Registered ttumber: 03801729
Ch8rity number: 1078804
The Art Acaden)y
(A Company Limlted by Guarantee)
Trnstees, Report and Financial Statements
For the Year Ended 31 August 2021

The Art Academy
{A Company Limited by Guarantee)
Contents
Page
Reference and 4dmiui5trBtiY¢ d¢tsiJs of the ch￿lty. its TnJsTees attdadvisers
Tru5tees'report
Illdcpclldent auditors, teport ott tbe fijjancial ststements
Statetneoi of fiD￿l41 activiti
8-10
Ba13DCt sheet
12
Ststement ofG¥h flow$
13
Notes to the fillan¢iaJ stst¢tnents
14-28

The Art Academy
(A Company Limited by Guarantee)
Reference Ond AdmiDRstrAtlve Details of the Ctsarlty. its Trustees and Advisers
For the Year Ended 31 August 2021
Trustees
D J Fenttell
M R C Gerb"$
KGordon (appoilltsd 8 Decemb¢r 2020)
PJ Harris
PRKulli¢h
J C Littl¢r
DJ A WrigtrLt
Company rwstered Dumber 03801729
Cbarlty reRL8tered knutDber
1078804
165a BoTOUBh High Street
Lonth)n
SEI IHR
cOm￿nY $etr¢i4ry
S M A Zahedi
Key M¥ll4gemeDtPer8onnel Rob Pepper. Thincipal
Su¢ Spaull- Diteclor of Programmes
Hatiiet Wheeler- Director of Operations
Sophie Singh- Dit￿lor of Developn2eJJts
DHTren Ngim. Director of A¢￿t￿l¢ Quaiiry. StaLdard8 attd Student Exp¢TiaKe
Independent gxditors
UHYKe￿LLP
Chartered Accountants
Statutory Auditors
ROM￿ Square
Sittingboume
Kettt
MEIO 4BJ
B¥llkeT5
NalW¢5t Bank Plc
250 Bishopsgate
Spiiaifsel(Ls
)ndo
EC2M 4AA
Page I

The Art A¢8detDy
(A CompADy Llmlted by Gu&rnntet)
Trustees, report
For the y¢#r ended 31 August 2021
The TrlJstsespresentthe￿ annual report tog¢th¢rwith the audited finattcial s(aiements of thc Ch￿lty for the year I Septsmber 2020 ro
31 Augllsl 2021. The Atmual Report setves the putPOS¢5 of aT￿ste25, report attd a direclors, rcport uadcr company law. The
T￿￿tte￿ ¢onfirtn that the Anllual Report attd fillancia] staiements of th¢ charitable compxlly Comply with thc curr¢nt Statytory
Tequirements. Ibe requir¢m¢nts of the charitable companys govu￿￿8 document 8tLdth¢ PTOVi$iOllS of the Statsmentof RecomrnerLded
PrnGlic¢ ISORP) applitable 10 charities preparing tb¢ir accouDts ill aecoTthce with ikne Financial R¢porfing Standard 3pplicable iu the
UKattdR¢public ofIr¢la1￿ (FRS1021 (effe¢iive l Janu￿ 2019).
Sinee the Ch￿lty qualifies as small under section 382 of tbe Companies Act 2006. thc Strategic Retx)rt required of tlledium artd large
eompanies under tbe Companies Aci 2006 (Strate￿¢ R¢port Hnd DirectQf5' Report) Kegulaiions 2013 bas bg¢n ornitt¢d.
STRUCTURL COVEIINANCE AND MANAGEMENr
Goverllittg do¢um¢nt
The Art Academy is r¢gis*red ¥ a Chatitable conjpally limited by guaTaDtee 3nd was set up by a Tnjst deed. Th¢ charity'5 ru1¢5 of
governaDce are sct out in it5 mernordndum aDd articles of &%sociation. tn the ¢vcnt of th¢ comp2nywll￿l￿g up, the liability of i15
tnetllba5 15 littiiied to payiog in £10 cach and this oblig&tiOll CDtitillues 10 hold for ayear following arly r¢5i&L&tion. TheotLly t￿￿￿berS
are th¢ trns¢ee5.
org4ni8at1o]￿ $tru¢tllre
The Art AcaO¢tny is l¢d by RobertPepper&s Prittcip81, and its executivet¢8Tn ttwie up of Sue Spaull. Director ofProgr3nun¢5', Darr¢n
Nairn, DiTe¢ior ofAcadcmi¢ Qu81ity, Standard5 a[￿ Student Experience., Sopbie Siagtl, Diwtorof DEveloprnent & HaJtiet Illkeeler,
Dir¢Gtor of Operations. They are support¢dby a llRDagellKlll team ofRebecca Kujjzi, Academic Course MatW¥ Zuzaua Knigbiova.
Public Progratnrne Mauager. Shirlcy Wang, Fin8D¢e Controller {ceaSedeTr￿loyM#rtt at the A¢adcmy in May20221., JAtne5 Ktughi.
Facilities Mamager aJ)d Emma Collills, Matkelillg & ComsJJuttications Mallag¢r. LizAdekunle jou]ed The Art A¢adcmy IJJ January 2022
N5 Directorof Operations Imthmity coverl. Lucy Grey jOSllEd &8 Fittan<e Director in March 2022
Method5 of *ppoititJwllt or elettlox of Trustees
Tn*s are advised Df their duties as well as the history ￿dpresent Sit￿tion of the ¢haTitybefore they join thc bo4rd.
Po]irles and prntedwtj adopted for the ADdllctloD and trjithg of tru8t¢es
Trainittg and i]Jduction ss fornew butwill depelld i)tt their existing experience. Wh¢r¢ ￿￿¢s5￿ry illduction will ptovilktraitsing
on charity legal 8nd financial Thattcr5. All rtew knjstees ￿11] be gven a tour of the Acttdemy attd the chanc¢to rn¢￿ Staff and
soldents. AII rrnsiees ar¢ provided wrth Copies of policie4 pmcedutts, minutes, a¢¢ouDts, budgets? plalls and oth¢r documents that ¢h¢y
will lleed 10 uodertake their role as tN5te¢5. As Ghanges to the board of knjstees are Infreq￿￿1 indu¢tiontettd8 to be done infonllally and
IS tailored specifically 10 tbe ittdivxdual.
pollcy for key man¥gewtryt IitrsohiDel
Are]nU￿On committ¢c wth Th¢mkrs of theboard of trustees has now be¢n Set up will txheet to set the paypoliey for key
p¢rsoDnel.
Rel*ted pArty rel•tioD5hip8
Ai ea¢lL knjslecsmeeting day ￿lat¢d pty th[tU￿lOtt is disclosed.
Page 2

The Art Academy
(A Comp2ny Limited by Guarnntee)
Thistse5' report
For the year ended 31 August 2021
Risk m4NAgement
Th¢ trnsttts have a duty to idetLtify aDd TCVi¢W the risks to which the clwity i5 ¢xpos¢d and to eDSure appropriate¢oJJtroJs AT£ in pl￿e to
provide reasoJ)abJe as$urw¢ awnst fraud and error.
Ma[La￿Me[tI wnduct an ajjllual risk 0$5¢55DWJt and TrgoI￿1Y(OMMUtiiC1t¢ ¢b¢irfjoditLgs to trustees Inmeetll￿8.
The safety of the studellts is r¢vi¢wed re8u]atly by the A£aderny's Facilities. Health & Safety Cenlltiittee, its DirectorofOperatioD5.
Fa¢iliti¢s Managcr. Te¢[￿l¢ll￿s. 2lld Tutor5. Jndividual student tAiDillg in the use ofhazardou5 mat¢rials and ina¢hiti¢ry is iecord¢d by
the Twhnicians.
OWKCTIVVS APID ACTJwfIES
*. PoIities and tsbjedivey
The putpoge ofThe Art ACad￿Y is to iJJspite alld uplift society through art and art ￿￿Catio0. alld topmide acee8$ to art ¢xperietsce
for ill tb¢ conujwnity. The ]Jxotto of Th¢ Art Academy is freat¢- hlastcr- tnspird.
Ai
To contTibute to the creation of great works of art, byprowding the highest st8rtd8rd of education to sthdcnts wishingto becotn
profc$5iona] artists. by giving creative opportwjities to the wider community alld byellCOUTagiDg debate arouDd the praciite and
principles of HigherEduL*tion in Fin¢ ArL
The strategies etnployed by the Academy to ￿hleve its al￿S itLdude.'
CollstatLIIy 5trivillg lo improve all its coutses. iti particularthe BA in Fitle Ar¢ in orderto train students to becornc
professiollHJ artists ¢apable ofpmducing excellent work.
Offetitl8 a pro￿at￿l￿e of Iwning with uniqu¢ attributes. combiDinB iDtensive Skills ti2inill8Mth creativ¢ aDdprofes5ional
developmEnt.
Seeking out and enga￿8 th¢ b¢st P05sibl¢ lutor4 resident arEiSts, tttd staffto 8UPPQrt th¢ stUd￿ts in th¢￿1¢￿￿1]18.
striv￿ to its progrnmmes at all leveL8 aete8sible to th¢ wid¢5t possible audience bykeepillgaDy inCr¢￿tA fees to
regsonable level attd offerinB flexible pa)rynerLt ternJ5 and attetldaace patterns to att0ttsTt￿dat¢ those on low illcotlles or
students whose ctrcutik%t8ll#$ ¢hang¢ 8fter enrolm¢nL
Off¢ring 5tudeDts, whell possible, burs2TieS to aid in financingthcircovrse&
Operatin8 a broad op¢n admissionspolicyto ettcoutagB diversity in our 5tud¢nt Erfjdy.
Creating the best learning opwriunitiC5, through apTOWUllC desiwl with the help of pmfe5sionaJ zrti8ts attd
LDStibJtions aDd one thRt go￿￿edbY the higbest academi¢ stattdthrds.
Broad¢nillg the outre8ch workwithiti Southwarkbyprovidingcxpert ArtAcademy bAitiO0 to10￿1 art￿￿p5 8t1￿
ThrouKh the work of the litsearch. Sd￿tR[ShIp atsd Ethics Co￿)itte¢ TheArt Academy will add to thediscour5¢ artyjttd
the principlcs of finc art pftcticc and its relationship to higbcredu￿IIo
PrfDeIple5
Creating euvirot￿¢u1 wtrLere oursDJdettts tall expe[iti￿ttt, re5eaTch, and1¢4rn from the besi academiq artiytic and
philosophical practitiorters so we Gall develop visionary 3rti5ts who will bc the creative thitikers of the futtLTe.
DevelopiDg creative skills. both traditional artd ¢otttemporary, to SUPPOrt a stud¢nt's fr¢edom of exptession.
Pa8B 3

