OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-03-31-accounts

Trustees Geoffrey Williams (Chair) (Chair)
Sharon Margaret Grant OBE
Lela Kogbara
Nii Nortey
Jonathan
Rand
Dimple Purohit
Miranda
Grell
Robyn Kasozi
Company Secretary Sharon Margaret Grant OBE
Key Management Personnel Azieb Pool —CEO/Artistic Director
Company number 04528346
Charity number 1102263
Other Working Names BGAC - Bernie Grant Arts Centre
Registered Office Bernie Grant Arts Centre
Town
Hall Approach		 Road
Tottenham
London
N15 4RX
Bankers Triodos Bank
Deanery
Road
Bristol BS15AS
Auditors Dunkley's
Chartered		 Accountants
Woodlands
Grange
Woodlands
Lane
Bradley Stoke
Bristol BS324JY
Investment Managers COLA Fund Managers
Limited
One Angel
I ane
London
EC4R 3AB

The following
individuals		 served as trustees during
the		 period and to the date ofthis report:
Dotun Adebayo MBE —Chair (resigned March 2023)
Geoffrey Williams —Chair (appointed December 2023)
Sharon Grant OBE
Lela Kogbara
Clyde Williams (resigned December 2022)
Nii Nortey
Jonathan
Rand
Malakai Sargeant (resigned December 2023)
Dimple Purohit
Miranda
Grell
Elisabeth
Ukanah		 (resigned June 2023)
Robyn Kasozi (appointed April 2022)

Unrestricted Restricted Total Total
Funds Funds Funds Funds
2023 2023 2023 2022
Note F F 6 6
Income
Grants and donations 196,112 257,751 453,863 416,036
Hires, box office and catering 199,181 199,181 248,995
Rental and other income 157,592 157,592 283,462
Investment mcome 38,170 38,170 36,286
Total income 591,055 257,751 848,806 984,779
Expenditure
Charitable activities 5 777,296 525,567 1,302,863 1,325,029
Total expenditure 777,296 525,567 1,302,863 1,325,029
Net income I(expenditure)
investments
gains Ilosses		 before (186,241) (267,816) (454,057) (340,250)
Unrealised movements on mvestments 8 (49,929) (49,929) 104,825
Net income I (expenditure) (236,170) (267,816) (503,986) (235,425)
Transfers
between funds		 (31,840) 31,840
Net movement in Funds (268,010) (235,976) (503,986) (235,425)
Reconciliation offunds
Total funds
brought
forward		 167,787 11,373,737 11,541,524 11,776,949
Total funds carried forward (100,223) 11,137,761 11,037,538 11,541,524

2023 2022
Note 5 6
Fixed assets
Tangible
fixed assets		 11,128,761 11,387,384
Investments 1,269,516 1,319,445
12,398,277 12,706,829
Current assets
Debtors 133,749 81,676
Cash at bank and in hand 92,419 358,707
226,168 440,383
Creditors: Amounts falling due within one year 10 (317,373) (266,154)
Net current assets (91,205) 174,229
Total assets less current liabilites 12,307,072 12,881,058
Creditors: Amounts falling due after one year (1,269,534) (1,339,534)
Net Assets 11,037,538 11,541,524
Capital and reserves
Restricted
funds		 11,137,761 11,373,737
Unrestncted
funds		 (100,223) 167,787
12 11,037,538 11,541,524

2023f 2022f
Net/ ncome/(expenditure) for the reporting period (asper the
Statement ofFinancial Act/v/ties) (503,986) (235,425)
Adjustments
for:
Depreciation
charges		 284,993 293,323
Investment
income		 (38,170) (36,286)
(Increase)/decrease
in debtors		 (52,073) (59,054)
Increase/(decrease)
in creditors		 (18,781) 52,685
(Gains)/losses
on investments		 49,929 (104,825)
Net cash provided
by (used		 in) operating activities (278,088) (89,582)
Cash flows from investing activities
Investment
income received		 38,170 36,286
Purchase offixed assets (26,370) (41,179)
Net cash provided
by (used		 in) investing activities 11,800 (4,893)
Net increase/(decrease)
in		 cash and cash equivalents (266,288) (94,475)
Cash and cash equivalents at beginning ofyear 358,707 453,182
Cash and cash equivalents at end ofyear 92,419 358,707

