**Company number 4421812 Charity number England & Wales 1094936 Charity number Scotland SC049324**
## **LUX**
**(Limited by Guarantee)**
**Report and Financial Statements for the year ended 31 March 2021**
**Breckman & Company Ltd Chartered Certified Accountants 49 South Molton Street London W1K 5LH**
**LUX**
## **(Limited by Guarantee)**
## **Contents**
||**Page**|
|---|---|
|Reference and Administrative Details|1|
|Trustees' Report|2 - 7|
|Auditors' Report|8 - 10|
|Statement of Financial Activities (including Income and Expenditure Account)|11 - 17|
|Balance Sheet|18|
|Cash Flow Statement|19|
|Notes to the Financial Statements|20 - 31|
## **LUX**
## **(Limited by Guarantee)**
## **Reference and Administrative Details**
## **Constitution**
The company is a private company limited by guarantee registered in EW - England & Wales, company number 4421812, incorporated under the Companies Act, and its governing document is its Memorandum and Articles of Association. The company is a registered charity in England & Wales, number 1094936, and in Scotland, number SC049324.
## **Directors and trustees**
The directors of the charitable company ("the charity") are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees.
As set out in the Articles of Association the trustees are appointed as follows:
The subscribers to the memorandum and such other persons as are admitted to membership in accordance with the articles shall be members of the company. Subject to Article 7, every person who wishes to become a member shall deliver to the company an application for membership in such form as the trustees require signed by him or her.
Policies and procedures adopted for the induction and training of trustees are ongoing and incorporated indirectly into the regular trustees meetings.
The trustees during the year and since the year end, were:
Deborah Bourne resigned 19 February 2021 Jemma Desai Elke Finkenauer appointed 15 June 2021 Andrea Francke appointed 9 June 2021 Dr So Mayer appointed 25 June 2021 Tessa Norton Alia Syed Rehana Zaman (Chair)
## **Chief executive/day to day management**
Benjamin Cook
## **Auditors**
Breckman & Company Ltd, Chartered Certified Accountants, 49 South Molton Street, London W1K 5LH.
## **Bankers**
The Co-operative Bank, PO Box 200, Skelmersdale WN8 6GH. Triodos Bank, Deanery Road, Bristol BS1 5AS. Cater Allen Private Bank, 2 Triton Square, Regent's Place, London NW1 3AN.
## **Registered office and operation address**
Waterlow Park Centre, Dartmouth Park Hill, London N19 5JF.
1
## **LUX**
## **(Limited by Guarantee)**
## **Trustees' Report**
The trustees present their annual report together with the financial statements of the charity for the year ended 31 March 2021 which are also prepared to meet the requirements for a directors' report and accounts for Companies Act purposes.
The reference and administrative details set out on page 1 form part of this report. The financial statements comply with Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association 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).
## **Objectives and activities for the public benefit**
The purpose of the charity is:
To promote, maintain, improve and advance education in the arts particularly the arts of film and video making and other moving image arts for the public benefit.
The charity has three main aims in reference to its objectives which are advocacy for moving image arts, providing access to moving image arts and supporting moving image arts. These aims and objectives are achieved through the following strategies:
## _**Advocacy**_
- Highlight the diversity of film and visual arts and raise awareness of the richness of artists' moving image work in the UK and abroad.
- Influence and educate decision makers in the importance and value of work being produced in this area.
- Educate and inspire artists of the future.
- Sustain and develop new audiences for artists' moving image work.
- Support individuals and other arts organisations to learn about and exhibit artists' moving image work themselves.
- Promote critical and vocational study of artists' moving image work in education.
- Raise and maintain the visibility of artists' moving image work across media including new media forms such as internet and interactive television.
## _**Access**_
- Develop national and international access to artists' moving image work through the maintenance of a publicly accessible film and video collection, distribution, exhibition and online activities.
- Develop educational access to the collection through special programmes, specialist advice and outreach projects.
- Offer audiences the opportunity to see and hear artists discuss their work in context.
- Build and maintain a comprehensive collection of work to offer historical context to contemporary work.
## _**Support**_
- Provide a platform for the exhibition and promotion of new work.
- Provide opportunities for artists through commissioning projects and residencies.
- Provide specialist professional development advice for those wishing to work in this area.
- Support artists to allow them to continue producing work.
In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission's guidance on public benefit, including the guidance 'public benefit : running a charity (PB2).
2
## **LUX**
## **(Limited by Guarantee)**
## **Trustees' Report**
## **Organisational structure**
A board of trustees of up to 12 members, who meet quarterly, administers the charity. Trustees are appointed by the board of trustees. A Chief Executive, Benjamin Cook is appointed by the trustees to manage the day-to-day operations of the charity.