Th¢ Art Ataderny
(A CompaDy Limited by Gll8raDttt)
Trustees, report
For the year ended 31 August 2021
Encouraging sNdenfS to wider5wd a￿d ¢on5id¢r 4u8lly th¢ wtL¢¢ption 5kilJs that have gone into (he creation of all
artworks ill ally both traditional and contemporary.
TrainiJJ8 every sttthnt to d¢￿loP a uiti¢aJ and ¥oD¢aneous creativc pmcess which allows thernto be true to their creative
Vi8toL.
Helping students to understand th¢ art nwket andth¢ workl ofth¢ profr4iollo1 arti#to etttble th¢m to ttteke itiformed
Choices withiti their creative practice.
Providing a supp)rtiv4 vibraot and ¢ck¢li¢ afti4ti¢ comrnwiity where creativity call be nurh)r￿.
Attivitits
The Art Arwl¢rnyprovid¢5 & wide-ratyging progranJtt]e of art edue8tion rooted in the vision and experience of its founding Prin¢￿91.
con)bining Ihe V￿tu¢S of a 5kiljs-b￿ed apprenticeship with the breadth and illtellx￿l1 stimulation prowdcd by a London college. The
$tyle of educatiott on offer requires mor¢ collwJirm¢D¢ from its tutor5 is widely available.
In Se￿ing Libje¢iiv¢s and pla[￿irl￿ for gctivi114 the T[￿￿teel httve given due ¢otssideraiioL to general guidance pubIJ"shed by the Ch￿lty
Cott￿niS510￿ relating ￿ public bcn¢fii including the gllid2nce ?ubJic bBnefit.' Tunllu]g a thfyrity (PB21'.
Stritegles for A¢hlevlng obJerdv¢s
ThB ArtA¢ademy is passionaic about chan)pioning art for all. W¢bdi¢v¢ wtyyonc Should h&ve acc￿ to higEl￿uality art education,
with Do fin￿till, physical orpx8Cti¢al barriers.
IEd byan execuiive that have many y¢ars of ¢xp¢rienc¢ of both prdctici]J8 art, leachillg art a[￿ n]Dnillg busillesses thelr
knowledge filte[5 dowtt to a dynamic tnanagemeDf team and junior team and a tutor body of ov¢r 100 prncticing artists.
Led byPrincip&l Rob P¢pp¢r, Th¢ Art Athrny i$ ill¢re4singJy talting a leAdexship role th clwttpioning the irnportaoce of arts
education artd supponillg arts educators Dationally.
t. A¢tlvltEe5 UDdert¥ken t• Achleve objectivey
We offer art ¢ourse5 for ev¢ry age, leve15 of Skill and Deed- from a BA and Fourtdation Degree to evening. weekend and short courses
io nuÉnerous disciplitles such as paintingj printing¥ rnetalwork& sculptute. TheTe is also awide r￿ltig outreachpro8ratntt￿ that
brings art thlucatioL tothose that otherwisc not be able to ¢njoyth¢ b¢nefits.
Socla] Investrnent pollcles
Ov¢r the tsst 15 yeaTS thcre ha5 been a decline itt thettumberof Children taking arts subjeit aredu¢lion LD tuching hours. atld
fewerarts tucbers employed ID schools. Beyond school, info[ll￿1 Pro￿￿￿e& foryouog people bave suffered due kn cuts in bcaj
tuthoriry fijnds attd services.. and in reccot ye8T8 the wid¢ rapging itnpacts of the pandemic knvebeett profoulld.
Art Acadcllw London b¢liev¢s that in th¢ iJKthere is B J2pidJy iDcrt8siThg tteed forquajityarts educ￿101). There is Dow a large body of
evidence r¢wdiD8 th¢ beocfit% of art in rcirnBwniD8 ¢ducation for the 21st Ccntury so that we caD ail build a betteT WOTId.
It is thL5 cvid¢D¢e that drives us. We exist to ernpower visioTraTies in the atts to develop their own crtative practiccs and to bccome
active members of their community. W¢ trach ¥rt in & way that eJDpower individua15 frotll all walks of life, at every age, sthge attd
l¢vel. Wc have scets fitst-battd the effect our arts ethication can bave On?￿ EndividuaJ'5 cre4livity, Xlf-¢5t¢￿ aDd vi5ioTh of 5¢1£
We have provett the success of our O￿tr￿￿pro￿lln¢5 and now istb¢ titnc to reach tyre pefjple.
Pa8e 4

The Art Academy
(A CompaDy LID￿ted by Guarantee)
Trllstees. report
For the year ended 31 August 2021
Our 5tlldents are diverse and uttitsd by a shored etl¥)s that an art5 education is essetttial ro buildittg a better W￿￿. We take pride in
having ¢du¢ated over30,000 students ov¢rthc past 20 ycars. In th¢1&8t yeat alone. during the pandetnic we tavght 3,000 51udcnts. O
outreach progratZLTlle5 help Jnak¢ art education ac¢e55ible to the wider¢ottllnunity with over400 public cours¢s a year.
. activilie5 undertaken to furtber the Charlty's purposes forthe pllbllc belletst
The Art Academy otEers somethittgdistinrt Bnd increAsingJy rar¢'. the best of a tsaditiotta] atelier conjbined with the vibftttcy and
diversity of a cotttempotary art school. Thi5 foundirlg principle still diffeTetttiates today.
All ¢)ur tylors ￿¢ pr8ctistngartists and spe¢ialisLS itl their fields. We off¢r tuitiorL in core artistic skil]s. whi]st cbaileo8itiB S￿dellts
develop their0￿) practice itifo￿td byGon*mporNryproces5es and theory. Wepreserve skills. whilst beJiBVillB that•rtn¢￿T staDds
On our acad¢mi¢ courses we are proud to offerthe hi8he5t nurnb¢rof conract hours ofany higher educwion artscbool irlthe UtL In
sm8]I groups. studettts are guaTaDtsed ll miDimUtn of 15 hours per week in ourBA and Foundation progrw withthe option of more.
This mittimum is five tithEs the att￿￿nt rcc¢ivcd on a compatablc BA at the UK'S lau]g in5tstulions. This Person￿ approach allows
our SbJdeJJts the time to tnHster COT¢ artistic ski118 alld u]Jlock theit creative PDteDtial.
We also nuj over400 short COUTses a year frotn young artists through ￿ masterclasses.
ACHIEVEMENT AND PERFO]IMANCE
. Math aeblevemeDts of the Ch#rity
Jn 2019 ThE Art Acadellty validlltcd a s¢ri¢s of highcr educauon prO￿a￿me5 akd these bave beBD 80iug well despite thecball¢Dges or
the pande￿ic. The couTh¢5 ar¢14ading to othernew higkner ￿JU¢￿tiOn ¢outse8 thtt¢ will be valid&td in 2022 in¢lwJing4 BA in
ContUDporary PoLtrat￿re.
The Art Academy'8 short cout3e provision is vcry ￿11 rcgarded. Sitice lkne op¢niDg up i]] summcr2021 The Art AaetDy'5 summ
schiK)I h&% scen thehiBhe5t re¢ord¢d Dumbus of sludents su￿y1￿8 dutillg the ]Douths totalillg 752 stsjdents.
Key perfOr￿lDre Indlc4tors
The keyperformance indicators since the p8ndetiJic have beenb&s¢d 4Tound ¢nsuring ix)vncf back in a 5UStaillablc way.
Over the uext year. a successfvl rewdlidationof The Art Academyby the OpenUniveJ5ity, jOiLittgthe Office foi StudeDt4 4 ll¢w website
4nd wLurinE a l¢as¢ on a new long tmn home will be key objectives in the llext pl￿Se of The Art A£xdemy.
Revlew of ￿tIthe￿
The Art A£ademy h95 twentyyellrs. experi¢ncr t¢￿king th. We know th¢value of the education we offeT. Overtwo deodes w¢bave
with no gov¢rntntnt investtneni and ]imited ffiJttdratsitt& During the pattdemi¢ with the h¢lp of furlougb and supwt fromtbe
Culture R¢covery Futtd we llJaLaEed to weather the slorrn and it m¢ans that w¢ll placd to wntinue our ambitiOU5 piaDS for th¢
future.
The Academic Courses have seen a marked increase post pBndBmic and llutllbets will continue to rise in 2022. Th¢ Public courses
contitiue to be well atte￿Ied wtth the Erowth #TeabEing in they0W￿ ani515 courses.
Long t¢rtn build]ngus¢ continues ioE¢ a challenge with the Newittgton Librnry prenjises l*thgTeDtsned to Southw8rkCouncil attd
sbortterni altenJatsvepreiIiises bBing used at Red Lion Court
. FKtOTS relevant to gehieve objectivtS
Support for the staff, the cA)rT¢tI inYestsn¢n¢ of fi￿d5 aad suppon from the are all televaLt factors in acbievittBtb¢ obj¢ctives.
Pa8c 5

