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2021-04-30-accounts

Company no. 03467837 Charity no. 1105051

Stroud Valleys Artspace Limited Report and Unaudited Financial Statements 30 April 2021

Stroud Valleys Artspace Limited

Contents

For the year ended 30 April 2021

Page
Reference and administrative details 1
Objectives and activities 2 - 3
Chair’s review 4 - 6
**Achievements and performance
**
1.1 Artists and programming 7 - 8
1.2 Diversity 9
1.3 Developing new audiences 10
1.4 Working with children and young people 11
1.5 Equality 12
1.6 Environmental sustainability 13
Financial review 14 - 15
Plans for the future 16 - 17
Structure, governance and management 18 - 19
Statement of responsibilities of the trustees 20
Independent examiner's report 21
Statement of financial activities 22
Balance sheet 23
Notes to the financial statements 24 - 34

Stroud Valleys Artspace Limited

Reference and administrative details

For the year ended 30 April 2021

Company number 03467837
Charity number 1105051
Registered office and 4 John Street
operational address Stroud
Gloucestershire
GL5 2HA
Trustees Trustees, who are also directors under company law, who served during
the year and up to the date of this report were as follows:
Kaoru Blackstone
Fern Bywater appointed 16 July 2020
Andrew Freedman
Barney Heywood
Tomas Millar resigned 16 July 2020
Nicholas Pride
Anita Taylor resigned 16 July 2020
Artistic directors Jo Leahy
Neil Walker
Company secretary Jo Leahy
Bankers Co-operative Bank
PO Box 250
Skelmersdale
WN8 6WT
Independent Godfrey Wilson Limited
examiners Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD

1

Stroud Valleys Artspace Limited

Objectives and activities

For the year ended 30 April 2021

Objectives and activities

The objects of the charity are to advance the education of the public in practice and appreciation of the arts. The trustees 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. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.

Mission Statement

Stroud Valleys Artspace's (SVA) mission is to raise the profile of artists and their role in the community by supporting the production and presentation of their work, thereby increasing opportunities for access to and active participation in the arts for a diverse range of people. SVA will enable artists to work without undue financial pressure within a practical supportive framework through the provision of space, resources, training and support. SVA aims to act as a catalyst for experimentation and collaboration by promoting a programme of innovative projects to the general public. As a unique cultural focus for the community, SVA will make a significant contribution to the economic prosperity of the area.

Vision

Multi dimensional project

SVA is an ambitious artist led project which is developing a unique environment of professional arts activity in Gloucestershire. Successful capital and revenue funding has built the capacity of SVA enabling the organisation to provide a permanent and supportive production and presentation space for artists. SVA is a multidimensional 'space' provider which includes studio, resource, project, exhibition, web and publishing spaces. SVA aims to initiate, commission and promote an accessible and innovative programme of projects in collaboration with regional, national and international artists. SVA aims to increase engagement of contemporary art by new audiences and inspire new confidence in emerging artists through creative and financially supportive initiatives.

The capital project

SVA is working towards a new capital project for the refurbishment of the Brunel Goods Shed. Transformation of the Brunel Goods Shed, a previously unused heritage listed building will dramatically improve the built environment and cultural wealth of the town centre. In 2014 SVA completed the 3rd phase of a £2.2 million refurbishment of a 7000 sq.ft warehouse building in Stroud town centre that it previously occupied, taking 17 years of studio practice and projects into a new phase. The acquisition and renovation of this building has increased SVA’s visibility and public access through the new street facing gallery, event space and courtyard space and enabled SVA to permanently provide good quality low cost sustainable work to a wide number of artists. SVA’s approach to design and refurbishment reflects the innovative and collaborative nature of SVA's artist led programme, providing vital arts infrastructure and an interactive cultural focal point from which a high quality arts programme will be promoted.

