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2020-08-31-accounts

Charity Registration No. 1082004

Company Registration No. 03958793 (England and Wales)

DARTFORD ARTS CENTRE

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

DARTFORD ARTS CENTRE

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees' Mr J Emery
Dr M Kingham
Mr D Oldcorn
Mr P Scutts
Mrs N J Booker (Business Manager -
Dartford Grammar School)
Miss V Stretton
Mr W J Oakes
Mr C Dorrian
Mr W Fernandez
Miss N Franklin-Pierce (Appointed 12 February
2020)
Secretary Mr J Cardnell (resigned 06/01/2020)
Charity number 1082004
Company number 03958793
Registered office The Mick Jagger Centre
Shepherds Lane
Dartford
Kent
DA1 2JZ
Independent examiner David John Walsh FCCA
Baxter & Co
Chartered Certified Accountants
Lynwood House, Crofton Road
Orpington
Kent
BR6 8QE
Bankers Barclays Bank PLC
Lowfield Street
Dartford
Kent
DA1 1HD

DARTFORD ARTS CENTRE

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 16

DARTFORD ARTS CENTRE

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 AUGUST 2020

The Trustees' present their report and financial statements for the year ended 31 August 2020.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, a deed of trust, the Companies Act 2006 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005.

Objectives and activities

The charity's objects are to advance education in Dartford and the surrounding area in the performing and visual arts and to promote the benefit of the inhabitants of Dartford and the surrounding area by the provision of facilities in the interest of social welfare for recreation and leisure time occupation.

The main objects and activities for the year continue to focus on;

Improving the conditions of life for the inhabitants of Dartford by providing, managing and making available a base for the practice, teaching, performance and recording of music and related and other arts.

To make these facilities available to all inhabitants of Dartford generally and by those who may otherwise be excluded, through physical or mental disability, economic or, family or social circumstances thereby encouraging the widest possible participation in the arts.

The strategies employed to assist the charity to meet these objectives consisted of:

Offering the opportunity for a broad range of the community to get involved in arts activities.

Providing a venue for use of local community art groups, for live music and for local groups and individuals to showcase their talents.

The Trustees' have paid due regard to guidance on public benefit issued by the Charity Commission in deciding what activities the charity should undertake.

During the first part of the year under review the centre continued to provide a venue for the use of local art groups and musical and dramatic performances and its main activities have revolved around the provision of music tuition with its Dartford Music School project, funded from parental contributions, and the Red Rooster project, funded from contributions made by the Mick Jagger Foundation. All evening activities and private hires were halted in March 2020 due to the pandemic but the Dartford Music School and Red Rooster elements of the business continued to work online.

Achievements and performance

Dartford Music School: The centre continues to provide a range of music tuition for all ages and abilities. There were over 270 people having weekly lessons in the centre prior to March 2020 and significant numbers have continued to have virtual lessons.

The Red Rooster Project: This is multi-faceted venture which commenced in 2002 funded by a generous donation from Sir Mick Jagger who had maintained his support ever since. Its aims are to enhance and extend musical opportunities for students in the Dartford area. It does this through planned outreach in local primary schools and through the running of afterschool sessions on Tuesdays. It has enabled hundreds of young people to have access to musical tuition. The response to these projects has been tremendous.

DARTFORD ARTS CENTRE

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 AUGUST 2020

Financial review

Details of financial transactions in the financial statements: The Mick Jagger Centre does not receive any long term revenue funding and is therefore dependant upon charging for the use of its facilities to meet its running costs. The income is derived from three main sources, contract lettings and ad hoc hiring out of facilities, funding from the Mick Jagger Foundation (The Red Rooster Project) and parental contributions in respect of music tuition provided under the banner of Dartford Music School (DMS).

Incoming resources from charitable activities amounted to £372,814 for the year (2019: £404,915), other incoming resources totalled £61,389 (2019: £9,864) and donations of £nil (2019: £11,250).

Expenditure on charitable activities was £461,585 (2019: £424,024) whilst other expenditure amounted to £5,268 (2019: £9,301).

Overall expenditure for the year exceeded income by £32,650 (2019: £7,026), which when added to the opening balance of funds brought forward, resulted in a balance of total funds at 31 August 2020 of £88,129 (2019: £120,779).

Funds at 31 August 2020 total £88,129 (2019: £120,779) and comprise unrestricted general funds of £48,671 (2019: £118,779) an unrestricted designated fund of £2,000 (2019: £2,000) and restricted funds of £37,458 (2019 £nil). It is the aim of the Mick Jagger Centre to maintain its unrestricted general reserves at a level that would be sufficient to cover unavoidable running costs in times where incoming resources are low and enable the replacement and acquisition of fixed assets when required.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

The trustees actively review the major risks which the company faces on a regular basis and believe that these reviews and quarterly assessments of the financial position of the company will ensure sufficient resources in the advent of adverse conditions. The trustees have also examined operational risks and confirm that they have established systems to mitigate significant risks.