The Art Academy
(A Company Limited by Guarant￿>
Tru$tee8' report
For th¢ year ended 31 Augusl 2021
FuDdr*i5iDg ¥divAties g¢n¢rxtiort
A new large fjJrtdrai$iJhB ¢ampaiBL will be lavncbcd in thc auttunn of2022. this will b¢us¢d to h¢lp secure ￿ture prerni5￿ and
UJV¢5t in th¢ staff otld fabri¢ of Th¢ Art Academy.
FtrÈanclal revlew
GoiDg ¢on¢¢rD
Aft¢T making appropriate enquirie4 the Tru5tee5 have & ￿onable expectation Ihatthe Charity has adequ•te resources to continue in
opetatiollal existence for the foreseeable fvwte. For re850D. they continue to adopt the gollJ8 concern b&siS ill preparing the fillallcial
statements. Furtber detai15 regardillg the adoptsonof tbe goitig cotttern basis can bc found in the accountujg poli¢i¢5.
b. Reserve5 po]iey
IILe tNS*C5 rcvicw th¢ cbarity's reS￿v¢S p)Iicy PETiodicHJly and at least oll all atujual ba515. The Art Acad*ny tequires Ftha]Jcial
reserves to and advance its auiviiie5 and long ter￿ airn5 and obj¢ctives. Reserves #Terequited to..
Mect operauoDal costs UJ the ¢V¢Dt of 8 sudden dowoturn ill th¢ eeoll(xny resultittK itt i sh8rp fau in fee income. Cumdy
apptoxiroaiely £390.000 is ¢8rmaTked for this putP05¢.
Potentially carry out capital improvements and expansion of the Academy's freeknold buiidujg.
Reduc¢ the cwr¢Dt Mortgage ill the evellt of a Steep rise in illtetesi tstss.
Polelltially a¢4uire additienal spacc as and wben this could be financed.
¢ Priti¢ipgl rlsk8 ADd unetrtAIDtle$
Th¢s¢ the most sigllificBnl risks that Jnay adyetsely affeci0urbusit￿S strategy, fillatscial posi¢ieo and fvftv¢pthrnwic¢. The risk
assessment proce55 ¢valuates the probability of the risk ￿￿eriAliSing and the f￿anCisI orstr&ley¢ impact of the risk These risk8 which
have a higberprobability impo¢t on strategy, reputatior4 operations, ora financial impact greater than £l(X)k are identified as principal
d. FiDanci*l rigk ￿￿￿￿ement objectives *nd polltles
The maLtt risks that thc charity is exposed to ar¢ summHri%d b¢low.
hdarket risk. the art rnateria15 price inCr￿e and reduce the gr055 Tllatgiii.
Interest rate risk- the mortgage interest rdte incre&ses, due to ab&se rnte incre
C&5h flow volatility- Gtattts are rejectsd resuitiDg io low SDJdent enrollnent numbers
Bad dcbt- S￿d￿lts d¢lay payTJ¢rLts
The llwDagcmBnt leanL pmvide5 reglllarrq)DrL% iticludiJJ8 art anrtual bud8e¢ rcforecasl4 casb flow forecasL margin analysis and tcrt
tTrgDagem¢nt accounts. Th¢ t¢am fir￿￿¢101 Ei4 th recotD]neLdatiotss attd subJJJits proposa]s for a¢iionwtrLich are approved
in the TTusi¢es' mcering.
Prilltiphl futtdkng
Studtnts, tuitioll fees from bo(b the academic attd public £outses ate thc Aeadcmy's principal fvndillg sourc¢. Ther¢ hav¢ b¢¢n
additional costs due io vaiidatioo and the establisbryKntof &JvHonordry Advi50ryCollunittee, sel up to help with longer term
fiADdtaising strategies

The Art Academy
(A CompaDy Limlted by GllaraDtee)
Trnstees. report
For the yeir ended 31 August 2021
f. Revlew of tht reslllts
The tesult for the year a deficit of£19124312020.. deficit of £128,081) followitL8 aDotherdifficult ye2rduB to the wr￿aCt of the
covtD.19 paod¢mi¢.
Wttilst total incotne of £1.349m is ollly slightly dovm on 202Q (£1.366ml. the trustees arevery Con￿10￿$ ill¢QTry¢ l¢v¢15 r¢main Some
way sbortof tbE £1.65m I¢￿1 in 2019. prc-pandunsc. 2021 iticomE ineludes dollatiotLS and grants of £338k12020.. £223k}. and whi]st
use of the COronavin￿ Job Ret¢niion Scheme in thB year fell cojnparedto 2020, furth¢r grants of £68k were thankfijlly received to covcr
certain staff ￿818 whilst some etnployees remain¢d on ￿r]oUgh. Th¢ main ￿1 rtreived in the yearwas £245k from the Artg Council
Ertglartd ill respect of their Culture RecoveryFund. This fjjad was sei up to help mailltsill Eugl#Dd's cuIturdl ecologyby 8UPPOrting
orKaDisatioD5 hit IlD8n¢iallybyCovid-19.
Core illcome from cbaritsble activities w&s dowi IOVO to £957k12020.. £1.062Ln) as aresult the reduction in fee$ frornteaching art
cla55es. Ancillary illGotne also 5uffercd, with 5al¢s of art mat￿l8]S falling tteatly 4(W/4 to £38k (2020.. £62kl.
Total ¢xp¢nditur¢ forthe year was £l.540m {2020.. £1.494m}. Direct costs Rnd wBg¢5 w¢r¢ kfpt dowm in linc wilh thc reduced illcom4
with the rise in ovetsll expeudits]Ee *ttributRble to iDcre8s¢ inproperty costs to £373k12020: £298k) due to hi8berrentwJd intu¢st
costs. Stsff costs decreA5ed by 2•hto £501k (2020.. £514kl.
Th¢ ¢HstL bai4DC¢ Ilas improved by 271/0 I£110.037) dutittgtheyearto £518,265 (2020.. £4082281. a5 th¢ result ofth¢ advatKe b(x)knn85
and pa￿nents in the audemic artd public courses for the next fjnance year 2022.
PI#D5 for future perlods
The Art Acadcmy has succeeded in the validation of & BA in Fine Art and Fourtdation Degrecs in Contcmpotary PoTtsaiturc
atLd Sculptuie tbTOUEb pBrtnership with The Open University. This means it Low has HighK Educatioll Jllgtitutioll status. The
JJ¢x¢ 5t¢p i$to apply to thc Offiec for Sbjdcnts. which iti time will ettable student loans aDd tieT4 8ponsor5hip3.
The Art Academy cotsiinues to ]JJsttttaiti ils professiollal focus, gDd its ¢xt¢U8iv¢ skills provisiotl and contact Ilme provisio
art funded itl partby CDlltiDuing strong detllBnd for its publi¢ courses, classe5.
Str4t¢gLC plans arc rcgularlyTcvicwed by thc Exccutivc TcaTll and decided bythe TN5t¢¢5 ai bDaTd t[￿¢t￿.
st•temen¢of Trustets, regpollslbllltkes
Th¢T￿￿¢S {wq)o arc a]so th¢ dtrectots of th¢ Charity for the PUTpose5 of cott¥BDy lawl re¥ponsible forprepyTing the Tn]stee
Repon al￿ the fitsallcial stAte]DeDts ill actord4llce with appli￿bI¢ Jaw4nd Unit¢d Kitlgdom AccoulltiDg Standards IUDited Kingdo
General]yAccept￿ Acwunting PrvKtic¢l.
Company law r¢quires Ibe T￿￿tee$ to prepaTe finaDciai st2tements for each financial yeRT. Uryder company IAW. th¢TTU8iees mu$t uot
approve the finttscial statEmEnts unless they Hre s&tisfied thatthey givc a trnc and fairvicw of the srate of affairs of the Charity and of its
inco￿Illg resources and applicatiorl of r¢50urr£s, including LI￿OMe and expend1th￿< for thatperiod. kn pre￿1￿8 tbe finan¢iai
sts*￿llts, thc Truste¢5 att requircdto..
select 5Uitabl¢ accounting policics and then applythem coJJsistetttly.'
observe themethods attdpriticiples of the ch￿IlieS SORP IFRS 102).
ake jud8tnellts and accounting estittRtcs that are reasonable and prnd¢n¢
stsie whetber applicable UK Accounting Standard5 (FRS 1021 h8vebeert followe4 subject to attyJJJat*ial depArtt￿ disclosed
and explained in thc financial stst¢m¢nis'
prcpare the fitt8nGial slatetnents on the goiDg¢onc¢rn ba515 UDkss it 15 inappropriatc to prcsum¢ th￿the alaritywiil contiDu¢ in
busities$.
The Trustees are Yespousible for k¢rping ed¢quNt¢ accouating record5 that sufficient TO Show and explain the Cbarity5 Iransactions
and disclose with reAsonabl¢ ac¢ura¢y at any timc the financial position of the Chatity alld enable themto eosuTe that the finaocial
5tatem¢Dts Comply with the Compatties Act 2006. They are also Fe5pollsible for 5RfrguaTding the ￿ets of the Charity and hence for
takin8 rea8OtLablc step5 for the prevention ond d*clion of fraud aDd oth¢r1￿¢gU7arlll¢$.
Page 7