Artistic programme for the general public

At the heart of SVA's vision is an ambition to engage new and diverse audiences and participants in its activities to create a greater understanding of artists and their work leading to increased community cohesion and connection between new artists and audience. A creative dynamic cross arts programme for visual artists and performers will present new and challenging work to a wider and diverse audience in John Street and Goods Shed, two unique town centre venues. This will be achieved through a year round programme of exhibitions, open studios, performances, film and video events, installations, residencies, public art projects and an integrated educational programme.

2

Stroud Valleys Artspace Limited

Objectives and activities

For the year ended 30 April 2021

Investment in artists

On a local level this is being achieved by providing vitally needed low cost workspace, facilities, training and a supportive network. Bringing in regional, national and international artists to participate in a diverse range of exciting projects will raise the profile of Stroud and the members of its artistic community. SVA aims to strengthen networking, stimulate critical debate, and encourage new ways of working for many participating artists. In particular the creative use of new technology will be supported, developed and promoted. SVA is a dynamic creative work environment providing affordable flexible spaces for critical engagement, creative challenges, skills development, nurturing talent and help to grow artists financial status and employability. SVA’s artist led gallery will increase opportunities for artistic experimentation, collaboration and leadership for emerging artists and curators.

3

Stroud Valleys Artspace Limited

Chair's review

For the year ended 30 April 2021

As Chair of the Trustees I am pleased to present this report on SVA’s activities over the last year. The last year has been momentous in all kinds of ways with the impact of the global pandemic which has exposed ever growing social inequalities and the vital role that culture has to play in all our lives. Here at SVA, we have been taking some time to pause and reflect on our well established 25 year track record with its artist focused collaborative approach to producing innovative engaging work.

Back in 1996 we recognised that they key thing artists needed was space and time to make work. Over this 25 year period we have found, refurbished, reimagined all kinds of spaces from old warehouses, industrial railway buildings and empty shops for making, experimenting exhibiting and performing.

We have focused our time on helping to provide the creative environment needed to support artists development from the early embryonic experimental explorative stages through to final public presentation. We have worked with many talented artists, from young artists just starting out through to the well-established as well as producers, curators and arts industry partners locally, regionally and internationally over this time.

It has always been fundamental to SVA that our programme is embedded in the community and the work that artists make grows new connections, inspires fresh perspectives and increases opportunities for everyone to actively participate in creative activity.

The activity report on the following pages gives more details of the range of events that took place from April 2020 - May 2021. Pre – covid SVA worked with 2180 artists (2019-20) with a programme of exhibitions, open studios, performances, film screenings, radio projects and festivals with over 40,000 people actively engaging with as visitors and participants. The last year from May 2020- April 2021 our total number of live visitors and participants has been 4,905.

Quite a difference!

However, digital engagement has become an essential and critical part of our programme creating a greater level of democratic accessibility. We commissioned a series of 6 films featuring young resident artists and Jazz Stroud presented live online gigs with Ishmael Ensemble and Yelfris Valdes reaching 12,412 digital engagers. Radio has continued to be an important format for SVA. Deepbed Radio was set up at the beginning of the first lockdown in response to COVID 19 and we have now trained and enabled a network of 60 new and established radio presenters from Stroud, Gloucester, Bristol and London attracting 14,160 listeners over the last year.

SVA has continued to deliver its core activity of providing affordable workspace to 28 artists and 3 young artists were offered short-term free studio spaces. We supported the development of new work by young artists through a series of lockdown residencies in the gallery for 9 young artists under 25, from Gloucestershire and London. The MOULD young art collective has been able to continue with its weekly sessions providing opportunities to make work and show together.

The last year has also enables SVA to focus on development and production time with Jazz Stroud musicians such as Yelfris Valdes, Ishamael Ensemble and Sarathy Korwar through a programme of rehearsals, recording session and livestream events using world class AV soundscape technology with our partner d&b audiotechnik. In addition ongoing support has been given to JSSO, Mermaid Chunky, Roella Ollero and other young performers through music rehearsals, recording sessions, and live streamed gigs.