1 Principal
accounting
policies		 Principal
accounting
policies
1.1 Basis ofpreparation
offinancial statemenls
These finanmal
staternenls
have been prepared
under the historical cost convention
in acconlance
with Ihe		 Statement of Recommended
Practice for Chanties (SORP 2015)(Second Edition, effective I January 2019),UK accounting
standards,
including		 'Financial
Reporting
Standard
102The Financial
Reporting
Standard
applicable
in the UK and Republic of Ireland' (FRS 102)and the		 Companies Act 2006 The
chanty meets the definition
ofa public benefit enkty under FRS 102
1.2 Going concern
The Trustees consider that Ihe preparaeon
of the accounts on a going concern
basis is appropnate.
The charity		 is dependent upon gant
income, which is subiect to considerable
uncertainty.
However, the Trustees consider that Ihe chanty's asset base		 would be suflioent to provide
secunty to enable the charity to obtain loan finance
in Ihe event that additional
liquidity was required
to meet		 operating cash flows
Receipt of the Thames Water rental income as a lump sum has provided
additional
cash resources to conbnue		 operabons as a going concern
The Trustees continually
monitor the financial posison of the chanlable
company
and are satisfied
that
it will		 continue to be able to meet its
ongoing
liabilities as Ihey fafi due. The financial statements
do not include any adlustments
which would arise from		 its failure to meet forecasts
and to operate within
its agreed finance facilities
The Trustees believe there be no material uncertainties
about		 the ability ofthe chanly to
continue as a going concern
1.3 Judgments
and key sources ofestimation
uncertainty
The preparation
of finanoal
statements
in compliance
with FRS 102requires
Ihe use ofcertain cnlical accounbng		 eskmates Italso mquires
management
to exermse ludgment
in applying
the Charriy's
accounting
polioes. The key ludgements
that have		 been applied by management
relate to
Economic useful
life of tangible
fixed assets which is reflected
in the deprecation
rates applied
and are		 discussed in
accounting
policy note I 8
Allowance
for doubfful
receivables
At each reporbng
date, the Charity evaluates
the recoverability
oftrade
receivables
and record allowances
for doubtful
receivables
based on experience. These allowances
are based on,
amongst
other things, a consideration
of actual collection
history
The actual level ofreceivables collected		 may differ
from the estimated
levels of recovery, which could impact operating
results
positively
or negatively
1.4 Fund accountmg
General funds are unrestricted
funds which are available
for use at the discrebon of Ihe trustees
in furtherance		 of the general obleckves of the
company and which have not been designated
for other purposes
Restricted
funds are funds which are to be used
in accordance
with speofic restnclions
imposed
by donors		 which have been raised by the
company for particular
purposes. The cost of raising
and administering
such funds are charged
against
the		 specrfic fund The aim and use oi
each resbicted
fund is set out in the notes to the finanoal statements
1.5 Income
All income is included
in the Statement of Finanoal
Ackvilies when the company is ensiled
to the income, it		 is
probable
that the income
will be received and
it can be measured
reliably.
Lease income from operabng leases is recognised
on a straight
line basis over Ihe lease term. Where applicable,		 lease incenbves
are
recognised
as a reduction
to income over Ihe lease term on a straight
line basis.
Investment
income relates to interest and dividend
earnings
from Ihe chanty's
investment
in the COIF Chenfas		 tnveslmenl Fund administered
by CCLA Fund Managers
Limited (see note 8 below). The dividend
income is recognised
at the eadier of Ihe date		 when the chanty's
right to
receive payment
is established
or the date ofcash receipL
1.6 Expenditure
All expenditure
is accounted
for on an accruals basis and has been included
under expense categories that
aggregate
all costs for allocation
to activities
Where costs cannot be direcfiy attnbuted
to pariicular
acbvities
they have been allocated on a basis consistent
with the use ofthe resources
Charitable
expenditure
comprises
activities undertaken
which are directly identifiable
as wholly or mainly
in
support ofthe Company's
oblectives.
Support costs are those costs that assist Ihe work of the chanly
but do not directly represent chantable
acbvities
and include administrabon
staf cost, office cost and finance
Their allocaeon to actrnkes are based on floor		 area
Governance
costs are those costs incurred
in conneckon
with strategic
administration
and compliance
with
constitutional
and statutory
requirements
I 7 Operating
leases
Rentals applicable
to operasng leases where
substantially
all of the benefits and nsks of ownership
remain		 with
the lessor are charged
to Ihe Statement
of Finanoal
Activikes as incurred