The Art Academy
(A Comp8ny Limited by Guarantee)
Trustees, report
For the year ended 31 August 2021
Dlst105ure of lllformation to auditorj
E4¢h of th¢pvsotss are Tnjstees at the time when thi3 ThJ5tees' Report is approved ha8 confinn¢dthat.'
so far a5 that Th￿te¢ L5 awyrc, there 15 relevaThl audit information of which tbc Ch￿1t/S auditots are uttawar4 and
thatTrLLStee hLs take]) all the steps thatoughrto i￿e been taken as aTrust¢e in ord¢rto be aware of any r¢ievant audit
illfottD2tiOD aDd to estsblish that the ch2riWs auditors are aware of that illforn￿ti0n.
Audltorj
IILe auditory, UHY Kent LLP, have indica*d theirwillingDe¥5 to continue in office. The desiellated Tfttste￿ will prop)se a Jnotion
reappoltitll￿ the auditors at a oK¢lingof the TDJ5trCS.
Approved by order of th¢ m¢tnb¢TS of th¢ board of Trust￿$ and ott their belRlf by..
Tr￿lee
Dat¢: 28 Awil 2022
Page 8

Tbe Art Academy
(A CornpgDy Lln)Ited by Curantee)
Independent Auditors, Report to the Members of The Art Academy (eontinued)
Matters oll wbl¢h we Are requtrtd to r¢port by uception
W¢ knv¢ Dothing to r4Jort ill twe¢t of th¢ followittgmattets wh¢r¢th¢ Cbaliiies (AccoU￿S alldReports) R¢gulatiOll5 2(X18 tequiros us
to TCPOrt lo you if. itt ouropillion:
the infornJatioD Biven in th¢ TThste&s' Report is irL¢OllSiSt¢nt ID any matetial re5PKt with tb¢ fmallu'at statem￿., or
suffA¢ient a¢¢oulltill8 words have J)ot been kept,. OT
the fiLancial statetnents ar¢ not in a￿ee]llent with th¢ awountiDgrecords attd teoulls,. or
we knave not tec¢iv¢d ajl the information al￿ cxplatLotioDS we require for OUT audit.
RespoDslbUlttt5 Ottru¥tees
As explAined ttu)r¢ fully in the T￿￿tee8, Re$￿IbilitieS SraiemenL theTntst£¢5 (who are also the thtttoys of the cbuitable cthnpany for
the PUTPQS¢S of company lawl aTe responsible for th¢ prepatatioll of the fjnancial sthtemejjts and foi be￿8 satisfied that they give a tn
aDd fairview. and for su¢h lute￿￿1 control as the TnJsteES determine is [Lece￿ary to ettable the preparntion of financial SLtrments that
are free froMX￿thri￿ inisst8t¢rDcfL( whetherthjeto fr&ud orcrror.
I]J prtpaTin% the financial 5tstemenls. the TnLStees are r¢5ponsibl¢ for assesslllg the chaTitabkcompanVs ab2]ity to cojjtillue as • goitig
¢oll¢ern, disclosill& as applicable. mattrTS relaltd to going concem attd usitiE the going CQLcerrL basis of atttiuntingunless the TDtstts5
either iD*nd to liquidate the ¢I￿ritable company or to cease opefttioD4 or hav¢ no realistic allernaiivebut to do so.
A￿dItors, responslbllltles for the lluditof the fin￿￿1 stlttmtttts
We havc bcen appoititd as auditor under section 145 of the C]￿litieS A¢t201I andreport iti 8c¢ord2uc¢ with th¢ActandreJgv&nt
regulatioJs m&de orhRving ¢ffwi thcreullder.
Ourobjectives are to obtain reasonable ￿SUr1￿ce about w￿ther the fuJaJJcial slalefflellts awhole are free froLn tsia￿Tal mi5sratemenL
whEtherdu¢ to hud or ettor. atsj to issue an AuditOTS' Repon that includes our opinion. Reasonable assurance is a high l¢vel of
a55uranc4 but is not a 8uaTalltse that ￿ &uditcondwled in actoidauce with ISAS (UK) will always dele¢t a ]DateFial mi5Stateinelll wkneD
it ¢xists. Misslaiemettt& can arise frotn fraud or error attd are ¢oDsidered tnat¢rial if, individually or itt the sgEr¢Eat¢, they could
reasoJRbly Ixexpect*lto wflu¢nc¢ the ecoJJonJic decisio￿ of users taken on the basis of these r￿L￿cial statem¢nts.
JtreEuiaTiti4 including fra￿￿ are instattcrs of non-cornpliancc with laws and reBuiatlllfL5. We design pwc¢dures in linewith our
responsibilities, outlined above, to detect JDalerial misslaiemerLts ill tespectof iFreEuIHTiti¢s, iD¢luding fraud. The extelltto whichour
proc¢dur¢8 are capable of deteGtinE irregularitics. including fraud is detailedbEIow.'
H¢yw¢hetwdit cons￿ered¢upObJeofde1e¢Iins irregularilies iocluditigfvud..
OUT 8pproAch to idenufyittg aLd assessittg th¢ risk5 of material misstate]nettt in ￿p￿tOr iTregu]arities. includtugfi8ud non-
complian¢c with law$ aDd reguJatioD4 w4s as foljows..
we identified th¢ laws and regulatiolls applic&bl¢ to tb¢ ctlaritablc compaty through discussioDswith managcment, and frorn our
ottunetcial
knowledge attd experience of the swior.
f(￿￿kd on Specific laws and rcgulations w]Jith we collsidered m2yhave a direct Materi￿ effect onthe acwullts or the
o￿tatiOuS of th¢ ¢haritsblc compatty. ￿ClUding tbe Chariti¢8 Act 2011.
wc ass¢55¢d the cxtent of romplianGE with the laws and rcguiaiiotss identified abDve through making ellquiries of managcmcnt
and inspectjng cthtespoDdeDce' Bryd
identified laws Ènd regulations wer¢ commutiieated withinth<Hudit t¢atD arLdth¢ team remained alert to instsn¢esofttoll-
eompliallce throughout th¢ auth't.
We 4sse5$ed th¢ svsceptsbility of the Gharitsble wmpatLy'S aceounts to tll8teriÉl misstatettL¢nL in¢ludmg obtwLing 8ll undwstanding of
]ntiking enquiries of m8nagemettt as to where th¢y ￿b¥Idered therew&8 susceptibilityto fraud th¢irknowlcd8Bof actual,
5USP¢Cted and alleged fraud" at
considerittg the ititerDRI controls ill place to JJJiti82ts rth of fiBvd and non-compli8]Jce with laws aDd regulatioD¥.
Pag¢ 9

The Art Acade
(A Company Limited by GuarAtttee)
Independent Audltors, Report to the Members of The Art Acadtmy.(¢ontinued)
To addres5 th¢ Iiskof frAud throughmattogement bias and oveTTid¢ of controls, we..
perfertt)edalla1￿LCa] procedur¢5 to id¢ntify arly uttusual or uttexpected relationstsip5'
t¢sted jollrnai elltries to identify unusual transaction5;
asse55¢d wtthi jUdgell￿llts atsd assumptioos made in det¢ryDilliDg the accouDtillgestitiJates set out in the accountsngp)li¢i¢s
were indicative of poteutial bias", alld
investLBaitdthe tatioDaJc bchind SiSDificant orullusual traD￿ctIO￿*.
In rcspons¢ to thc risk of I￿<￿U￿1ties and non-compli￿¢¢ with I•w5 Hnd rc8ulation5, we desi￿￿ procedures whith included. butwere
ot limited to..
weeijjg fiLattcial ststemenith"sclosures to ¥nd¢rlying supportiD8 d(Kumetttstioo'
r¢ading millutes of tt*etings of those cbarged with govemgnct,. aDd
enquiring of tnzDag¢tnenl and reprtsentaiives of TrJstees as lo actual and potential litigation and Clai￿$.
Beoause of the inbereni limiiations of au audii there is a Iisk tbat we will not delect all irregulgrities, irlcluding those leading to a
rnaterial rnisststemeDt Lrt the financial sratetnents or non-wrnpliance with Tegulation. This ftsk iacreases ibe mor¢ that COtr)plianG¢ with A
law orregulation ts Tejnoved from the evellfs aod tronsa¢tiODS reflected in the fillaucial stste￿¢s. as we will be less likely to b¢¢omc
aware of instsnt¢s of non-cofDpliaDce. The Ti5k is also greater rewding irregujwities oc¢urring due to fiaud rather than eLTor. as fraud
itivolves ititeJ)tional concealmcnt, forB¢ry? collusiot4 omission or misrepresentation.
A fi￿ber deauipliOL of our responsibilities for th¢ audil of the fillallcial statements ts located on the Fin8ncial Rewtillg Council's
websit¢ al.. www.frc.o
.uklaudit0￿[e5
onst
. This d¢scription fortus part of our AuditOTS' Rep)rt.
Use of our Teport
Thi$ report is made sole]y to the Ch￿l￿bI¢ compallys t[Lem￿rS. as abody. in accordatt¢ with Part 4 of the Charities {Accounts al
Report51 Rcgulalions 2008. Our audit work has b¢¢n undertoken so that WE n]i8ht state to tbe charitable company's m¢mb¢rs thos¢
we are reqU￿<d to $tate ￿ them in aa A￿llIorS, Report and for no otherpuTpose. To the fulle51 exicnt pcnnitted by law. wc do not
accept or assum¢ rc5ponsibility to aDyone otherthatt the charitable company4nd ils tu¢rnb¢r4 AS Alx)dy, forour audiLworL forthis
report, or fer the opinions we hav¢ foTrned.
Hieldt BSC FCA Isenlorgtatutory Audltor)
for and oll bebawof UHY Ktrtt LLP
Chartered Accountants
ststlltory Auditors
Thames House
Roll)an Square
SittiuBlyJurne
K¢nt
MEIO 4BJ
Datc.. 29 April 2Q22
Page 10