4

Stroud Valleys Artspace Limited

Chair's review

For the year ended 30 April 2021

Lockdown have led to many months when our gallery and event spaces were closed to the public which led us to creatively experiment with live social distance engagement. We offered people an opportunity to witness artists at work in the gallery and experience DIY art radio mixes bleeding through the windows onto the street with ‘Coming from Radio Heaven’ with Miniature Museum / Radio Droogdok. Seats were laid out in the street for people to watch the ‘Invisible’ performances and screenings by Brenda Waite and Anna Cady. LOSS«»GAIN experimented with smartphone technology to give audiences an immersive sound experience whilst watching Dumbworld’s ‘ Drive by Shooting’ a graffiti-style, animated opera projected onto the gallery window.

In the few months when our gallery was able to open we presented 5 exhibitions which supported new artistic collaborations with national and international artists including ‘(now imagine) you are old and a friend is brushing your hair’ with Eva Brá Barkardóttir and Holly English and ‘ Simon Munnery - What Am I? ’ with Simon Munnery and Andy Holden in summer 2020. An exhibition by Chris Rose, a neurodiverse artist and Helen K.Grant from Art In Motion, looked at how our homes became places of both refuge and confinement during lockdown.

As part of an international Culture Reset programme, new local community connections have been forged through the setting up of Culture Reset Stroud in partnership with Atelier Stroud with discussion sessions looking at themes of creative bureaucracy, culture and social inequality, alternative artistic models of circular economy, art and relevance, handing over the power to young people and sustainable creative practice. SVA has also built on and developed new connections with Black, Asian and Ethic Minority communities in Gloucester through Deepbed Radio, carnival and rehearsal spaces.

SVA continued to develop the Goods Shed Project, built on a strong partnership with d&b audiotechnik and more recently with Womad and Real World records. The shipping container workspace development is building on our well established reputation as a studio space provider in the region. The development of the shipping container workspaces was moved forward as we received planning permission (plans developed by UWE architecture students) to install 9 shipping containers in the car park area. Funding proposals are being developed with GlosLEP which will enable SVA to increase our core income and build on our well established reputation as a studio space provider in the region.

The impact of the pandemic led to 71% earnt income loss from bar, café and ticket sales over 20-21. SVA has received funding support through the governments Job Retention Scheme, Retail, Hospitality and Leisure grants (35K) from Stroud District Council and the DCMS’s Cultural Recovery Fund. In addition our programme expenditure has been reduced by 36% . As a result we are pleased to say that SVA’s finances are currently in a healthy sustainable position and we have not needed to make any redundancies. We plan to use the surplus from 20-21 to support the investment and cashflow required for re-opening of SVA’s public spaces with unpredictable earnt income over the next 2 years.

After 25 hugely successful years it is the right time to review fundamentally why are we here, what we do, and how we do it. The essential changes invoked by Black Lives Matter and the Covid pandemic have added to this imperative. We are marking this critical point in our history through a series of rethinking exercises with trustees, staff, artists, friends of SVA and peers as to how we can strengthen our development and delivery work to ensure we are engaging in more radical, diverse and relevant ways in the coming years. We are also reviewing our Articles, governance, human resources, and programme to ensure they align with the Vision and Mission and, in particular, with a strengthened approach to diversity.

5

Stroud Valleys Artspace Limited

Chair's review

For the year ended 30 April 2021

We look forward to 2021-22 with some fresh and renewed perspectives. We want to continue to challenge our thinking and ensure our future programme is flexible and responsive to the unpredictable needs and demands that lie ahead of us over the next 12 months. Our long term vision will remain steadfast, in our commitment to support artists and work in communities to inspire and collectively make imaginatively radical moments of magic, joy, creativity and meaningful connections.

