| Page | |
|---|---|
| Report ofthe Trustees | 3to 7 |
| Report ofthe Independent Auditors |
8 to 9 |
| Statement ofFinancial Activities | |
| Balance Sheet | |
| Cash Flow Statement | 12 |
| Notes to the Cash Flow Statement | 13 |
| Notes to the Financial Statements | 13to 23 |
| 2020 | 2019 | ||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total funds |
Total | funds | |||
| fund | funds | ||||||
| Notes | f | ||||||
| INCOME AND ENDOWMENTS FROM | |||||||
| Donations and legacies |
198,144 | 25,000 | 223,144 | 3,589 | |||
| Charitable activities |
|||||||
| Teaching art classes | 1,027,339 | 1,027,339 | 1,478,549 | ||||
| Resident artists' studios | 35,028 | 35,028 | 47,988 | ||||
| Other trading activities | 79,487 | 79,487 | 119,015 | ||||
| Investment income |
1,269 | 1,269 | 1,002 | ||||
| Total | 1,341,267 | 25,000 | 1,366,267 | 1,650,143 | |||
| EXPENDITURE ON | |||||||
| Raising funds | 86,815 | 86,815 | 110,028 | ||||
| Charitable activities |
|||||||
| Teaching art classes | 1,206,432 | 25,000 | 1,231,432 | 1,456,860 | |||
| Resident artists' studios | 63,319 | 63,319 | 75,232 | ||||
| Other | 110,318 | 2,464 | 112,782 | 1,824 | |||
| Total | 1,466,884 | 27,464 | 1,494,348 | 1,643,944 | |||
| NET INCOME | (125,617) | (2,464) | (128,081) | 6,199 | |||
| RECONCILIATION | OF FUNDS | ||||||
| Total funds brought | forward | 966,028 | 2,464 | 968,492 | 962,293 | ||
| TOTAL FUNDS CARRIED FORWARD | 840,411 | — | 840,411 | 968,492 |
| 2020 | 2019 | |||
|---|---|---|---|---|
| Umcstnctcd | Total funds | Tuel frmds |
||
| fund | ||||
| Notes | 6 | |||
| FIXEDASSETS | ||||
| Tantpble 8acts | 15 | 1,793,316 | I 793,316 | 1,830.309 |
| CURRENT ASSETS | ||||
| Stochs Dchtom Cash at hark snd in band |
16 17 |
31,517 66,692 4R2RI |
3!,517 66,692 408.228 |
34,814 fe,618 536.971 |
| 506,437 | 506,43'7 | 640,403 | ||
| CREDITGRS | ||||
| Amourns falling due urddn ooeyear |
tg | (1.459542) | (1,459,342) | (434.932) |
| NET CURRENI' RAAB~ASSETS | ~95~.9N | ~(952505 | 20rs,471 | |
| 840,411 | 840,411 | 2,16&,780 | ||
| CREDITORS | ||||
| Ammmts falling. due aber more Qmn we year |
19 | {1,067,2881 | ||
| 810411 | 840.411 | 968.492 | ||
| FUNDS | 21 | |||
| Umesuictcd fmds | S40,411 | 966,028 | ||
| Reentered fimds | ?.464 | |||
| ~840411 | 968492 |
| 2020 | 2019 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | |||||||
| Cash flows from operating | activities: | ||||||
| Cash generated Irom operations |
(64,732) | 15,114 | |||||
| Interest paid | (23,714) | (34,788) | |||||
| Net cash provided by (used |
in) operating | activities | ~88.446) | (19,674) | |||
| Cash flows from investing | activities: | ||||||
| Purchase oftangible fixed assets | (31,048) | (80,089) | |||||
| Interest received | 1,269 | 1,002 | |||||
| Net cash provided by (used |
in) investing | activities | ~29,779) | ~79,087) | |||
| Cash flows from financing Loan repayments in year |
activities: | (11,300) | ~35,399) | ||||
| Net cash provided by (used |
in) financing | activities | ~ll.300) | (35,399) | |||
| Change in cash and cash equivalents | in the | ||||||
| reporting period |
(128,743) | (134,160) | |||||
| Cash and cash equivalents | at the beginning | ofthe | 2 | ||||
| reporting period |
336971 | 671,131 | |||||
| Cash and cash equivalents | at the end | of | the | ||||
| reporting period |
408,228 | 536,971 |
| 2020 | 2019 | |||||
|---|---|---|---|---|---|---|