The Art A£8d¢my
(A Cornpany Limited by Guar8lltee)
Statement Of fillancial aetivltle$ (Rlleorporfiting in£offje 4nd expendlture account)
For the Year Ended 31 August 2021
As r£Ftaied
Unrestrltted
fund5
2021
filnds
2021
2020
Income fro
Dottatioos and legBcies
ChBTitsbl¢ a¢tiviti¢5
Oth¢T trwjing activities
Jnve5traents
338,284
957,194
52,559
668
338,284
957,194
52,559
668
223.144
1,002.367
79,487
J.269
Total lkneomt
1,348,705
1.348.705
1,300,267
E4Jellditure UD:
Raising funds
Charitsbk activities
25,450
1,514.498
25.450
1.514.498
55.439
1.458.909
Totsl expeDdlttyrc
1.539.948
1,539,948
J.494,348
Net movementht fttknds
1191,2431
{191,2431
(128,081)
Reton¢MlitlDn of funds:
Totsl funds br¢)ugbt forward
Net mov¢m¢tLi in fill￿$
840.411
{191,2431
840,411
(191.243)
968,492
(128.08J)
Tot•1 fllnds ￿rrIed forw*rd
19
649,168
649.168
840.411
The Ststernent of FiDaocial Aciiviiies iutludes all 8aiDS losses re¢ogLised ill tbe year.
Thc ptior year i5 reslaled merely as a result of a change in allocati(KL of expel￿ttureWhL¢hhaS altered the split of eKpeDditure beNeett
charitable expenditur¢ and expellditurc incunitig inrelation to rBising fi￿ds. Th¢rc has ￿ell no Chauge to total expenditur¢ orthe ]Jet
[w￿rn¢￿t iry fill￿s.
Th¢ llot¢5 on page5 14 To 28 formpÈrtof these financial statcment&
Pa8e 11

TILe Art Aeademy
(A Company Limited by Guarantee)
Register¢d number: 113801729
Bat*nee Sheet
As at 31 August 2(121
2021
2020
Note
Fixed w¢ts
Tall￿ble a&8&5
14
1.746,806
1.793,316
1,746,806
1,7P3,316
Current H%sets
Stocks
15
30.802
45,014
518.265
31,517
66,692
408,228
Debii)rs
16
at bank aDd in haDd
594,081
506.437
Cr*Jitors.' attwuJ)ts faMittBdue withirL one ye8r
17
{552,876)
(1,459,342)
Net cvrr¢Dt aS5etsl liabilitits
4)205
52,995)
Total assets less ¢urreDt Ilabllltle5
1,788,011
Creditors." falling due aftet more than onc
y¢8r
18
11,138,843)
Total ttet Suets
649.168
840.411
ChaTity fullds
R¢5trict¢d fund5
UrLTestricled funds
19
19
649.168
840.4JJ
Totsl fllDds
649,168
840,4JI
Tbc Trusttts acknowledge their respDnsibilitie5 forcornplyin8 Witb tbe tequireE)wnts of the Aciwith respect lo accounting record5 and
preparntion of financi81 staicmcnts.
Th¢ financial $tstetn¢llts have beenprep￿d ill accorda2Ke with Iheprovistons applicable to ¢ntiti¢5 subj¢¢t to tb¢ stDJiI companies
rewme.
f￿anCial $tststtwits were 8pproved and authorised for issue by the Twstee5 alld signed on th¢i¢b¢half by..
P JHArrlg
M R C Gtrlls
Dat¢.. 28 April 2022
Tbe notes ott pages 14 to 28 fornpartof these financial statemen
PoE¢ 12

The Art Ac8demy
{A Company Lithitsd by Guarantee)
stst¢ll*Dt of Cash Flows
For the Ye*r Ended 31 August 2021
2021
2020
Nott
Ca$b fknyy from opergdnE actlvldei
Net ¢astrL Used in operatiLB activities
21
49.690
(64, 732)
Cash flors from ixvestinga¢tivitie5
Divide￿ iDt¢T¢5t8 arArents from investments
Purchw of tsDgible fixed assets
668
118,8901
J.269
(31,048)
Net tash ll8ed ltt knve$tlkng attiviti
118.2221
{29,779)
Ca$h from ￿tt1VIde5
Cash inflows from newborrnwthg
Repayments of boJrowin8
Interestpayable
I,l80,000
{1.078.8641
{22.5671
(lJ,300)
Q3.714)
Net c¥h Provid￿ byllu¥ed In) Ilnan¢ln8 8cdvltles
78,569
135.014)
Cbange kn easb alld tgsh tquivfiiettts in theyear
CL8hADd ￿U1vAlents at thB bBgitminB of the ye4r
110.037
{129,525)
408228
537.753
Calh cash e4ufv￿nts at the end of theyear
518265
498.228
The llo￿ onpages 14 to 28 forn part of these fitWKi41 statemettts
Pa8¢ 13

The Art Aeadewy
(A Cornpany Lirnitsd by Guarantee)
Notes to the FiDancRal Staternents
For the YeAr Ended 31 August 2021
The ArtAcademy is a charirable company Jimited by guar¥lltee. re￿S￿red ijkEn8land and Wales. Its regis*red offLee ts Mertt)aid
Couo 165a Borougb Higb StseeL Lotsdott. SEI IHR.
The Datur¢ of th¢ Qbaritys operBtiOD4 and its princlpal acttvity is to ￿SPIre and up]ift swiety througb art and an education. and
to provide acctss to an experience for 811 the communiry.
Accolltttittg polities
2.1 B4515 of Pr￿￿T•tion of finllnciil ststementS
The fina￿787 s(atements have been prepared in accordattce with tbe Charities SORP (FRS 102} - Acwuntin8 aDd
R¢porting by Charities.. Stat¢tn¢nt of Recomtn¢lld¢d PT¥tic¢ applicable to ¢b8rities pr¢paring th¢ir a¢￿Unts in accordance
with th¢ FIn￿la] Reporting Standard applicabl¢ in the UK and Republic of Ireland (FRS 102) {effe¢tsve l January 2019).
tbe FiDancial ReponirLg Sralldard applicable ill the UK and Republic of Irelalld (FRS 102} attd the Compati1&% Act 2006.
The Art Academy meets the defiDition of a public beryefit ¢ntity wthr FRS 102. A55ets and liabilities are initially
recogDised at hr51orical wstor trBn5Bction value unJe55 otherwise st8ted in the relevaniaccountiDg policy.
2.2 GolnE collcerD
Tbe lrnste£s a55es5 whether the use of goiDg concern is appropriate i.e.. wh¢ther there ar¢ Jny matCri8] unccrtainli¢s related
to cv¢nts or conititions that may C￿ SI￿)1￿¢8￿[ doubt on tbe ability of the ciwitsbLe company ro cottiJJue as a 80iti8
coD¢crn. Thcy make this assessment in rcspeciof a period of at least otte year from the date of authori72tion for tssue of the
finaDGia] staEc]ne]Jls.
The Art Acad¢rny contirLu¢d to work in line with Govcrnment Guidelines in response ￿ th¢ COVtD 19 P￿d¢m1¢ artd
wbere rvasonable and possible, stsff remained fi￿10￿8b. The received uttder the uKG0vextsn￿ll¢'S Corottavitus Job
Reicntioll Schcme havc illvaluable. Thc Art Acadcnjy receivd a eTant of £245k from the Art5 Council England in
iespect of their Culture lie£overy Full& This fiLDd w&4 set up to help ED8laDd'5 culturnl ewlogy by supporting
org￿ls&tiOnS hit fIn￿CIallY by Covid-19.
The Jjxost tittp(1rt8LI ￿ ef OUT goillg cort¢etll 8sgesstnellt has been the OD going su￿rt of the baDk. The bal8D¢¢ sh¢¢t
shows net cijrrent a55gts of £41,205 {2020.' net Gurrent liabilities of £952,905, which included the loan which h85 now been
Ten¢gotial¢dl. A 2Q year arTong¢meut was agreed for th¢ loan in March 2021 with rePa￿n¢ats commencing in October
2021. This new loan provides long terni certaLDty and also for the full repayment of all capital iDtetcst tsvet the a￿Ed
le￿ at ao affordable level of monthlyrepayTrnettts.
At tbe titlle of3pproval ofth¢se fuJan¢1￿ stst¢m¢tLts COVID Ksiriciions knv¢ lift¢d ¢ontribuiillg to Trustees coofjdellce in
the fvturc of The Art Academy. Course intake increased and coutse income at MaT¢h 2022 i3 up by 600/ts V5 PtioryeaT.
The Jllodel for 2021122 has still involved suff WOTking fromhotne. aDd studettts seeiDg a conttllued blellded dElivery Jjjodel
ell&bl￿g theTll to study at home. The previou5 2 ye4r5 h85 prov¢d thi5 work, and th¢ ￿ste¢S hav¢ nssumcd
that this approach will rctThaill 5UCC¢$5M.
Thc Art AcadczDy 15 worliuB with aFuDdtai5itLgCon5ultantto lauDch & FuthiSLtL8 Strafr8y in AubllDn 2022. Th¢se filt￿5
will be used to invest ill the futUT¢, i[thstr￿Lu￿ S￿￿TIty ofTh¢ Art Acgdeiuy.
The Art Academy is contiDUULg to offer new ¢ourses including & BA io PonfaiDJre which will 1allt￿ ill Septejnber 2022
and hL8 ittV¢Sted ill 2 digital pl8tf¢)rni dcliveriug onlille courses wbich be tak￿ from ho￿ aL a tirn¢ 5ULtsbk to th¢
student. The Art Aca&tDy ploll5 to Jaullch all MA ill FineArt irl Septernbcr 2023.
The Art Acadcmy is working ￿WaId8 Open UJJiversity revalidation iL October 2022 attd registration with the OG wlLich
will allow studettl loart support Èttd ittterttAtiOttAi $Ludent sponsorship thu5 incre&8￿£ stud¢ntllULu￿T$.
For¢casts hav¢ b¢¢n Prep￿ed for ¢he year through to 31 August 2022 ott this basis alld these cumtly ptedict a sutplu
Furthttmore the TTUSte¢s aTe confidellt thai givEll the cutTBDt liquidity the clwitabLe cotThpHny would b2 su5tsinable for
collsidetable petiod of ll time.
Page 14

