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|||||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||
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||||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|
#
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||||||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|||||
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|||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||
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|||||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||
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||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||
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|||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|
##
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|||||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||
##
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|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.|
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||||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|
##
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|||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)|
##
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|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|
##
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||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|
##
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|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)|
##
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||||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|
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