## **Policies and procedures adopted for the induction and training of trustees**
Responsibility for the induction of new trustees rests with the current trustees. The induction procedure consists of an introduction to current trustees, all members of staff, to the charities work and projects and a visit to the charity's offices and selected projects. Ongoing training needs of trustees are monitored and acted upon through a regular, pro-active process of board development.
## **Pay policy for senior staff**
Staff pay/remuneration is reviewed on a yearly basis by the board of trustees through a benchmarking process with a network of other small scale not-for-profit visual arts organisations in London.
## **Achievements and Performance 2020/21**
LUX is a national arts agency that exists to support and promote artists working with the moving image through distribution, exhibition, publishing, education and research. It has a public programme of exhibitions, screenings and publishing both in the UK and overseas, but the major part of its work is as a service umbrella network for artists' and artists organisations (representing artists' works, providing specialist advice and services to institutions and arts professionals) as well as the care, promotion and development of the UK's only significant collection of artists' film and video.
LUX's distribution service works to promote and support the work of approximately 1,500 artists annually - making artists work available to exhibitors on a national and international basis, providing pastoral care, professional advice and negotiating artists' fees to enable artists to develop a sustainable practice - this has expanded by 12 artists and 130 new works in the 2020/21. We organise and host LUX artists' forum groups around the country which enable artists to explore ideas and professional issues with LUX and their peers as well as connect with other LUX groups around the UK and Ireland, currenting supporting groups in London, Cornwall, Glasgow, Nottingham, Belfast and Dublin, all of which switched to online in 2020/21. We offer one-on-one advice sessions for artists in the UK and during the Covid19 pandemic have increased this to weekly sessions, supporting over 200 artists from around the UK. We also convened a new artists working group to support the programme of our curatorial fellow Cairo Clarke, members of the group are Ebun Sodipo, Kumbirai Makumbe, Rebecca Bellantoni, Isaac Kariuki and Tamar Clarke Brown.
LUX has a large and diverse international network ranging from artist-run spaces to major museums, we work with these partners to present UK artists work overseas and collaborate on the staging of screenings and exhibitions. LUX also works with international organisations and artists to present and make available their work in the UK both through distribution and public programming. LUX is invited to present its work and UK artists every month throughout the year at international screenings, galleries, festivals and biennials. We regularly work with the British Council and other national cultural agencies in terms of cultural exchange through exhibition exchanges, residencies and co-productions. LUX is part of a number of international networks to extend the reach of our work and access new markets for UK work.
3
## **LUX**
## **(Limited by Guarantee)**
## **Trustees' Report**
LUX aims to advocate for and make accessible artists' moving image work to the general public and enable them to have their own creative experiences. As an agency we achieve this by annually supporting a large number of exhibitions, screenings and events on a local, national and international basis through our collection and distribution service with a wide range of partner organisations. We also organise touring projects which provide access to pre-curated selections of work which are presented in context with supporting materials for venues which may not have the capacity to develop projects themselves. Most of this work was conducted online in the past year. We continued to collaborate with the British Council on our major 2 year tour of British work called We Are Here, including a series of presentations around the world and a special project supporting partners in the Western Balkans, including LUX delivering an online curatorial workshop for organisations in the region and a series of creative workshops exploring arts and ecology. We work with a range of partners to develop contextual event and engagement programmes responding to their core programme or special events and themes and continued to do this online during the pandemic through partner websites . We usually organise our own public programme at our home bases in London and Glasgow and with host partners which take a range of forms from exhibitions to events to workshops appropriate to the artists and work we are presenting which again moved to online.
LUX aims to increase visitors to the LUX website, events and subscribers annually and saw a significant increase in traffic and audiences over the past year as we shifted to online.
Year on year we have increased the reach and number of our audiences through distribution, partner programming and our own public projects and this year saw strong audiences online.
As a small committed organisation with a strong public ethos we pay close attention to these qualitative and experiential aspects of our work. We are an artist-centred organisation which works very closely with numerous artists on a long-term basis throughout their career. From day to day support of distribution artists, close working with commissioning and producing artists projects to our open emergent artist opportunities including one-on-one working with young artists and our peer-led groups we offer a bespoke attentive experience for the artists. In terms of our public programme we are deeply invested in our work and advocacy for artists, works and high-quality presentation are key aims. We work closely on a personal level with all of our programme development - we carefully plan the appropriateness of each event, its staging and presentation, we work closely with the artists and each project is personally mediated by LUX staff. We pay attention to framing and interpretation so all activities include artists/curator talks, opportunities for audiences to discuss, as well as contextual material to explore works and themes in more detail.
LUX was unable to open to the public for much of 2020/21 due to pandemic restrictions, however due to the nature of our work we were able to quickly pivot to an online programme of exhibitions, talks and screenings which attracted large audiences from around the world. Highlights of the programme included:
- O'Pierrot, an exhibition by Tanoa Sasraku
- Out of Touch, a series of online events and exhibitions exploring the internet as a site for creativity, curated by Hervisions.
