaries | 551,380 | 565,989 | ||
| Social security costs | 35,081 | 32,121 | |||
| Contribution | to defined | contribution | pension schemes | 7,815 | 7,212 |
| 594,276 | 605,322 |
| 2022 | 2021 | ||
|---|---|---|---|
| No. | No. | ||
| Total | employees | 32 |
| 2022 | 2021 |
|---|---|
| No. | No. |
| Long-term | |||||
|---|---|---|---|---|---|
| leasehold | Office | ||||
| property | equipment | Total | |||
| F | E | ||||
| Cost or valuation | |||||
| At 1 September 2021 | 1,523,661 | 281,182 | 1,804,843 | ||
| At 31 August | 2022 | 1,523,661 | 281,182 | 1,804,843 | |
| Depreciation | |||||
| At 1 September 2021 | 129,030 | 129,188 | 258,218 | ||
| Charge for the year | 30,967 | 28,336 | 59,303 | ||
| At 31 August | 2022 | 159,997 | 157,524 | 317,521 | |
| Net book value | |||||
| At 31 August | 2022 | 1,363,664 | 123,658 | 1,487,322 | |
| At 31August | 2021 | 1,394,631 | 151,994 | 1,546,625 | |
| 14. | Debtors | ||||
| 2022 | 2021 | ||||
| E | |||||
| Due within one year | |||||
| Trade debtors | 56,640 | 20,260 | |||
| Other debtors | 642 | 558 | |||
| Prepayments | and accrued income | 19,609 | 4,737 | ||
| 76,891 | 25,555 |
| 2022 | 2021 | ||
|---|---|---|---|
| F | F | ||
| Bank loans | 31,651 | 29,697 | |
| Trade creditors | 10,025 | 27,064 | |
| Other taxation and social security | 9,867 | 12,330 | |
| Other creditors | 7,262 | 58,025 | |
| Accruals and deferred | income | 329,929 | 268,572 |
| 388,734 | 395,688 |
| 2022 | 2021 | ||
|---|---|---|---|
| Bank | loans | 618,659 | 651,542 |
| Other | loans | 50,000 | |
| 618,659 | 701,542 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Financial | assets | ||||
| Financial | assets measured | at fair value through | income and expenditure | 268,836 | 268,525 |
| 2022 | 2021 | ||||
| F | F | ||||
| Financial | liabilities | ||||
| Financial | liabilities measured | at fair value through | income and expenditure | (665,278) | (813,246) |
| Stateme | nt offunds - cu | rrent year | ||||
|---|---|---|---|---|---|---|
| Balance at 1 | Balance at | |||||
| September | 31 August | |||||
| 2021 E |
Income | Expendituref | 2022f | |||
| Unrestricted funds |
||||||
| General | Funds - all funds | 363,439 | 1,013,846 | (926,194) | 451,091 | |
| Restricted funds | ||||||
| Building | Fund | 358,154 | 358,154 | |||
| London | Borough ofCamden | 21,882 | (5,471) | 16,411 | ||
| Other funds (contribution | to salaries) | 3,200 | (3,200) | |||
| 380,036 | 3,200 | (8,671) | 374,565 | |||
| Total of | funds | 743,475 | 1,017,046 | (934,865) | 825,656 |
| Stateme | nt of | funds - prior year | |||||
|---|---|---|---|---|---|---|---|
| Balance at | Balance at | ||||||
| 1 September | 31 August | ||||||
| 2020 | Income | Expenditure | 2021 | ||||
| E | F | f. | |||||
| Unrestricted | funds | ||||||
| General | Funds - all funds | 321,338 | 933,327 | (891,226) | 363,439 | ||
| Restricted funds | |||||||
| Building | Fund | 358,154 | 358,154 | ||||
| London | Borough ofCamden | 29,176 | (?,294) | 21,882 | |||
| 358,154 | 29,176 | (7,294) | 380,036 | ||||
| Total offunds | 679,492 | 962,503 | (898,520) | 743,475 | |||
| 19. | Analysis | ofnet assets between funds | |||||
| Analysis | of net assets between funds | - current year | |||||
| Unrestricted | Restricted | Total | |||||
| funds | funds | funds | |||||
| 2022 | 2022 | 2022 | |||||
| F | F | ||||||
| Tangible | fixed | assets | 1,112,757 | 374,565 | 1,487,322 | ||
| Current assets | 345,72? | 345,727 | |||||
| Creditors | due | within one year | (388,734) | (388,734) | |||
| Creditors | due | in more than one year | (618,659) | (618,659) | |||
| Total | 451,091 | 374,565 | 825,656 |
| Analysis ofnet assets between funds - prior y | ear | ||
|---|---|---|---|
| Unrestricted | Restricted | Total | |
| funds | funds | funds | |
| 2021 | 2021 | 2021 | |
| E | F | ||
| Tangible fixed assets | 1,166,589 | 380,036 | 1,546,625 |
| Current assets | 294,080 | 294,080 | |
| Creditors due within one year | (395,688) | (395,688) | |
| Creditors due in more than one year | (701,542) | (701,542) | |
| 363,439 | 380,036 | 743,475 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| F | ||||
| Net income for the | year (as per Statement ofFinancial Activities) | 82,181 | 63,983 | |
| Adjustments for: |
||||
| Depreciation charges |
59,302 | 64,929 | ||
| Dividends, interests |
and rents from | investments | (27) | (10) |
| Increase in debtors |
(51,336) | (4,148) | ||
| Increase/(decrease) | in creditors | (8,907) | 18,303 | |
| Net cash provided | by operating | activities | 81,213 | 143,057 |
| Analysis ofcash and cash equivalents | ||||
| 2022 | 2021 | |||
| F | ||||
| Cash in hand | 268,836 | 268,525 | ||
| Total cash and cash equivalents | 268,836 | 268,525 |
| At 1 | ||||
|---|---|---|---|---|
| September | At 31 August | |||
| 2021 | Cash flows | 2022 | ||
| F | F | |||
| F. | ||||
| Cash | at bank and in hand | 268,525 | 311 | 268,836 |
| Debt | due within 1 year |
(29,697) | (1,954) | (31,651) |
| Debt | due after 1 year | (701,542) | 82,883 | (618,659) |
| {462,714) | 81,240 | (381,474) |
| 2022 | 2021 | |||
|---|---|---|---|---|
| F | ||||
| Not later than | 1 year | 21,337 | 21,337 | |
| Later than | 1 year and not later than 5years | 58,158 | 58,158 | |
| Later than | 5years | 39,444 | 60,781 | |
| 118,939 | 140,276 |