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|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|
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||||||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|
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|||||||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|
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||||||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|
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|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|
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|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|
##
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|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|
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|||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|
##
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|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|
##
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|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|
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|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)|
##
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|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|
##
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||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|