- Picturing a Pandemic, a series of screenings, exhibitions and talks exploring learning from radical media activism curated by artist Conal McStravick.
- Receiver, an exhibition and event series exploring questions of access as a catalyst for creativity.
- Limit as Material, a series of online artists commissions inspired by the work of Ian White
- This Work is not for us - an online talk series by Jemma Desai
- Ashley, an on/offline exhibition by Jamie Crewe
- One Artist, One Work series, LUX Scotland's series of one one artist focused screenings and talks.
- LUX Scotland's Artists Moving Image Festival curated by Tako Taal and Adam Benmakhlouf shifted online and stretched out over the year with a series of events.
4
## **LUX**
## **(Limited by Guarantee)**
## **Trustees' Report**
## Commissions:
- Ashley, Jamie Crewe - Margaret Tait commission
- People Have Come, a LUX Scotland online commission by Jamie Crewe
- Lens Diary, a LUX Scotland commission by Margaret Salmon
- Captioning on Captioning - Louise Hickman and Shannon Finnegan
- Silence - Nina Thomas
- 10 new films for BBC/ Creative Scotland scheme - Now and Next
- Marvell Park, Richard Layzell
## New Publications:
- No End to Enderby, Stephen Sutcliffe and Graham Eatough - book to accompany exhibition of same name
- Personae, Margaret Tait - book of unpublished manuscript by acclaimed Scottish filmmaker
- Confessions to the Mirror - Sarah Pucill - Blu Ray
In the past year we have made some significant staff restructures to better support the work of the organisation. We now employ the regular services of a freelance bookkeeper and accountant to support our Director of Operations, we have expanded our Distribution/Collection team with the appointment of a Distribution Assistant. We have expanded the role of our Events and Marketing Manager to support education and public events and continue to develop our 18-month long curatorial fellowship programme to bring new perspectives to our public programme.
## **Plans for Future Periods**
## **General aims and objectives 2021/22**
- Maintain and build on the LUX distribution service while developing and implementing collection development strategy
- Develop a new website to improve access to LUX work.
- Work to ensure that LUX artists, audiences, staff, board and participants reflect the diversity of London's population including a significant board development programme to increase membership and diversity of the trustees.
- Build back activity and earned income to pre-covid levels.
- Continue to develop LUX's space, including development plans to create a green space out of LUX's conservatory and negotiate a long lease to enable capital development of the building.
- Contribute to the culture and development of Waterlow Park where LUX is based.
- Develop outreach projects to reach publics currently not engaged with LUX's work.
- Increase profile of LUX through national programme with regional partners.
- Continue to develop the future strategy of the LUX collection and work towards national museum status.
- Provide production and exhibition opportunities for artists.
- Support artists through the maintenance and development of LUX professional development activities.
- Continue to develop the LUX education programme to support discourse around artists' moving image practice.
- Support curators and programmers to research, engage with and effectively exhibit artists' moving image work.
- Lead and contribute to the strategic development of artists' moving image and the broader visual arts on a national and international level.
- Promote UK artists and artists' moving image work on a national and international level through the LUX distribution service and public programme.
5
## **LUX**
## **(Limited by Guarantee)**
## **Trustees' Report**
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.
## **Financial Review and Reserves Policy**
The charity is aiming to maintain a level of free reserves i.e. those not invested in tangible fixed assets, that would sustain its operations over a 6-month period should its revenue grants and income generating activities be temporarily curtailed. This figure is currently £217,052 which includes a designated fund of £76,000. The designated funds are to support Brexit mitigation, new space development, staff training, software upgrades, building improvements, fundraising consultancy, and a reserve for LUX Scotland projects and All designated funds commitments will be completed by end of March 2021. Restricted funds of £152,717 were held at the year-end.
## **Major Risks**
The major strategic, business and operational risks which the charity faces are examined on a yearly basis as part of the forward planning process and systems established to lessen the risks. The major risks to the charity are that its revenue funding from Arts Council England would be withdrawn; as ACE has accepted LUX into their next funding portfolio for four years to 2023 the trustees have all confidence that this support will continue. Also, Creative Scotland have supported LUX Scotland on an annual basis for the past 6 years and based on our ongoing conversations we believe this support will continue. The second risk is that the organisation would not meet its self-generated income targets; all indications are that the income targets will be easily met; however the yearly budget also contains a degree of flexibility to allow for fluctuations. During the past year despite the pandemic LUX's earned income was better than expected because of a general shift on online presentations. This has shown that there is a good amount of robustness in our business model. The lease for our building is up for renewal at the end of 2022, early conversations with our landlord Camden have been positive and the unusual location and D2 planning use give us confidence that results will be positive. The final major risk we have previously noted was posed by the impact of Brexit, as a significant part of LUX's earned income comes from loaning UK works overseas. At the point of writing this has not significantly impacted our business particularly as the majority of our work is now conducted digitally, avoiding import and export of material objects.