Tbe Art A¢Ademy
(A CoD]pany Limited by Guarzntee)
Notes to the Financial Ststernents
For the Year Ended 31 August 2021
Accoullllng polldes IeoDdn￿¢d}
2.2 GolDg coD¢trn leolltJtsu¢d)
Taknng 511 of the above into accouttt the trjstees h2v¢ c￿er￿mY ¢on$i(kr¢d wh¢thcr the cbaritsbl¢ compatty will have
ad¢quatc ttsources lo ci)]JtiLUe ill operational existenc¢ for th¢ for¢5e¢ablc fvIuT¢. Thcy have CODcluded there arc DO
ma*rial uttcertaintieg about th¢ absjity to coutitlue 85 a going concern and that it r￿￿8]￿8 appr￿1￿ to ¢outinue to adopt
the going ¢onrxTr ba5l5 of a¢counling in preparing the fitsallcial statements.
13 lll¢ome
AII i1￿OMe is re£ogDised oll¢¢ th¢ ChaTityb85 entitlement to the itLCODK it is probable that the ittcome will b¢ received artd
the amount of illcornc re￿1vable catl be measured reliably.
Grants are included in tbe Slalemertt of Financfftal A¢tivit2es on a recBivable bg5i5. The balance of income received for
5pecifLC puryjoses but not exptrllded durillg the period is show) in tbt releyant f￿ndS on the Ba]an¢e Sheet. Where incornc is
received in advaDCe of entitlemellt of receipt, its recognition is deferred and in¢luded in ¢rediiors as deferred income.
Wbereentitlement (KCUT5 befor¢ incorn¢ is receive& the incorne is accrue
Other w¢ome is recogDised in the ￿lod in which it Is receivable to the extent th¢ g(K)d5 hJv¢ beeo PTovidEd or on
complelion of the service.
2.4 Exptndlture
Expenditure is recognised onc¢ there is a le8a] or constructive obligation to trnnsfer ecolloTDiC benefit to a third party. it 15
probabl¢ that a transfer of etottomic bertefits will be required in settle[n￿t and tbe Rrnourlt of th¢ obligaiioll be
m¢asurod reliably. ExpendiDJre is ¢I￿lfied by activity. Th¢ wsts of activity ar¢ mad¢ up of thc totsl of direGt ¢osts
and shatcd cosLs, SUPPOrt costs involved in wjdertaking ea¢lL activity. Direct costs aitributable to a single activity
Bre allocated directly to that gctivity. Sh8r¢d costs wiuch coJ)tribuie ￿ more Ihath otte activity and support Costs whickn are
not attributable to a singl¢ activity ar¢ apporriotted between those acttwties otL a basis consistellt with Ibe usc of tesour¢es.
Central Stsff costs are allocated OJ) the ba818 of time speL4 alld ¢kpretiation charges a]lots1￿ Oll the portiott of the asset's
Expenditure oll raising fiujds iDrludcs all ¢xp¢Dditwe I￿U￿¢d by th¢ Cbarity to rais¢ fijnds for its charitable purposcs and
includes costs of all fimdraising acuviiies events and non-cbari￿b1e tradijjg.
Ex￿ditsjre on¢b*Titable activiti￿ is iticurred on dtrectly undethg the activiti¢5 whi¢h fiuth¢r th¢ objectiv￿,
as well as aDy a55ociated support C05t5.
All expenditvr¢ is inclusive of iTrecovernble VAT.
2.5 Government grants
Governm¢nt r¢lating to taagiblc fLy￿ asyefs are treated as defrtted iJJcome artd released to tb¢ Sthtcment of
FIr￿n¢la] Acuvilles over the expected usefijl lives of the assets concerned. Other 8raxts ate credited to the St8tett*ttt of
Financi￿ Aciiviiies as the related expenditure is incutred.
2.6 1tttÈre5treceivAbl¢
Illierest on bJnd8 held OJJ deposit is included when re¢eivAble attd the amouttt C2tt b¢ Jne8sured reliAbly by the Cb8nty. tbis
is nottnally UPDll notification of the interest poid or payabl¢ byth¢ inststution with whom th¢ fiujds ar¢ depD5ilcd.
Page 15

Th¢ Art A¢ad¢my
(A Company Limittd by Gmarantee)
Notes to the FiuAncial Statell￿nts
For tbe Year Ended 31 August 2021
AccouDthig poli¢ie5 IcoDthiued)
2.7 Allocadon and apportlonment of costs
Dd&il¢d maD#g¢m¢Dt #¢¢ouDts Ér¢ k¢pt witb ¢osts aJloc#t¢d on * bosi$ Aod dwked Against budgets. The level of
detail is Considered too wat for publishcd 8CCOULts. Ill th¢x f￿arI¢la] statan¢n15 ¢05t Hllocatiow are the 5UllllD3rie$ of
that Dllnagemettt itthM￿tioll. Mai¢hillg restricted costs with relev¥ni funds is D￿de as accurately as possibl¢ by r¢f¢rTing
to tbe t¢nns of the dojjor. The athnKnistration cost allocation ￿tween fimdraising a¢tiviii&8, teacbitig and residentanists itt
tbe published SOFA is uJad¢ oll the basis of respective turnover. Property costs are allocated to the activities by dedicated
floorspace.
2.8 Tlttgiblefixtd L*sd$ *rtd depttti*tio
Tangible fixed 8sset5 COStirLg £1,000 or mor¢ ar¢ cgpitslised and reco8Dised when fisture econotllic bellefits ate PTobBble
and tbe cost orvaiue of the fiss￿ canbe measuredreliably.
T￿gible fixed 3ssets are initially recO￿]sed al cost. After recoBnitLOD, under the Cost model. tsts8ible fixed ￿e¢S are
rnea5ur¢d at cost less ￿¢￿MU1&ted depreciation and ally accumujated impaittBeDt 105ses. All costs illcutred to britL8 a
t*ngLble fixed asset into its iJJreDded workmg condition should be included in the mea5ur¢m¢rLt of cosL
Deprxiation is charged so ag to allocate the cost of tanwble r]xed ￿Sets less theirresidua] value over their esiimated usefijl
livc4 usillgthe straigtLt-litL¢ mdhod.
Dcpte¢iatiotL iSPtovided on the following basis..
Fr¢ehold property
Long-lcrni Icascholdpwcrty
PlatLI al￿ llLa¢hincry
FixtuTes fittings
Cornputer¢quipr[￿t
2%
20h Over l¢as¢ t¢tms
20%
20%
20%
2.9 Stocks
Stocks aT¢ Volu¢d at th¢ low¢r (>f cost net tettli$#b]e value after m&kittg due allowatsce for Ob￿lete attd slow-tllovittg
2.10 DebtorB
Trade and other debtors are r¢co￿lsed at the s¢ttI¢ttL¢LtHmount 8ft¢r any trad¢ di5wunLoffered. Ptepllyttttnts *evslued ttt
the amouttt prepaid net of any trade di8eounts due.
2.11 Cssh at bxDk h*nd
Cash at ba]Jk and in band iocludes cash and short-*rm highly liquid investments with a sknon ma￿rIty of thr¢t months or
I￿5 fro￿ the date of acquisitioll or opelliD8 of the dcp05Lt Ot sAmilar ar¢ourtt.
2.12 Llabllllles and provtslons
Littbijities arc recognised when there is art obliEatiott st the Balattce Sheet d* 8s a resultof a pasi tv￿1. Lt is probable that
traDsf¢r of Konomi¢ b¢r￿fitwi[I be required in sertlernen¢ aDd the amount of the settlernent call bE E5titnatcd reliably.
Ltabi]ities Are recogDised at the atTrOUDt thai the Clwiry anticipaies it witl pay to Seth the debt or the ￿0￿￿[ it has
receiv¢d &5 advaDced payments for the goods or 5ervjces It Jnust provid
Provisioos are m¢asurcd at the bc5t esttma¢e of th¢ gmounts reqU￿¢d lo scttle the obligation. Whcr¢ thc cffect of tb¢ lim¢
value of molley ig ]Dxtetiai, the ptovision is the presetttvalue of those amouttts, discounted at the pre-rax discouLt
Tat¢ that Kfl¢cts th¢ risks specific to the liability. The unwinding of the discouDt js reco8lliSEd I￿ the State]netLiof FiDanciai
Actsvities as a f￿￿Ce¢0St
Pa8e 16