2 Grants &donations
2023 2022
6 8
Arts Council 184,933 359,879
Paul Hamlyn
Foundabon		 120,000
London Borough of Hanngey 68,990 14,525
The Foyle Foundason 40,000
The Baring Foundation 18,000
Greater London Authority 9,040 10,000
COVID-I 9CommunityLed Organisations Recovery Scheme (CCLORS) 14,128
Ministry of Housing,
Communibes		 &Local Government 17,504
Other grants and donabons 12,900
453,863 416,036
3 Hires, box office snd catering income
2023 2022
8
Hires income 140,702 241,323
Boxoffice receipts 45,046 7,672
Cafe income 13,433
199,181 248,995
4 Rental snd other income
2023 2022
8
Hub building
rental		 4,307 106,563
Enteqirise
unit rental		 58,364 75,449
Car parking space income 14,921 7,623
Thames Water rental 70,000 70.000
OU er 10,000 23,827
157,592 283,462

5 Expenditure
Unrestricted Restricted Total Unrestricted Restricted Total
funds fuiids funds IUilits fUnds funds
2023 2023 2023 2022 2022 2022
E 6 6 E
Charitable
activities
Staff 122,206 74,967 197,173 3,734 157,166 160,900
Consultants &freelance staff 177,167 49,987 227,154 139,129 169,935 309,064
Premises 223,728 4,945 228,673 87,770 58,339 146,109
Programme 50,721 110,675 161,396 13,341 72,879 86,220
Depreciation 284,691 284.691 31,381 260,889 292,270
Other direct costs 19,970 1,000 20,970
SUpport costs 203,474 302 203,776 244,270 65.226 309,496
Total charitable activities 777,296 525,567 1,302,863 539,595 785,434 1,325,029
Total expenditure 777,296 525,567 1,302,863 539,595 785,434 1,325,029
Support costs
Governance General Governshce General
function support Total function SUPPoit Total
2023 2023 2023 2D22 2022 2022
E E
Staff 8,499 61,473 69,972 5,780 49,052 54,832
Consultants 4,875 43,873 48,746 4,191 4,191
Insurance 30,617 30,617 33,500 33,500
begat &professional 12,022 12,022 39,031 39,031
Audit fee 4,750 4,750 8,800 8,800
Office I!administration 1,03D 24,280 25,310 4,411 4,411
Depreciation 302 302 1,053 1,053
Other 12.055 12,055 163.676 163,678
19,154 184,622 203,776 14.580 294,916 309,496
Support costs have been allocated as follows;
Chantable
activibes		 (above) 203,776 309,496
203,776 309,496
6 Staff costs
2023 2022
E f
Gross wages and satanas 238,765 194,125
Employer's national insurance 21,321 15,873
Employer's pension conlnbulion 7,059 5,734
267,145 215,732
The average
number		 ofemployees during the pericd was
The average
number		 of full bme equivalent employees during the penod was
The total remunerabon for key management personnel was E65,000(2022 E60,000(.
The number
of		 staff whose emoluments were in excess ofE60,000 duriing the year were as follows
E60,001 - E70,000
2023f 2022
f.
Staff costs have been analysed as
Chantable activities 197,173 160,900
Support Costs 69,972 54,832
267,145 215,732
20