Andrew Freedman, Chair of Trustees

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Stroud Valleys Artspace Limited

Artists and programming

For the year ended 30 April 2021

SVA goal: Supporting artistic talent and the needs of artists Outcomes:

SVA goal: Increase artists visibility and engagement through the year Outcomes:

7

Stroud Valleys Artspace Limited

Artists and programming

For the year ended 30 April 2021

SVA goal: Deliver artistic digital content to create unique cultural experiences that extend its reach to more diverse audiences

Outcomes:

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Stroud Valleys Artspace Limited

Diversity

For the year ended 30 April 2021

SVA goal: To provide an open accessible programme for all people from diverse backgrounds Outcomes:

Attracting people from diverse backgrounds and creating opportunities to raise their artistic, social and economic status

Supporting a more cohesive community to combat loneliness and support of strong sense of well-being

SVA goal: To produce creatively diverse content Outcomes:

Supporting creatively diverse content through:

SVA goal: Socio-economic: Reducing financial burden for artists Outcomes:

Supporting artists through low cost space, training and support

SVA goal: Increase arts access and engagement for people with disabilities Outcomes:

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Stroud Valleys Artspace Limited

Developing new audiences

For the year ended 30 April 2021

SVA goal: Develop innovative ways to attracting new audiences and increasing the number

Outcomes:

Developing innovative ways to attract and increase new audiences

SVA goal: Monitor and evaluate evidence of audience demand and engagement Outcomes:

Data collection and feedback

Shared learning and data with other arts organisations

10

Stroud Valleys Artspace Limited

Working with children and young people

For the year ended 30 April 2021

SVA goal: Support a dynamic, responsive youth led arts programme for children and young people Outcomes:

SVA goal: Develop innovative ways to increasing the number and diversity of children and young people Outcomes:

Children and young people quality principles

▪ Ensuring a positive, child-centred experience SVA is responsive to initiatives by young artists, creating a continual dialogue through regular meet ups to help turn their ideas to actions e.g. John St Ska Orchestra.

SVA goal: Prioritise use of digital technology to reach children and young people Outcomes:

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Stroud Valleys Artspace Limited

Equality

For the year ended 30 April 2021

Key objectives have been identified in an equality action plan for SVA’s artistic and educational programme, building and recruitment.

Outcomes :

SVA undertook an Access & Inclusion Self-Assessment* using a toolkit designed by Artshape with mentoring from Cath Wilkins through Artshape’s Elevate project. As a result, SVA has updated the following plans and policies:

*This document is available on request.

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Stroud Valleys Artspace Limited

Environmental sustainability

For the year ended 30 April 2021

SVA ethos has always been generated by a philosophy of sharing resources for artists to enable them to practice in a professional working environment. This in turn contributes positively to the cultural well being of a small market town offering a viable alternative to the city environment. This sharing of resources is seen through the sharing of studio spaces, equipment and publicity with the associated low costs. In comparison to the commercial business world SVA, like many other arts organisations has minimal impact in terms of its activities.

Keeping costs minimal is vital to maintaining a low cost studio space. As part of the capital refurbishment project SVA has carried out particular items of work to ensure a tighter regulation of gas and electric use. This includes installing separate hot water cylinders which will meter water usage. In addition works have included the installation of energy efficient hand dryers and low flush toilets.

SVA is collecting data for energy usage for gas and electricity.

13

Stroud Valleys Artspace Limited

Financial review

For the year ended 30 April 2021

These accounts show a net surplus of £82,230 (2020: net deficit of £5,279).

Core funding for the year was £217,984 (2020: £127,266). We are grateful for the continuing support of the Arts Council England £120,641 (2020: £68,947) and Stroud District Council £38,016 (2020: £40,000).

We are continuing to support our charitable activities through diverse income streams.

Incoming resources from the charitable activities for the year was £40,988 (2020: £143,788). Artistic programme sales for the year was of £3,325 (2020: £105,674). Income from studio and room rental totalled £37,363 (2020: £32,781). The difference between income from 2020 to 2021 is due to the closure of SVA on 15 March 2020 due to Covid-19 resulting in the loss of earnings.