The Art Academy
(A Company Limit¢d by GuAr#ntee)
Notes to the FlnAnclal Statements
For the Year Ended 31 August 21121
Ac¢ountlngpolktu {¢oDtinuedl
2.13 Fittantl￿ inslTUDMLts
The Charity only b&5 fiDaD¢ial assets and fitsatici￿ liabtliti¢5 of a kind that qualify 8s b&81¢ finsnctfjl instrumettts. Basic
fittatt¢ial ￿stn￿¢Dts illitially Teco8Di5cd at traDsa¢tioo value alld subsequently measuted al their settlejnent valu¢ with
the exGeptioJJ ofbgJJkloaD8 which are $ub5¢qu¢ntly measured atamortis¢d ¢os¢ using th¢ ¢ffecuve illiettst]L&bod.
2.14 Oper4thig l¢we&
ReotsIs p&id under operating I￿*¢$ arc cbargcd to thc Statement of FittatKial Activities QD a straigbt ]ille basis over the
le4se tern).
L15 ren￿On3
The ¢hÈritable company opeAies a defined contribution pension stheme. Celltributions payable 10 the charitable
cornpRnls pension scheme ate tharged to the Ststement of Fin8nciai Activities inth¢p¢riod to which they rdate.
2.16 Fund atcounllng
GelleJ81 fitn(ts ar¢ unrestri¢ted fun&% wlLigh 3TC availabl¢ for usc at the dis¢retiott of the T1￿5 in hlltherance of tbe
8elleTal objectives of the Cbatity alld which have not be¢n desigllated forother ptstyo$e5.
R¢stricted ate fi]Dds wbich aTe to be u8ed IJJ ac¢ord8xce with SPEcifJc restrictions imposed by (knors or whi¢b have
b¢cn raised by the C1￿]ty for particular purposes. The costs of rdisill8 and admiDiSteritig such fi￿d$ Ar¢ charged a8￿1
the specific fut￿. The aim and use of eaeh iestritted i5 S¢t out in th¢ notes to the financial statements.
Inve5ttn¢nt income. gaitis attd Josses are all¢)cated to the appTopriate futtd.
CrltlcAI Accoundkng esdth*t45 8nd •reas of JudgmeDt
PrepRrntion of the acwunts requires the Trn5tee5 and manag¢mcnt to I￿ake Si8Dificant judgtncnts a[￿ ¢5tim8tes. The itans in th¢
Jccount5 wh¢re thes¢ judgD]cllts have been madc include.. the useful ecottotDic ]iv£s attribut¢d to tsngible r￿ed &55¢ts used to
d¢t¢rmine the annual depre£iation charge" the provision agaillst doubtful bad d¢bts in respect of coutse ft¢s' estimates in
respect of acuued expEnditw¢.
Intorne from donatloD$ and legati
UDrt4tr1eted
Tot41
funth
2021
Tolal
21121
2020
Government gr*nts
Coronavirus job r¢leDtiOll scheme 8taDt
Local autI￿ltyCOY1d-19 grant
67.856
67,856
JJ4.473
25,000
Pa8e 17

TtLe Art A¢Ad¢my
(A Company LIll￿ted by GuarAntee)
Notr5 ts the Finalltial Statsments
For the Y¢&r Ended 31 August 2021
Income fromdon%lAoll8 and legaci¢s (¢onthiutd)
Unrestricted
fund5
2021
Total
Totol
fvnds
2020
2021
Dott8ti0tts
270.428
270,428
83.671
Yotsl 2021
338284
338.284
223,544
Total 2020
223,J44
223.J44
IneomE froth eh*rlt*ble aedwldes
Uttrestricted
fllnds
Totsl
fulld8
2021
TOÈJI
fvnds
2020
2021
Twhing art ¢I￿Se$
Resid¢ni artists. studios
920,033
37,161
920.033
37,161
1,027,339
35,028
Tts*￿ 2021
957.194
957.194
1.062.367
Toial 2020
1.062.367
J,062,367
IAtomÈ from othertradlng Acdvltle5
IDcoD￿ from non ch¥ritslAe tradingactivities
UDrestrl¢trd
funds
2021
Totsi
funds
2021
2020
Creativity *amE￿i]dIDg
Sales of ortmateria]s
2.260
37.849
11450
22&)
37.849
12.450
6.970
62,148
Jl,269
Oth¢T ll)1￿¢[1￿ incorlle
Total 2021
52,559
52,559
79,487
roro12020
79.487
79.487
Page 18

The Art AcAdemy
(A Company Llmited by Gu#r&ntet
Notes to the Financial Statements
For the Year Ended 31 August 2021
Investment theome
UDrtJtrlctsd
fuknds
2021
Totsi
Toiol
2021
2020
ttLV¢Sttll¢tLt income
668
666
1.209
To¢G12Q20
1,269
1.269
Expendifyre on Ta15thK funds
Fundr8tslng tradlttgtxptrtses
A¥ reslated
Toial
UDre5trl¢ted
funds
2021
Totgl
2021
2020
Art mat¢Tialpurchasc5
Creativity tr8ittitt8 Costs
25,450
25.450
35,345
Totsl 2021
25.450
25.450
35,439
ToÉal 2020 ¢KY restated
35.439
35.439
The ptior year is Rstated ￿etelY a5 a rc5uIt of a change iTh aJl¢)rntlOD of ¢xpenditUT¢ which has altcrcd the split ofcxpenditurc
Lxmeett fi￿dT8]sijJg tradillB expetLses ajjd tharitabk expendimre (notr 91.
Page 19

The Art Academy
(A Company Limited by Cuar8nteel
Notes to the Flnaneial StateD￿llts
For tbe Year Ended 31 August 2021
ADAlysi¥ of upeDditsre on tbritablE activities
SuDuDary by fllnd typè
Ar restated
UDrestri¢ted
fundg
2021
Totsl
funds
2021
fvnds
2020
Te4chitig ort olw¢$
1514,498
1,5J4.498
1.458.909
To¢¢712020os resttstsd
1,458,PO
J,458,909
The priorytar is restated merely as a result of a chaoge ill allocatioo of expenditure whÈch has altcrd thc split of ¢xp¢uditt
tween exp¢nditur¢ on ¢h8ritabl¢ &¢tivitiefj 8Dd fLllthAisiti8 expeDdibJte (Lote 8).
ID.
Allaly$is of expettdltllre by fi¢tfvltle$
Activitie5
UDdert8kell
dlreetiy Support Costs
2021
2021
Totsl
fulld5
2021
TottTI
fvnds
2020
Teackning art ci&55es
530.862
983.636
1.514.498
1.458.909
Tota12020
543.697
915,212
1,458,P09
AttAtysi$ of dlrect cojts
Totsl
funds
2021
Toial
fvnds
2020
Course rnaterial
56.413
347,850
108,099
18.5LW)
59,757
349,162
9J.4J7
10,283
27,078
ThtOT COSIS
Marketujg & ad￿rtIsing
OthEr cours¢ MS￿rI&l
Shop mJt¢rial
Tot*1 2021
530.862
543,697
Page 20

The Art Academy
(A Company Llmited by Guarautee)
Notes to the Financial Statements
For the Year Ended 31 Allgu$t 2021
io.
Anatysb of exptnthtur¢ by activities (continued)
AR*lysi¥ of support ¢￿ts
Totsl
funds
2021
Toial
fvttd
2020
Stsff ¢oBts
AdministratioD costs
Auth"tOT rem￿tratiOn
502.951
47.043
7,735
10,518
372.683
12.493
30,213
514.2if3
48.37]
4,328
4,700
298,377
32,146
J3.027
Legal costs
PropeTty expe[￿5
Suttdry costs
BaDk char8eS
Total 2021
983,636
915,2J2
ii.
Auditors rénwneTadoD
2021
2020
Fees payable to the Cbarity¥ 8uditor for the auditof the Charity's atLuual accoullts {illclwive
ofvAD
5,100
4.070
Fee5 payabk to th¢ Cbarity's auditor respect of..
F￿￿10n of financièl statements (inclu5rv¢ of VAT)
600
12.
Stsff tosts
2021
2020
Wages and salaries
Socisl stCUTity ¢05ts
Contribution to defmed Contri￿¢10￿ pension schemes
456.990
35.903
10.058
462,042
42.J58
10.003
502,951
514,263
Page 21

The Art Academy
(A CompAlly Litt￿trd by Gllarantse)
Notes to the Financial Statell￿nts
For the Y¢ar Ended 31 August 2021
12.
Staff t08t8 ItODtIDuedl
The ¥veraBe numbcr of p¢Tsons ¢Trplo￿d by the Cbatity duTitt8the yearwas &$ follows..
2021
2020
EKccuIivc
Administration
16
12
Te¢bnica] ser¥i¢es
19
15
No cmployeB te£eived temurteyaiion atsJowitiJJg to more the￿ £60,000 in cith¢r year.
The Key MartagemettiPersonDel of The Att Academy con¥ri8e the Trustees and5¢Dior ttLgnagers Is listed onPsge l. The tot81
ajnoullt of etllployee btllefits (i]Jcluding employerpettsion contributions employer natiouaj in5wanc¢ wrLtribution51
othcr pa￿¢Th￿paId to k¢y Ttwwg¢￿nÈ ￿r$ol￿e1 for theirseThi￿ to tbe Art Academy was £64.769 (2020.. £72J871.
13.
Trustets rernuRtr*tioA fittd expensos
Lhmg theyear. no Th￿te¢S r¢c¢iv¢d any r¢IDU￿rnti¢)n or otber b¢￿efitS (2020. £NJL).
Dutiti8 the yeat ettd&f 3J AuBusi202L, tso Tn￿lee expellses have been irKurted Q020- £NW.
Pa8e 22