## **Statement of Trustees Responsibilities**
The trustees (who are also directors of LUX for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP 2015 (FRS102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
6
## **LUX**
## **(Limited by Guarantee)**
## **Trustees' Report**
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware at the time of approving our trustees' annual report:
- there is no relevant information, being information needed by the auditor in connection with preparing their report, of which the charitable company's auditor is unaware; and
- the trustees, having made enquiries of fellow directors and the charitable company's auditor that they ought to have individually taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
## **Small company exemptions**
This report is prepared in accordance with the provisions of the Companies Act 2006 relating to small companies.
This report was approved by the Board of Trustees on 16 November 2021 and signed on its behalf by:
Rehana Zaman (Nov 22, 2021 13:11 GMT)
## **Rehana Zaman (Chair) Trustee**
7
## **Independent Auditors' Report to the Members of LUX**
## **Opinion**
We have audited the financial statements of LUX (the 'charitable company') for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
## **In our opinion the financial statements:**
- give a true and fair view of the state of the charitable company's affairs as at 31 March 2021, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the trustees' annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
8
## **Independent Auditors' Report to the Members of LUX**
We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the trustees' report (incorporating the directors' report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors' report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to prepare the financial statements in accordance with the small companies' regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
## **Responsibilities of trustees**
As explained more fully in the trustees' responsibilities statement set out on pages 6 and 7, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
9
## **Independent Auditors' Report to the Members of LUX**
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
## **Use of our report**
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
## **Mr Graham Berry FCCA (Senior Statutory Auditor) For and on behalf of Breckman & Company Ltd Statutory Auditors Chartered Certified Accountants**
49 South Molton Street London W1K 5LH
16 November 2021
10
## **LUX**
## **(Limited by Guarantee)**
## **Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31 March 2021**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**Notes**
**£**
**£**
**Income and endowments from:**
**2**
Donations and legacies - page 12
238,092
-
Charitable activities
Artistic income - pages 12 - 13
283,171
150,259
Investments
493
-
Other - Museums & Galleries Exhibition Tax Relief
10,435
-
**Total**
532,191
150,259
**Expenditure on:**
Charitable activities:
Artistic programme - pages 14 - 15
495,297
195,473
**Total**
495,297
195,473
**Net income/(expenditure)**
**3**
36,894
)
(45,214
Transfers between funds
**15, 16**
3,218
)
(3,218
**Net movement in funds:**
40,112
)
(48,432
**Reconciliation of funds:**
**Total funds brought forward**
181,121
201,149
**Total funds carried forward**
**15, 16**
221,233
152,717|**2021**
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**£**
**£**
**£**
238,092
202,899
-
433,430
282,839
243,965
493
1,308
-
10,435
-
-
682,450
487,046
243,965
690,770
483,548
238,413
690,770
483,548
238,413
)
(8,320
3,498
5,552
-
3,336
)
(3,336
)
(8,320
6,834
2,216
382,270
174,287
198,933
373,950
181,121
201,149|**2020**
**Total**
**£**
202,899
526,804
1,308
-|
|---|---|---|
|||731,011|
|||721,961|
|||721,961|
|||9,050
-|
|||9,050
373,220|
|||382,270|
The notes on pages 20 to 31 form an integral part of these financial statements.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities.
11
## **LUX**
## **(Limited by Guarantee)**
|**Year ended 31 March 2021**
**2021**
**£**
**Income from donations and legacies**
**Grants**
**COVID-19 Emergency funding**
ACE Culture Recovery Fund
10,000
HMRC Coronavirus Job Retention Scheme
21,090
**Arts Council England**
NPO funding
205,841
**Donations**
Sundry
1,161
238,092
**Income from charitable activities**
**Artistic income**
Distribution hires
127,324
Edition sales
17,500
Commissions
67,500
Publication sales
11,533
Distribution charges
13,746
Production services
2,470
Programming
21,195
Project income
10,615
Educational partnerships
9,010
Other income
2,278
283,171|**2020**
**£**
-
-
202,122
777|
|---|---|
||202,899|
||163,022
8,625
30,000
11,294
24,589
10,541
4,054
6,261
15,080
9,373|
||282,839|
12
## **LUX**
## **(Limited by Guarantee)**
## **Year ended 31 March 2021**
|**Project specific funding**