| Net income for the | reporting | period | ||||
| (asper the statement offinancial |
activities) | (128,081) | 6,199 | |||
| Adjustments for: |
||||||
| Depreciation charges |
68,041 | 62,585 | ||||
| Interest received | (1,269) | (1,002) | ||||
| Interest paid | 23,714 | 34,788 | ||||
| Decrease/(Increase) | in stocks | 3,295 | (722) | |||
| Decrease/(increase) | in debtors | and | prepayments | 1,926 | 8,036 | |
| (Decrease)/increase | in creditors | ~32,358 | (94,770) | |||
| Net cash provided | by operating | activities | (64,372) | 15,114 | ||
| 2. | ANALYSIS OFCASH AND | CASH EQUIVALENTS | ||||
| 2020 | 2019 | |||||
| f, | ||||||
| Cash in hand | 791 | 537 | ||||
| Notice deposits (less than 3 months) | 407,437 | 536,434 | ||||
| Total cash and cash equivalents | 408,228 | 536,971 |
| Depreciation is p |
ro | vided at the followi | ng annual rates in order to write offeach asset over its estimated usef |
|---|---|---|---|
| Freehold building | -2%on cost (cost estimated at 75%oftotal purchase price) | ||
| Short leaseholds | tk | licences | - in accordance with the period ofthe lease or licence |
| Plant &machinery | etc. | -20%on cost |
| 4. | DONATIONS AND LEGACIE |
S | ||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | 2020 | 2019 | |||
| Fund | Fund | |||||
| I | ||||||
| Donation | 83,671 | 83,671 | 3,589 | |||
| Coronavirus Job Retention Scheme Grants |
114,473 | 114,473 | ||||
| Local authority COVI13-19grant |
25,000 | 25,000 | ||||
| 198,144 | 25,000 | 223,144 | 3,589 | |||
| 5. | OTHER TRADINC ACTIVITIES | |||||
| 2020 | 2019 | |||||
| Sales ofart materials | 62,148 | 101,746 | ||||
| Creativity team building |
6,070 | 17,269 | ||||
| Other Misc. Income | 11,269 | |||||
| 79,487 | 119,015 | |||||
| 6. | INVESTMENT INCOME | |||||
| 2020 | 2019 | |||||
| Deposit account interest | 1,269 | 1,002 | ||||
| INCOME FROM CHARITABLE ACTIVITIES | ||||||
| 2020 | 2019 | |||||
| Activity | ||||||
| Tuidon course fees | Teaching art | classes | 1,027,339 | 1,462,209 | ||
| Resident artists' studio rent | Resident artists' studios | 35,028 | 47,988 | |||
| Other misc, income | Teaching art | classes | 16340 | |||
| ~1062,367 | 1,526,537 | |||||
| 8. | RAISING FUNDS | |||||
| Other trading activities | ||||||
| 2020 | 2019 | |||||
| Art material purchases | 35,345 | 48,625 | ||||
| Creativity training costs |
94 | 92 | ||||
| Supportcosts | 51,376 | 61,311 | ||||
| 86,815 | 110,028 |
| CHARITABLE ACTIVITIES COST | S | |||
|---|---|---|---|---|
| Direct costs | Support costs | Totals | ||
| (Seenote 10) | ||||
| 8 | ||||
| Teaching art classes | 543,697 | 687,735 | 1,231,432 | |
| Resident artists' studios | 63,319 | 63,319 | ||
| 543,697 | 751,054 | 1,294,751 | ||
| SUPPORT COSTS | ||||
| Information | ||||
| Management | Finance | technology | ||
| Other trading activities | 33,882 | 2,536 | 1,729 | |
| Other resources expended | 95,658 | 7,159 | 4,881 | |
| Teaching art classes | 437,911 | 32,771 | 22,345 | |
| Resident artists' studios | 14,931 | 1,117 | 762 | |
| 582,381 | 43,583 | 29,717 | ||
| Human | Property | Governance | ||
| resources f |
fuluung costs |
costs | Totals | |
| Other trading activities | 1,276 | 11,429 | 525 | 51,376 |
| Other resources expended | 3,601 | 1,484 | 112,782 | |
| Teaching art classes | 16,486 | 171,434 | 6,788 | 687,735 |
| Resident artists' studios | 562 | 45,716 | 231 | 63,319 |
| 21,925 | 228,578 | 9,029 | 915,213 |
| Activity | Basis ofallocation | ||