Net incoming resources from unrestricted funds for the year was a surplus of £108,690 (2020: £29,511). The net movement in funds before depreciation was a surplus of £120,177 (2020: £33,579). Depreciation for the year, which principally relates to the 4 John Street property, was £37,947 (2020: £38,858). The depreciation on the John Street property is charged against the restricted building fund.

Financial self evaluation is carried out monthly with SVA’s director and financial officer and this is then discussed and evaluated quarterly at board meetings and with SVA’s accountant. The final accounts are presented and discussed at the AGM with studio members, core team and trustees.

Reserves policy

SVA's general unrestricted reserves at the year end are £109,034 (2020: £30,523).

SVA is keeping the reserves policy under consistent review: the intention is to identify reserves needed based on assessing short- and medium-term financial risks.

An analysis of 6 months running costs projects a budget based on planning a continuation of core activities only in the event of a complete cessation of public funding.

Income
Studio rent
Membership fees
Expenditure
Staff costs
Admin/overheads
Building costs
Redundancy costs for 6 members of staff
Total		 £
£
20,482
792
21,274
40,671
10,489
10,706
(61,866)
(24,587)
(65,179)		 £
£
20,482
792
21,274
40,671
10,489
10,706
(61,866)
(24,587)
(65,179)
(65,179)

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Stroud Valleys Artspace Limited

Financial review

For the year ended 30 April 2021

SVA would like to look at increasing unrestricted reserves level in response to potential long-term impact from the pandemic on SVA’s errant income levels.

In terms of building up the reserves level SVA is planning to:

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Stroud Valleys Artspace Limited

Plans for the future

For the year ended 30 April 2021

Artistic programme plans

By working in collaboration with individual artists, artist led groups, curators or producers, SVA hopes to provide some of the necessary tools i.e. space and time for the sustainable and creative growth of ideas needed to present a critically engaged arts programme.

SVA will continue to support and develop the following activities:

Brunel Goods Shed plans

SVA aims to extend its work for artists and audiences by developing plans for the Brunel Goods Shed, a unique industrial heritage building which SVA holds the lease on.

SVA plans to provide:

Investment is being sought to install:

Positive impacts:

The project timeframe is dependent on available funding and negotiations with Network Rail. A first phase design study has been produced and planning permission was been successfully received in May 2020. Capital funding is needed to deliver the plans further.

We are working with:

SVA, an arts and educational charity, is reliant on public funding and partnerships to enable this project to happen and to ensure Stroud Town centre continues to creatively and economically thrive.

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Stroud Valleys Artspace Limited

Plans for the future

For the year ended 30 April 2021

Professional development plans

SVA will support and develop the following activities:

Marketing and advisory support for artists

Education plans for children and young people

SVA will support and develop the following activities:

Audience development plans

SVA will encourage more people to experience and be inspired by the arts:

Sustainability plans

SVA aims to increase our environmental sustainability as a key goal alongside our artistic and educational programme. SVA aspires to learn from other organisations with examples of good practice with as an ongoing discipline to enable us to fulfil our legal obligations, control environmental risks, reduce liabilities, save money and enhance our reputation. Through collaboration and knowledge sharing, we aim to continue to develop this policy in our work and encourage the artists, staff and audience that we work with to engage with us as we learn about and explore these issues.

Financial sustainability

SVA will develop a more sustainable, resilient and innovative organisation by increasing income from:

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Stroud Valleys Artspace Limited

Structure, governance and management

For the year ended 30 April 2021

Stroud Valleys Artspace Limited (SVA), a registered charity (registration number 1105051) and company limited by guarantee (registration number 3467837), is governed by its memorandum and articles of association. The charity was incorporated to advance the education of the public in practice and appreciation of the arts.

SVA is governed by a Board of Trustees, whose membership must be a minimum of five Trustees. The names of the six Trustees who held office during the year are set out on page 1 of this report. All Trustees are directors of the company and serve without remuneration.

All Trustees are elected by the members. The Trustees may co-opt individuals to the Board. Cooptees are appointed on the basis of skill and expertise, and they are entitled to hold office until the following Annual General Meeting. The Board seeks to ensure that it maintains a range of relevant skills and expertise.