**Grants/project income**
Art Fund
British Council
Creative Scotland
Film Hub Scotland
Goethe-Institut Glasgow
The Paul Mellon Centre for Studies in British Art|**2021**
**£**
6,000
-
134,059
4,200
-
6,000
150,259|**2020**
**£**
3,600
1,460
233,200
5,000
705
-|
|---|---|---|
|||243,965|
13
## **LUX**
## **(Limited by Guarantee)**
## **Year ended 31 March 2021**
|**Expenditure on charitable activities**
**Artistic programme**
Artistic salaries
Project salaries
Social security costs
Staff pension costs
Print publicity/catalogue
Website
Education
Programming
Artistic projects
Project administration
Balance carried forward|**2021**
**£**
82,288
91,624
13,238
8,115
2,835
4,764
85,645
13,584
71,953
6,269
380,315|**2020**
**£**
88,964
86,234
14,876
8,439
618
696
4,097
50,297
86,753
29,166|
|---|---|---|
|||370,140|
14
## **LUX**
## **(Limited by Guarantee)**
## **Year ended 31 March 2021**
|Balance brought forward
**Distribution costs**
Opening stock
Closing stock
Salaries
Social security costs
Staff pension costs
Royalties
Edition expenses
Collection
Publication expenses
Distribution expenses
Production services
Touring
Sundry
Support costs - page 16
Governance costs - page 17|**2021**
**£**
765
)
(622
76,909
5,877
3,846
65,828
6,783
2,797
-
5,239
2,692
10,150
5,270|**£**
380,315
185,534
103,111
21,810
690,770|**2020**
**£**
799
)
(765
81,146
7,031
4,058
96,448
2,437
5,356
5,010
12,609
8,037
11,634
4,482|**£**
370,140
238,282
106,401
7,138|
|---|---|---|---|---|
|||||721,961|
15
## **LUX**
## **(Limited by Guarantee)**
## **Year ended 31 March 2021**
|**Support and governance costs**
**Support costs**
**Office overheads**
Rent/rates
Services
Insurance
Amortisation of short leasehold
Depreciation of equipment
Depreciation of website
**Administration costs**
Salaries
Fees
Social security costs
Staff pension costs
Staff training/recruitment/welfare
Office supplies/courier/duty
IT
Business development
Sundry
Balance carried forward|**2021**
**£**
31,259
7,350
4,582
5,658
3,256
4,685
28,814
2,232
1,968
1,293
5,406
1,787
4,412
30
379|**£**
56,790
46,321
103,111|**2020**
**£**
31,260
6,776
4,562
5,642
3,745
5,369
34,923
-
465
2,751
2,394
1,997
5,710
704
103|**£**
57,354
49,047|
|---|---|---|---|---|
|||||106,401|
16
## **LUX**
## **(Limited by Guarantee)**
## **Year ended 31 March 2021**
|Balance brought forward
**Governance costs**
Legal/professional
Bookkeeper fees
Accountancy/consultancy
Audit
Board meetings|**2021**
**£**
6,945
7,765
2,500
3,750
850|**£**
103,111
21,810
124,921|**2020**
**£**
-
-
2,500
3,750
888|**£**
106,401
7,138|
|---|---|---|---|---|
|||||113,539|
17
## **LUX**
## **(Limited by Guarantee)**
## **Balance Sheet 31 March 2021**
|**Notes**
**Fixed assets**
Tangible assets
**9**
**Current assets**
Stocks
**10**
Debtors
**11**
Cash at bank and in hand
**Liabilities**
Creditors: amounts falling
due within one year
**12**
**Net current assets**
**Total assets less current**
**liabilities**
**The funds of the charity:**
Unrestricted funds
**15**
- General fund
- Designated funds
Restricted funds
**16**
**Total charity funds**|**2021**
**£**
622
50,261
482,055
532,938
)
(166,126|**£**
7,138
366,812
373,950
145,233
76,000
221,233
152,717
373,950|**2020**
**£**
765
65,347
409,251
475,363
)
(112,812|**£**
19,719
362,551|
|---|---|---|---|---|
|||||382,270|
|||||105,121
76,000|
|||||181,121
201,149|
|||||382,270|
The trustees have prepared these accounts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.
The accounts were approved by the Board of Trustees on 16 November 2021 and signed on its behalf by
Rehana Zaman (Nov 22, 2021 13:11 GMT) **Rehana Zaman (Chair) Trustee**
alia syed alia syed (Nov 24, 2021 11:46 GMT)
**Alia Syed Trustee**
The notes on pages 20 to 31 form an integral part of these financial statements.
18
## **LUX**
## **(Limited by Guarantee)**
## **Cash Flow Statement for the year ended 31 March 2021**
|**Notes**
**Cash flows from operating activities**
**21**
**Cash flows from investing activities:**
**20**
Dividends, interest and rents from investments
Purchase of property, plant and equipment
**Net cash provided by investment activities**
Change in cash at bank and in hand in the reporting
period
Cash at bank and in hand at the beginning of the
reporting period
**Cash at bank and in hand at the end of the**
**reporting period**|**2021**
**£**
73,329
493
)
(1,018
)
(525
72,804
409,251
482,055|**2020**
**£**
1,838
1,308
)
(10,245
)
(8,937
)
(7,099
416,350
409,251|
|---|---|---|
19
## **LUX**
## **(Limited by Guarantee)**
## **Notes to the Financial Statements for the year ended 31 March 2021**
## **1. Accounting policies**
## **1.1. Basis of preparing the financial statements**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (issued in October 2019) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), and the Companies Act 2006.