Structure, governance and management

The charity is a company limited by guarantee and is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The Trustees', who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr J K Cardnell (Resigned 6 January 2020) Mr J Emery Dr M Kingham Mr D Oldcorn Mr P Scutts Mrs N J Booker (Business Manager - Dartford Grammar School) Miss V Stretton Mr W J Oakes Mr C Dorrian Mr W Fernandez Miss N Franklin-Pierce (Appointed 12 February 2020)

The Directors of the charity are also the Trustees. Directors are recruited on the basis of the needs of the organisation taking into account existing experience of the board.

None of the Trustees' have any beneficial interest in the company. All of the Trustees' are members of the company and guarantee to contribute £10 in the event of a winding up.

DARTFORD ARTS CENTRE

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 AUGUST 2020

The Board of Trustees administers the charity. The board meets quarterly and there are committees covering development, membership and finance.

The day to day responsibility of running the Mick Jagger Centre lies with the centre manager.

The company is connected to the Dartford Grammar School by way of directors holding positions as follows:

N Booker Member of Senior Management Team Dr M Kingham Member of Senior Management Team Mr W J Oakes Headmaster

The Trustees' Report was approved by the Board of Trustees'.

..............................

Mr W J Oakes Trustee Dated: .........................

DARTFORD ARTS CENTRE

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES' OF DARTFORD ARTS CENTRE

I report to the Trustees' on my examination of the financial statements of Dartford Arts Centre (the charity) for the year ended 31 August 2020.

Responsibilities and basis of report

The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the financial statements. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.

The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the ACCA.

It is my responsibility to:

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

David John Walsh FCCA Baxter & Co Chartered Certified Accountants Lynwood House, Crofton Road Orpington Kent BR6 8QE

Dated: .........................

DARTFORD ARTS CENTRE

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2020

Unrestricted
funds
Restricted
funds
Notes
£
£
Income and endowments from:
Donations and legacies
3
-
-
Charitable activities
4
299,157
73,657
Other income
5
61,389
-
Total income
360,636
73,657
Expenditure on:
Raising funds
6
5,268
-
Charitable activities
7
425,386
36,199
Total resources expended
430,654
36,199
Net expenditure for the year/
Net movement in funds
(70,108)
37,458
Fund balances at 1 September 2019
120,779
-
Fund balances at 31 August 2020
50,671
37,458		 2020
£
-
372,814
61,389
434,203
5,268
461,585
466,853
(32,650)
120,779
88,129		 2019
£
11,250
404,915
9,864
426,029
9,031
424,024
433,055
(7,026)
127,805
120,779

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

DARTFORD ARTS CENTRE

BALANCE SHEET

AS AT 31 AUGUST 2020

Notes
Fixed assets
Tangible assets
11
Current assets
Stocks
12
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds
Designated funds
17
General unrestricted funds
Restricted funds		 2020
£
500
44,852
38,548
83,900
(21,780)
2,000
48,671
37,458		 £
26,009
62,120
88,129
88,129
88,129		 2019
£
500
66,639
103,116
170,255
(83,371)
2,000
118,779
-		 £
33,895
86,884
120,779
120,779
120,779

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2020.

The Trustees' acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees' on .........................

..............................

Mr W J Oakes Trustee

Company Registration No. 03958793

DARTFORD ARTS CENTRE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

1 Accounting policies

Charity information

Dartford Arts Centre is a private company limited by guarantee incorporated in England and Wales. The registered office is The Mick Jagger Centre, Shepherds Lane, Dartford, Kent, DA1 2JZ.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's deed of trust, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

1.2 Going concern

At the time of approving the financial statements, the Trustees' have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees' continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees' in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Restricted general funds comprise funds received with restrictions imposed by the funder/donor

1.4 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

DARTFORD ARTS CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2020

1 Accounting policies

1.5 Resources expended

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Governance costs include the costs attributable to the charities compliance with constitutional and statutory requirements.

All resources expended are inclusive of irrecoverable VAT.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment

25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

DARTFORD ARTS CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2020

1 Accounting policies

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any material unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

DARTFORD ARTS CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2020

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Trustees' are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical areas of judgement

In preparing these Financial Statements, the Trustees have not needed to exercise any subjective judgements that would be critical to the academy trust’s Financial Statements.

3 Donations and legacies

Total Restricted
funds
2020 2019
£ £
Donations and gifts - 11,250

DARTFORD ARTS CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2020

4 Charitable activities

Music tuition
income and
Artistic
programmes
£
Incoming resources
167,196
Red Rooster Funding
73,657
240,853
Analysis by fund
Unrestricted funds - general
167,196
Restricted funds
73,657
240,853
For the year ended 31 August 2019
Unrestricted funds - general
226,832		 Catering Hire chargers
£
£
43,164
88,797
-
-
43,164
88,797
43,164
88,797
-
-
43,164
88,797
47,311
130,772		 Total
2020
£
299,157
73,657
372,814
299,157
73,657
372,814		 Total
2019
£
340,684
64,231
404,915
404,915

"Music tuition income" above includes funding from the Mick Jagger Foundation for the Red Rooster Project, and parental contributions for the Dartford Music School (DMS) Project.

5 Other income

2020 2019
£
 £
Other income 61,389 9,864

"Other income" above includes box office commission generated by the charitable company.