7 Tangible fixed assets
Long-term Furniture,
leashold fittings and
property equipment Total
E 8 E
Cost
At 31 March 2022 13,601,984 301,199 13,903,183
Addibons 26,370 26,370
At 31 March 2023 13,601,984 327,569 13,929,553
Depreciation
At 31 March 2022 2,253,304 262,495 2,515,799
Charge for lhe penod 260,889 24,104 284,993
At 31 March 2023 2,514,193 286,599 2,800,792
Met Book Value
At 31 March 2023 11,087,791 40,970 11,128,761
At 31 March 2022 11,348,680 38,704 11,387,384
8 Investments:
listed secunties
2023 2022
E
At 1 Apnl 1,319,445 1,214,620
Revaluation (49,929) 104,825
Al 31 March - madiet value 1,269,516 1,319,445
The chanty holds 67,757 90income
units		 in the COIF Chanlies Invesfmenl Fund administered by CCLA Fund Managers
Limited
9 Debtors:
amounts
faging due within one year
2023 2022
E E
Trade debtors 44,287 23,760
Prepaymenls
6accrued income		 89,462 57,916
133,749 81,676
10 Creditors:
amounts
falling due		 within one year
2023 2022
8
Trade creditom 28,706 60,222
Deferred
income		 92,561 113,212
Taxation and sooal secunty cost 95,075 72,622
Accruais 76,750 4,500
Other creditors 24,281 15,598
317,373 266,154
Summary
ofmovements		 in year on deferred income 2023 2022
8 E
Balance at 1 Apr 113,212 70,000
Released
in year		 (113,212) (70,000)
Defened
in year		 92.561 113,212
Balance at 31 Mar 92,561 113,212
11 Creditors:
amounts
falling due		 after one year 2023 2022
Deferred income —Thames Water rental income (note 13) 1,269,534 1,339,534
1,269,534 1,339,534

18 Analysis of net assets between Analysis of net assets between funds
Unrestricted Restricted Total funds
Funds Funds 2023
E E
Fixed assets 1,269,516 11,128,761 12,398,277
Current assets 217,168 9,000 226,168
Creditors, amounts
falling due within one year		 (317,373) (317,373)
Creditors
amounts
falling due after one		 year (1,269.534) (1,269,534)
Net assets at 31 March 2023 (100223) 11137761 11037538
Unrestricted Restricted rotai ronde
Funds Funds 2022
E E
Tangible fixed assets 1,358,149 11,348,680 12,706,829
Cunent assets 415,326 25,057 440,383
Creditors
amounts
falling due within one year		 (266,154) (266,154)
Creditors
amounts faang due after one		 year (1,339,534) (1,339,534)
Net assets at 31 March 2022 167,787 11,373,737 11,541,524
19 Comparative
Statements		 of Financial Activities
Unrestricted Restricted Total
Funds Funds Funds
2022 2022 2022
F. 6 5
Income
Grants and donations 416,036 416,036
Hires, box office and catenng 248,995 248,995
Rental and other income 283,462 283,462
Investment
income		 36,286 36,286
Total income 568743 416036 984779
Expenditure
Charitable
activities		 539,595 785,434 1,325,029
Total expenditure 539,595 785,434 1,325029
Net income/(expenditure) before 29,148 (369,398) (340,250)
Unrealised
movements		 on investments 104,825 I04,825
Net income I
(expenditure)		 133,973 (369,396) (235,425)
Transfers
between
funds		 (89,009) 89,009
Net movement
in Funds
Reconciliation
offunds
Total funds brought
forward		 122,823 11,654,126 11,776,949
Total funds carried forward