The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
## **1.2. Going Concern**
The charity is dependent on the continued support of grant aiding bodies. The trustees believe that the charity will continue to receive this support and accordingly consider that it is appropriate to prepare the financial statements on the going concern basis.
## **1.3. Incoming resources**
All incoming resources are included in the Statement of Financial Activities when:
- the charity is legally entitled to the funds
- any performance conditions attached to the income have been met or are fully within the control of the charity
- there is sufficient certainty that receipt of the income is considered probable
- the amount can be reliably measured
## **- Donations and legacies**
Grants/donations are recognised in incoming resources in the year in which they are receivable, except as follows:
- when donors specify that grants/donations given to the charity must be used in future accounting periods, the income is deferred until those periods
- when donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred and not included in incoming resources until the preconditions for use are met.
## **- Charitable activities**
Artistic income - income from hires, screenings, projects and sundry other artistic income is included in incoming resources in the period in which the relevant activity takes place.
Project specific funding - when donors specify that donations and grants are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is included in incoming resources of restricted funds when receivable.
20
**LUX**
## **(Limited by Guarantee)**
## **Notes to the Financial Statements for the year ended 31 March 2021**
## **- Donated services and facilities**
Donated services or facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated services and facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
## **- Investment income**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
## **1.4. Expenditure**
All expenditure is included on an accruals basis inclusive of any VAT which cannot be recovered and is recognised when:
- there is a legal or constructive obligation to make a payment
- it is probable that settlement will be required
- the amount of the obligation can be measured reliably
## **- Charitable activities**
Costs incurred in the touring and presentation of events, exhibitions and the production and distribution of artists film and video.
## **- Support costs**
The administrative and overhead costs associated with running the office from which the company operates as well as governance costs. Support costs are wholly attributable to the artistic programme.
## **- Governance costs**
Costs associated with the constitutional and statutory requirements of the charity.
## **1.5. Pensions**
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised as expenditure when due.
## **1.6. Fund accounting**
Funds held by the charity are either:
- Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees.
- Designated funds - these are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose.
- Restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
21
## **LUX**
## **(Limited by Guarantee)**
## **Notes to the Financial Statements for the year ended 31 March 2021**
## **1.7. Tangible fixed assets and depreciation**
Individual fixed assets costing £1,000 or more are capitalised at cost.
Depreciation is provided at annual rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
- Leasehold properties Straight line over the life of the lease Equipment - 25% on cost Website - 25% on cost
## **1.8. Stock**
Stock is valued at the lower of cost and net realisable value.
## **1.9. Debtors**
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due.
## **1.10. Cash at bank and in hand**
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **1.11. Creditors and provisions**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **1.12. Financial Instruments**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value, and subsequently measured at their settlement value.
## **1.13. Significant Accounting Estimates and Judgements**
In determining the carrying amounts of certain assets and liabilities, the charity makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The charity's estimates and assumptions are based on historical experience and expectation of future events and are reviewed annually.
## **2. Incoming resources**
- The total incoming resources for the year has been derived from the principal activity. The proportion of incoming resources derived from outside the UK amounted to 30% (2020 - 10%).
22
## **LUX**
## **(Limited by Guarantee)**
## **Notes to the Financial Statements for the year ended 31 March 2021**
## **3. Net income for the year is**
|**Net income for the year is**|||
|---|---|---|
|**stated after charging:**|**2021**|**2020**|
||**£**|**£**|
|Depreciation of tangible fixed assets|13,599|14,756|
|Operating lease rentals|||
|- land/buildings|30,000|30,000|
|Auditors' remuneration|||
|- external audit|3,750|3,750|
|- other services|2,500|2,500|
## **4. Trustees' emoluments and reimbursed expenses**
The trustees received no remuneration during the year (2020 - £nil).
The aggregated amount reimbursed to trustees during the year was £nil (2020 - £94). This related to travel expenses for one trustee.
## **5. Transactions with trustees**
Royalty payments of £nil (2020 - £221) were paid in the year to trustee Erika Balsom.
Royalty payments of £25 (2020 - £830) and workshop fees of £150 (2020 - £nil) were paid in the year to trustee Alia Syed.
Royalty payments of £1,063 (2020 - £200) and workshop fees of £nil (2020 - £325) were paid in the year to trustee Rehana Zaman.
Workshop fees of £nil (2020 - £225) were paid in the year to trustee Jemma Desai.
23
## **LUX**
## **(Limited by Guarantee)**
## **Notes to the Financial Statements for the year ended 31 March 2021**
## **6. Staff costs and numbers**
|**Staff costs**
Salaries and wages
Social security costs
Pension costs|**2021**
**£**
279,635
21,083
13,254
313,972|**2020**
**£**
291,267
22,372
15,248|
|---|---|---|
|||328,887|
No employee earned £60,000 or more during the year (2020 - nil).