|---|---|---|---|
| Management | TuflioVCf | ||
| Finance | TuflioVCI | ||
| Information | technology | Turnover | |
| Human resources | TOIllovCI | ||
| Property running |
costs | Floor space | |
| Governance | costs | Tiilnovcf |
| 2020 | 2019 | ||
|---|---|---|---|
| Auditors' remuneration |
4,070 | 3,420 | |
| Depreciation - | owned assets | 68,041 | 62,585 |
| Other operating | leases | 75,523 | 122,944 |
| 2020 | 2019 | ||
|---|---|---|---|
| Wages | and salaries | 462,042 | 439,836 |
| Social | security costs | 42,158 | 38,622 |
| Other | pension costs | 10,063 | 7,771 |
| 514,263 | 486,229 |
| Academy was $72,3 |
87(2019tf71,060). |
|||
|---|---|---|---|---|
| The average monthly | number ofemployees | during the year was as follows: | ||
| 2020 | 2019 | |||
| Executive | 1 | 1 | ||
| Adminisnution | 12 | 14 | ||
| Technical services | 2 | 3 | ||
| 15 | 18 |
| COMPARATIVES F | OR THE STATEMENT OF31 | AUGUST 2019 FINANCI | AL ACTIVITI | ES |
|---|---|---|---|---|
| Unrestricted | Restricted | Total funds | ||
| fund I |
funds | |||
| INCOME AND ENDOWMENTS FROM | ||||
| Donations and legacies |
3,589 | 3,589 | ||
| Charitable activities |
||||
| Teaching art classes | 1,478,549 | 1,478,549 | ||
| Resident artists' studios | 47,988 | 47,988 | ||
| Other trading activities | 119,015 | 119,015 | ||
| Investment income |
1,002 | 1,002 | ||
| Total | 1,650,143 | 1,650,143 | ||
| EXPENDITURE ON | ||||
| Raising funds | 110,028 | 110,028 | ||
| Charitable activities |
||||
| Teaching att classes | 1,456,860 | 1,456,860 | ||
| Resident artists' studios | 75,232 | 75,232 | ||
| Others | 1,824 | 1,824 | ||
| Total | 1,643,944 | 1,643,944 | ||
| NET INCOME | 6,199 | 6,199 | ||
| Transfers between funds |
||||
| RECONCILIATION | OF FUNDS | |||
| Total funds brought forward | 959,828 | 2,464 | 962,292 | |
| TOTAL FUNDS CARRIED FORWARD | 966,027 | 2,464 | 968,491 |
| TANGIBLE FIXEDASSETS | |||
|---|---|---|---|
| Freehold | Short | Plant and | |
| property f |
leasehold | machinery | |
| COST | |||
| At 1 September 2019 | 1,820,306 | 10,022 | 59,973 |
| Additions | 3,749 | ||
| At 31August 2020 | 1,820,306 | 10,022 | 63,722 |
| DEPRECIATION | |||
| At 1 September 2019 | 108,306 | 6,323 | 48,670 |
| Charge for year | 27,000 | 944 | 7,583 |
| At31 August2020 | 133306 | 7,267 | 56,253 |
| NET BOOK VALUE | |||
| At 31 August 2019 | 1,712,000 | 3,699 | 11,303 |
| At 31August 2020 | 1,685,000 | 2,755 | 7,469 |
| Fixtures and | Computer | ||
| fittings | equipment f |
Totals | |
| COST | |||
| At 1 September 2019 | 125,943 | 72,420 | 2,088,664 |
| Additions | 21,887 | 5,412 | 31,048 |
| At 31 August 2020 | 147,830 | 77,832 | 2,119,712 |
| DEPRECIATION | |||
| At 1 September 2019 | 37,714 | 57,342 | 258,355 |
| Charge for year | 25,699 | 6,815 | 68,041 |
| At 31 August 2020 | 63,413 | 64,157 | ~326 396 |
| NET BOOK VALUE | |||
| At 31August 2019 | 88,229 | 15,078 | 1,830,309 |
| At 31August 2020 | 84,417 | 13,675 | 1,793,316 |
| 2020 | 2019 | ||
|---|---|---|---|
| Art | materials | 31,517 | 34,814 |
| Minimum lease payments under non-cancellable operaung |
leases fall due as follows: | |
|---|---|---|
| 2020 | 2019 | |
| Within one year | 18,635 | 25,892 |
| Between one and tive years | 47,213 | 10,907 |
| 65,848 | 36,799 |
| MOVEMENT IN FUNDS | |||||
|---|---|---|---|---|---|
| Net movement | |||||
| At 1.9.19 | in funds | At 31.8.20 | |||
| Unrestricted funds |
|||||