The Art Acadejlly
(A Company LI￿1(ed by GUarA￿tte}
Trlotes to the Financial St•teDWllty
For tbe Year Ended 31 Augllst 2021
14.
TaDgible ￿ed 8s8tts
Ftsture*
fittiDg¥ aDd
computer
equlpjllettt
LonE-term
Jea4ebold
property
Frtthold
pro￿rty
PJ*ttt and
acbinery
Ctist or valu4tloD
At I Seplcmber 2020
AdditioDS
1,82Q,306
10,022
63,722
540
225.662
18.350
2.119,712
18,890
At 31 Aus￿(2021
1,820,306
10.022
64.262
244,012
2,138.602
Deprttlatlo
At I September 2020
135,306
27,0(X)
7.267
945
56253
3251
127570
34,204
326.396
65.400
At 31 August 2021
162.306
8,212
59.504
161,774
391.796
Net book valDe
Al 31 August 2ff21
1.658,000
1,810
4,758
82.238
1.746.806
A¢ 31 Au8USt202
1,685,000
2.755
7,469
98.092
l.T93,316
Is.
Stocks
2021
2020
Finished gwds aod goods foriesale
30.802
3J.517
16.
Debtors
2021
2020
Due wIt1￿1 one yè&r
Ttade debtors
4293
753
33.285
(kberdebtOTS
Pr¢paymellts and accrned illcom¢
39.968
35,407
45.014
06,092
Page 23

TtLe Att A¢aderny
(A Company LlJDlted by Guarantee)
Note5 to the Finanei*l Statements
For th¢ Year Ended 31 August 2021
17.
Credltors: AmouDts fauillg due iyithin ollt year
2021
2020
53.982
66,(M)9
J.09J,08g
18.611
8,586
87.071
353.385
T￿de ￿edItorS
Oth¢r twti¢)n 3nd social security
Othercreditors
Accruals and defetred incom¢
69.622
363263
552,876
1,4Jg,342
2021
2020
Deferred at I September2020
R¢sour¢cs deferred dutinE theyear
Amounts released from previous periods
150,765
182.981
1150.765)
229,308
150,765
Q29.308)
182,981
150,765
Def¢￿ed incom¢ at the yeaT-gJyI comprised course fcc incorne r￿¢l￿d in Hdvauce of £182.981.
Credittsrs: Amounts filllDg due after mLir¢ than y¢*r
2•21
2020
1,138,843
Includcd withvo th¢ 8b)ve are Amouttts falling due as follows..
2021
2020
Between one and ye*r$
Battk l(*ans
58,889
Between iwo •nd five years
Bank loaos
176.666
Ovtr tlve years
B&uk loall$
903288
A Dew 20 year arrdngetllent w&% a￿d with Nat W¢st b8nk and 5igDed on 22 MaT¢h 202L. The Jjew 20 year mortgAg¢ loall is
secured on the charity's freehold Property at 165a Borough High Strerf and is rcpayobl¢ by monthly instalbllertts. cot)¥nencing ia
October 2021. The full ba]aftce Including Int¢￿stWi1l be repaid ill MaT¢b 2rMI.
P¥ge 24

Tbe Art AeAdemy
(A Company L]D￿ted by GuarAtttse)
Notss ¢0 the Fknanci21 St%temeDts
Ffjr the Year Ended 31 August 21121
19.
Statement of
StsteJlleDt of fuJhds- ttsrrentyur
Balan¢¢ 0¢ 1
September
2020
B*l*nce llt31
August 2021
Into
£￿endIture
UDre4trlcted tuttits
General Funds
840,411
1.348.705
11,539,948)
649,168
The OUtr¢￿h Fund is a fi2ttd to b¢ sp¢rLt teaching art to diwdv8Thtsg¢dyoung peopl
The Local authotity dis¢retionary COVID-19 grant was received from Southwark to support thtcharitable co]npany and help to
Co¥￿ essential costs during the COVLD-19 pandemic. Tbe grarti has btell fully 5penL and sinc¢ the terlljs and condiiions
required the Money loE¢ spelll th aecordaD¢¢ with tbe app]i¢8tiott the incom¢ and ex￿￿di￿￿e b8s been treated as restrithd.
S¢atsmeD¢ of fyDds- prlory¢aT
J September
2039
Balance at
Expendilure 31 Augwi2929
Income
UDresttlcted fundi
GcLcrai fiLlld¥
966.028
J,341,267
(J.466,884)
84tl.41J
ReJthleted
Outreacb fund
2.464
Q,464)
(25,000)
)cal auth¢)rity discretiow COVID.19 grarLt
25.000
2.464
25,000
(27.404)
Totsl of
968,492
3,300.207
{J,494,348)
840,411
Pag¢ 25

The Art At#den
(A Company Limited by Guarantte)
Notes to the FAD8nclAI Staternents
For the Ye*r Ended 31 August 2021
20.
AuAlysls of *et assttg between funds
Anatysts of Met assets b¢tw¢¢a fvttd8- eurrerrtyear
Ullre5tri¢ted
funds
2021
Tot
2021
Tangible fixed a5sgts
1,746.806
594,081
1551,8761
(1,138,843)
1,746,806
594,081
1552,876)
11,138,843}
Creditors due withio one ye
CrcdiLor5 due i]Lmore than oJ)e year
TotAi
649.168
649,168
Allaly5i¥ of net **sets betwttn fDndJ- prior yw
Unr£¥lricted
fvKdf
2020
rotol
fvnds
2020
TaU￿ble fixed assets
Cutrent osgets
Cr¢dit4)rsdlle within olle year
1,793,3J6
506,437
(J,459.342}
1,793,316
506,437
(J.459.342)
Total
840,411
840,4JJ
21.
Reroncllladon of net Iiiovemetstkn funds to Det ¢•sh flow from operJLting activitie$
2011
2020
Net expendittue fortheYw(￿ p¢r Sttttetnentof Fi])Otttia] Activities)
(191.243)
(128.081)
Adjustments for:
Depreciaiion ¢barges
Dividetsds, IJ)tetests and Tents from inv¢5tsnents
tnlerest FAyBblB
Decrease ill stwks
Decrease in dcbior5
65.400
1668)
22,567
7J5
68,04]
(J,269)
23.714
3.295
J,920
(32.358)
21.678
131,241
Incre4selldeerea8el in creditors
Net ¢asb proTAded byl(used inl opeNtillg *¢tlvltles
49,690
(64,732J
Page 26

The Art Ac8demy
(A CoJJwally Limited by G￿rantee)
Notes to the FiDaDclal staten￿llts
For the Year Ended 31 Aulust 21121
22.
An￿y$l$ of egsb aLd t*$h eqDlvglents
2•21
21120
Cash ill knattd
559
517,706
79]
Notice depo$its11¢55 thgll 3 months)
407,457
Totsi u¥h ¥lld eash equlvgitnts
518,265
4118.228
23.
Allatysls of tha￿g¢S h¢¢debt
Atl
September
2020
At 31 August
2021
Ca8kL flo
C&8b at b4Dk and in halld
Debt due within l yeat
Debt du¢ after l year
408228
{1,091,689)
110,037
1,037,707
(l.l38.843}
518,265
(53.982)
(1,138,843)
1683,4611
8.901
1674.5601
PeDslort tommJtmeDts
The group operates a defined contiibution pengiort scbune. The assets of the schetne ar¢ h¢ld scparatcly from thosc of the 8roup
in att indepeLdctLt]y adtninister¢d fund. The pension cost¢]JaTge teptesellts contributions payableby the gtoup to th¢ fiJnd.
25.
Operayng Iu5e ¢ommltments
At 31 August 2021 th¢ Ctwityhad commitmellts to make fiJuLre miThiJtiurn Iw¢ pawn¢lltsundernon-caocellabk op¢rating
leL8es as follows.
2021
2020
Not later tbon l y¢gr
tater than l year atld not lalerthatt 5 yeaTS
112,384
105,894
114.635
248.254
218,278
3152.889
The folloiving lease ￿YMentS have been Teco8Dised &5 an ¢XPEDS¢ in the Statcment of finattcial a¢tivities'.
2021
2020
Oprting Ic48e rentals
Changes itl lease pay]JwiL8 ATi$illg from COVID-19 relaied rellt concessions
135,951
JOO.523
P•g¢ 27

The Art Academy
(A COn￿1￿Y Ldmited by Guarantee)
Notes to the Financial Statemellts
For the Year Ended 31 August 2021
26.
Related party trans#¢don8
The Charity has not ¢nter¢d into any relat¢dparty traD5a¢tiotsduritt8 the year. nor are there any outstallding bJan¢¢5 OWill8
bettyeea related pthies and the cP￿rity8t 31 August 2021.
Thc principal, Rob PeppBr. 15 dire¢torof Rob PepperLIMite￿ a ¢ompanywbicFL PTovid¢d 8 5¢ri¢5 of workshw dwitigthe
Pandemic. In total there wer¢4 sessious ulldertakeneach at £50 as well as a Vin￿0 subscription paid forby Rob Y¢pp¢rLirnit¢d
that w&$ reimb￿ by The Art Acad¢my atcosL Ths totailed £371.
Pag¢ 28