The key management personnel of the charity comprise the Trustees and the Senior Management team. The total employee benefits of the key management personnel of the charity were £87,019 (2020 - £52,985).
## **Staff numbers**
The average numbers of full-time equivalent employees (including casual and part time staff) during the year was made up as follows:
|
Artistic
Distribution
Administration
Projects|**2021**
**Number**
3
3
1
4
11|**2020**
**Number**
3
3
2
4|
|---|---|---|
|||12|
## **7. Pension costs**
The company operates a defined contribution pension scheme in respect of its employees. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £13,254 (2020 - £15,248).
## **8. Corporation taxation**
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
24
## **LUX**
## **(Limited by Guarantee)**
## **Notes to the Financial Statements for the year ended 31 March 2021**
|**9.**
**Fixed assets - tangible assets**
**Short**
**leasehold**
**property**
**Equipment**
**Website**
**£**
**£**
**£**
**Cost**
1 April 2020
23,254
169,948
21,475
Additions
-
1,018
-
31 March 2021
23,254
170,966
21,475
**Depreciation**
1 April 2020
11,109
167,059
16,790
Charge for year
5,658
3,256
4,685
31 March 2021
16,767
170,315
21,475
**Net book values**
31 March 2021
6,487
651
-
31 March 2020
12,145
2,889
4,685
**10.**
**Stocks**
**2021**
**£**
Stocks
622
**11.**
**Debtors**
**2021**
**£**
Trade debtors
42,761
Other debtors
-
Prepayments and accrued income
7,500
50,261||**Total**
**£**
214,677
1,018|
|---|---|---|
|||215,695|
|||194,958
13,599|
|||208,557|
|||7,138|
|||19,719|
|||**2020**
**£**
765
**2020**
**£**
49,743
604
15,000
65,347|
||||
||||
25
## **LUX**
## **(Limited by Guarantee)**
## **Notes to the Financial Statements for the year ended 31 March 2021**
|**12.**
**Creditors: amounts falling due**
**within one year**
Trade creditors
Royalties payable
Other taxation/social security
Other creditors
Accruals
Deferred income (note 13)
**13.**
**Deferred income**
Balance at 1 April 2020
Amount deferred in the year
Balance at 31 March 2021|**2021**
**£**
6,625
50,840
3,152
25,199
9,460
70,850
166,126|**2020**
**£**
4,585
88,091
-
12,386
7,750
-|
|---|---|---|
|||112,812|
|||**£**
-
70,850|
|||70,850|
Deferred income relates to grant and hire income received in advance.
## **14. Limited by guarantee**
The company is limited by guarantee and does not have a share capital. Each member gives a guarantee to contribute a sum, not exceeding £1, to the company should it be wound up. At 31 March 2021 there were 4 members.
26
**LUX**
## **(Limited by Guarantee)**
## **Notes to the Financial Statements for the year ended 31 March 2021**
|**15.**|**Unrestricted funds**|**Brought**|**Incoming**|**Outgoing**||**Transfers**|**Carried**|
|---|---|---|---|---|---|---|---|
|||**forward**|**resources**|**resources**|||**forward**|
|||**£**|**£**|**£**||**£**|**£**|
||General fund|105,121|532,191|)
(495,297||3,218|145,233|
||Designated funds:|||||||
||Brexit mitigation|30,000|-|-||-|30,000|
||New space development|5,000|-|-||-|5,000|
||Staff fund|11,000|-|-||-|11,000|
||Systems software|5,000|-|-||-|5,000|
||upgrade|||||||
||Building improvment|15,000|-|-||-|15,000|
||Fundraising consultancy|5,000|-|-||-|5,000|
||LUX Scotland reserve|5,000|-|-||-|5,000|
||fund|||||||
|||181,121|532,191|)
(495,297||3,218|221,233|
## **Brexit mitigation**
To mitigate potential financial impact of No-deal Brexit and impact on LUX trading activity with EU states.
## **New space development**
This fund was set up for new space development.
## **Staff fund**
Training allowance and staff handover.
## **Systems software upgrade**
This represents funding for the cost of internal system upgrades.
## **Building improvment**
New air-conditioning system for archive, edit suite and public exhibition spaces.
## **Fundraising consultancy**
Consultants hired to develop a new fundraising strategy for the development of the new LUX space.
## **LUX Scotland reserve fund**
Reserve of LUX Scotland projects for transitional period and contingency.