| General fund | 966,028 | (125,617) | 840,411 | ||
| Restricted funds | |||||
| Outreach fund |
2,464 | (2,464) | |||
| Coronavirus Job Retention |
Scheme | ||||
| TOTAL FUNDS | 968,492 | (128,081) | 840,411 | ||
| Net movement in funds, included |
in the above are as follows: | ||||
| Incoming | Resources | Movement in |
|||
| resources | expended | funds f |
|||
| Unrestricted funds |
|||||
| General fund | 1,341,267 | (1,466,884) | (125,617) | ||
| Restricted funds | |||||
| Outreach fund |
(2,464) | (2,464) | |||
| Local authority discretionary |
COVID-19 grant | 25,000 | (25,000) | ||
| TOTAL FUNDS | 1,366,267 | (1,494,348) | (128,081) |
| Analysis | ofnet assets between funds |
|||
|---|---|---|---|---|
| Unrestricted | Restricted | Total Fund | ||
| Fund | Fund | 2020 | ||
| Tangible | Fixed Assets | 1,793,316 | 1,793,316 | |
| Current Assets | 515,889 | 515,889 | ||
| Creditors | due in one year | (1,434,342) | (1,434,342) | |
| 865,411 | 865,411 |
| FORTHE YEAR ENDED | 31Au st 2020 |
||
|---|---|---|---|
| 2020 | 2019 | ||
| INCOME AND ENDOWMENTS | |||
| Donations and legacies |
|||
| Donations | 223,144 | 3,589 | |
| Other trading activities |
|||
| Sales ofart materials | 62,148 | 101,746 | |
| Creativity team building | 6,070 | 17,269 | |
| Other Misc. Income | 11,269 | ||
| 79,487 | 119,015 | ||
| Investment income |
|||
| Deposit account interest | 1,269 | 1,002 | |
| Charitable activities |
|||
| Tuition course fees | 1,027,339 | 1,462,209 | |
| Resident artists' studio |
rent | 35,028 | 47,988 |
| Other misc. income | 16,340 | ||
| 1,062,367 | 1,526,537 | ||
| Total incoming resources | 1,366,267 | 1,650,143 | |
| EXPENDITURE | |||
| Other trading activities |
|||
| Shop materials costs |
35,345 | 48,625 | |
| Creativity training costs |
94 | 92 | |
| 35,439 | 48,717 | ||
| Charitable activities |
|||
| Course tuition costs | 444,773 | 577,844 | |
| Marketing | 91,340 | 73,909 | |
| Equipment depreciation |
7,584 | 7,240 | |
| 543,697 | 658,993 | ||
| Support costs | |||
| Management | |||
| Wages | 486,107 | 439,836 | |
| Social security | 42,158 | 38,622 | |
| Pensions | 10,063 | 7,771 | |
| Other professional | service | 7,012 | 20,457 |
| Telephone | 8,016 | 4,400 | |
| Postage and stationery | 3,326 | 9,131 | |
| Depreciation offixtures &fittings | 25,699 | 18,830 | |
| 582,381 | 539,047 | ||
| Finance | |||
| Bank &Woridpay | charges | 19,869 | 17,554 |
| Mortgage interest |
23,714 | 34,788 | |
| 43,583 | 52,342 |
| FORTHE YEAR END | ED 31Au ust 2020 | ||
|---|---|---|---|
| 2020 | 2019 | ||
| Information technology |
|||
| ITrepairs &expenses | 22,902 | 15,615 | |
| Depreciation ofIT | equipment | 6,815 | 9,043 |
| 29,717 | 24,658 | ||
| Human resources |
|||
| Combined liability |
insurance | 7,728 | 7,621 |
| Office cleaning | 5,032 | 7,211 | |
| Health &safety | 9,165 | 19,085 | |
| 21,925 | 33,917 | ||
| Property running |
costs | ||
| Short leasehold rents | 100,523 | 122,944 | |
| Rates and water | 30,208 | 29,645 | |
| Light and heat | 16,799 | 28,034 | |
| Building maintenance | 53,104 | 72,774 | |
| Freehold property | 27,000 | 27,000 | |
| Depn ofleasehold | improvements | 944 | 472 |
| 228,578 | 280,869 | ||
| Governance costs |
|||
| Auditors' remuneration |
4,070 | 4,080 | |
| Accountancy and legal fees |
4,958 | 1,321 | |
| 9,028 | 5,401 | ||
| Total resources expended | 1,494,348 | 1,643,944 | |
| Net income | ~128,981 | 6199 |