Income above of £61,389 (2019: £9,864) is 'unrestricted'. £49,921 relates to furlough staff recoupment.

6 Raising funds

Ticket sales and box office commissions
Staff costs		 2020
£
5,268
5,268		 2019
£
9,031
9,031

Expenditure above of £5,268 (2019: £9,031) is 'unrestricted'.

DARTFORD ARTS CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2020

7 Charitable activities

Music
Tuition and
Artistic
programmes
Catering
Hire
charges
£
£
£
Staff costs
204,499
1,295
5,268
Depreciation and impairment
2,616
310
5,744
Charitable expenditure
135,440
16,762
43,912
Red Rooster expenditure
36,199
-
-
378,754
18,367
54,924
Share of governance costs (see note
8)
-
-
9,540
378,754
18,367
64,464
Analysis by fund
Unrestricted funds
342,555
18,367
64,464
Restricted funds
36,199
-
-
378,754
18,367
64,464
For the year ended 31 August 2019
Unrestricted funds
353,949
19,166
50,909
353,949
19,166
50,909
Support costs
Governance
costs
£
Independent examiner
2,950
Legal and professional
6,590
9,540		 Total
2020
£
211,062
8,670
196,114
36,199
452,045
9,540
461,585
425,386
36,199
461,585
2020
£
2,950
6,590
9,540		 Total
2019
£
196,101
11,298
176,646
35,649
419,694
4,330
424,024
424,024
424,024
2019
£
1,955
2,375
4,330

8 Support costs

9 Trustees'

None of the Trustees' (or any persons connected with them) received any remuneration or expenses during the year.

DARTFORD ARTS CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2020

10 Employees

Number of employees

The average monthly number of employees during the year was:

Management and administration
Music tutors
Catering
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2020
Number
11
1
2
14
2020
£
180,273
9,281
26,776
216,330		 2019
Number
12
2
2
16
2019
£
167,203
10,082
27,847
205,132

There were no employees whose annual remuneration was £60,000 or more.

11 Tangible fixed assets

Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 September 2019 81,259
Additions 783
At 31 August 2020 82,042
Depreciation and impairment
At 1 September 2019 47,364
Depreciation charged in the year 8,669
At 31 August 2020 56,033
Carrying amount
At 31 August 2020 26,009
At 31 August 2019 33,895

DARTFORD ARTS CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2020

12
Stocks
Goods for resale
13
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
14
Creditors: amounts falling due within one year
Notes
Deferred income
15
Trade creditors
VAT Creditor
Accruals		 2020
£
500
2020
£
7,740
37,112
44,852
2020
£
4,636
1,670
13,024
2,450
21,780		 2019
£
500
2019
£
60,533
6,106
66,639
2019
£
50,881
28,848
-
3,642
83,371

15 Deferred income

2020 2019
£ £
Deferred Income 4,636 50,881

DARTFORD ARTS CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2020

16 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of Donations and grants held on trust for specific purposes:

Movement in funds
Balance at 1 Incoming Resources Balance at 31
September resources expended August 2020
2019
£ £ £ £
Red Rooster Funding - 73,657 (36,199) 37,458
- 73,657 (36,199) 37,458

17 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Movement in funds
Balance at 1 Incoming Resources Balance at 31
September Resources expended August 2020
2019
£ £ £ £
Dartford Grammar School 2,000 - - 2,000
2,000 - - 2,000

Unrestricted funds includes a designated fund representing long term funding provided to the charity by Dartford Grammar School. Repayment requires more than twelve months notice.

Movement in funds
Balance at 1 Incoming Resources Balance at 1
September Resources expended September
2018 2019
£ £ £ £
Dartford Grammar School 2,000 - - 2,000
2,000 - - 2,000

DARTFORD ARTS CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2020

18 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted Restricted
Designated		 Total
Fund funds funds
£ £ £ £
Fund balances at 31 August 2020 are represented by:
Tangible assets 26,009 - - 26,009
Current assets/(liabilities) 22,662 37,458 2,000 62,120
48,671 37,458 2,000 88,129
Unrestricted Restricted
Designated		 Total
Fund funds funds
£ £ £ £
Fund balances at 31 August 2019 are represented by:
Tangible assets 33,895 - - 33,895
Current assets/(liabilities) 84,884 - 2,000 86,884
118,779 - 2,000120,779

19 Related party transactions

Remuneration of key management personnel

The Trustees are the key management, none of whom receive any remuneration.

Transactions with related parties

During the year the charity entered into the following transactions with related parties:

Dartford Grammar School, a company incorporated in England and Wales (company number 07406122) is a related party by virtue of the fact it has Trustees and Senior Staff in common.

Dartford Arts Centre reimbursed Dartford Grammar School for staff and other costs incurred during the year of £216,904 (2019: £208,753) and expenditure of £52,130 (2019: £16,288). Additionally £nil (2019: £11,250) was received during the year from Dartford Grammar School as a donation. The balance owed to Dartford Grammar School at 31 August 2020 was £7,211 (2019: £18,084) and is included in creditors falling due within one year.

No guarantees have been given or received.