27
**LUX**
## **(Limited by Guarantee)**
## **Notes to the Financial Statements for the year ended 31 March 2021**
|**16. Restricted funds**||**Brought**|**Incoming**|**Outgoing**|**Transfers**||**Carried**|
|---|---|---|---|---|---|---|---|
|||**forward**|**resources**|**resources**|||**forward**|
|||**£**|**£**|**£**|**£**||**£**|
|Aberdeen 2018||177|-|-|-||177|
|AMICN||3,600|-|-|-||3,600|
|AMIF||-|23,700|)
(11,790|-||11,910|
|Common Practice||4,576|-|)
(2,119|-||2,457|
|Enderby||6,323|-|)
(5,586|-||737|
|Fireworks||-|6,000|-|-||6,000|
|Receiver||-|6,000|)
(4,825|-||1,175|
|LUX Scotland||137,809|88,559|)
(128,148|-||98,220|
|Margaret Tait Award||38,010|1,000|)
(17,535|-||21,475|
|Margaret Tait Centenary||190|-|)
(190|-||-|
|Marquiss||3,689|-|)
(280|-||3,409|
|Now & Next||-|25,000|)
(25,000|-||-|
|Women & the Law||600|-|-|-||600|
|Collective||||||||
|New
premises|capital|6,175|-|-|)
(3,218||2,957|
|expenditure fund||||||||
|||201,149|150,259|)
(195,473|)
(3,218||152,717|
## **Aberdeen 2018**
Pilot programme of screenings, workshops and other professional development activity to grow AMI engagement in Aberdeen.
## **AMICN**
Grant from Art Fund for Artists' Moving Image Collection Network project.
## **AMIF**
Annual artists' Moving Image Festival taking place at Tramway, Glasgow.
## **Common Practice**
To support a Visual Arts Advocacy group, funds to be held by LUX.
## **Enderby**
Publication related to Stephen Sutcliffe & Graham Eatough exhibition No End to Enderby.
## **Fireworks**
New Annabel Nicolson publication project.
## **Receiver**
Project exploring access in artists’ moving image.
28
## **LUX**
## **(Limited by Guarantee)**
## **Notes to the Financial Statements for the year ended 31 March 2021**
## **LUX Scotland**
Grant from Creative Scotland to support initiative for a LUX base in Scotland: exploring ideas around artists moving image practice through exhibition, distribution, publishing, education and research.
## **Margaret Tait Award**
Annual award for a Scotland-based artist to produce an ambitious new film work.
## **Margaret Tait Centenary**
Public programme celebrating 100 years since the birth of Scottish filmmaker Margaret Tait.
## **Marquiss**
Creative Scotland grant for development of Duncan Marquiss film project.
## **Now & Next**
Commisioning and professional development project in partnership with BBC Arts and Creative Scotland.
## **Women & the Law Collective**
Exhibition project at LUX organised by Cinenova.
## **New premises capital expenditure fund**
Funding from Cinenova to support the fit out of LUX and Cinenova's new premises in Waterlow Park.
|The balance at 31 March 2021 is attributable to:
**£**
Tangible fixed assets
2,957
**17.**
**Analysis of net assets between funds**
**General**
**Designated**
**Restricted**
**funds**
**funds**
**funds**
**£**
**£**
**£**
Fund balances at 31 March 2021
are represented by:
Tangible fixed assets
4,181
-
2,957
Net current assets
141,052
76,000
149,760
145,233
76,000
152,717|**Total**
**£**
7,138
366,812|
|---|---|
||373,950|
29
## **LUX**
## **(Limited by Guarantee)**
## **Notes to the Financial Statements for the year ended 31 March 2021**
## **18. Financial commitments**
At 31 March 2021 the company had future minimum lease payments under non-cancellable operating leases, with payments falling due as follows:
|**Due:**
Within one year
Between one and five years|**Land/buildings**
**2021**
**2020**
**£**
**£**
30,000
30,000
22,500
52,500
52,500
82,500|**Land/buildings**
**2021**
**2020**
**£**
**£**
30,000
30,000
22,500
52,500
52,500
82,500|
|---|---|---|
|||82,500|
## **19. Related party transactions**
The company had no related party transactions that required disclosure during the year other than those included in notes 4 and 5.
## **20. Gross Cash Flows**
|**Returns on investments and servicing of finance**
Interest received
**Capital expenditure**
Payments to acquire tangible assets|**2021**
**£**
493
)
(1,018|**2020**
**£**
1,308|
|---|---|---|
|||)
(10,245|
30
**LUX**
## **(Limited by Guarantee)**
## **Notes to the Financial Statements for the year ended 31 March 2021**
## **21. Reconciliation of net income/(expenditure) to net cashflow from operating activities**
|Net income for the reporting period (as per the
statement of financial activities)
Depreciation/amortisation
Dividends, interest and rents from investments
Decrease in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
**Net cash inflow from operating activities**|**2021**
**£**
)
(8,320
13,599
)
(493
143
15,086
53,314
73,329|**2020**
**£**
9,050
14,756
)
(1,308
34
)
(10,770
)
(9,924
1,838|
|---|---|---|
31