The board has an elected chairperson and is currently made up of six members, two of whom are female and four are male, one member is mixed race. Age ranges from 35 – 65. The two artistic directors and the financial officer attend the board meetings.

The board is presented with programming and financial reports quarterly and updated business plans annually. SVA has a rolling committee of trustees so new members join regularly to give fresh perspectives.

In accordance with Article 29 of the Articles of Association, one third of the Board of Trustees are required to retire at each AGM, but are eligible for re-election. All new Trustees are provided with an induction pack, which includes the memorandum and articles of association, business plan and other key information about SVA including details on its activities and staff structures and responsibilities. All new Trustees are invited to meet with key personnel. The Trustees meet on average four times per annum to review strategy, the budget and the Business Plan.

The board members background and professional skills are in the areas of higher education, museum education, artistic practice, architecture, film production and business management. Recruitment of new trustees is regularly discussed and required skills identified.

No member of the Board of Trustees had any beneficial interest in any contract with SVA during the year. The Board of Trustees hold an annual staff review and arrangements for setting the pay and remuneration of the charity’s key management personnel are reviewed annually.

The Trustees approve the overall strategy of SVA, but all operational management is delegated to the two Artistic Directors. The team of SVA also comprises the two Artistic Directors, two project administrators and one Finance Administrator.

SVA endeavours to ensure that it employs internal control systems to minimise any risks, including fraud, which could impact on its activities. It has risk management procedures through which risks are regularly identified and evaluated.

Financial self evaluation is carried out quarterly with SVA’s director and financial officer and this is then discussed and evaluated quarterly board meetings and with SVA’s accountant. The final accounts are presented and discussed at the AGM with studio members, core team and trustees.

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Stroud Valleys Artspace Limited

Structure, governance and management

For the year ended 30 April 2021

SVA is aware of risks particularly in terms of human, financial and environmental resources. SVA has managed risks through a risk register for larger scale building based issues with professional support from and risk assessments for the operational activity e.g. Health and Safety and COSH forms for each studio member. SVA ensures that all parties take responsibility for managing their areas of work and look at ways to minimise risk with out impact on quality of delivery.

SVA manages a steady and organic sustained growth that is responsive to artists needs whilst balancing this the financial implications of delivering a public programme.

Continually growing creatively vibrant partnerships e.g. Db audio, Artshape, Atelier Stroud, Stroud Town Festivals committee, Create Gloucestershire are integral to ensuring SVA’s resilience to be able to continue to deliver the programme of work sustainably.

SVA would like to improve the communication amongst the core team and studio holders around risk management. SVA will need to look at possible additional professional support or request board member support.

The key challenges are to ensure the board membership is continually responsive and representative of SVA’s vision and evolving programme whilst ensuring that there is a good level of experience and skills to enable effective decision making. SVA aims to increase the number of young people and artists on the board.

SVA would like to find time to carry out more effective induction, development and training of board members to enable the trustees meetings and work to be more productive.

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Stroud Valleys Artspace Limited

Statement of responsibilities of the trustees

For the year ended 30 April 2021

Statement of responsibilities of the trustees

The trustees (who are also directors of the charity 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, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (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 charity and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Independent examiners

Godfrey Wilson Limited were re-appointed as independent examiners to the charitable company during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 19 July 2021 and signed on their behalf by

Andrew Freedman - Chair

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Independent examiner's report

To the trustees of

Stroud Valleys Artspace Limited

I report to the trustees on my examination of the accounts of Stroud Valleys Artspace Limited (the charitable company) for the year ended 30 April 2021, which are set out on pages 22 to 34.

Responsibilities and basis of report

As the trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charitable company's accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

Since the charitable company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.

I have completed my examination. I confirm that no material 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 accounts to be reached.

Date: 19 July 2021 Rob Wilson FCA Member of the ICAEW

For and on behalf of: Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

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Stroud Valleys Artspace Limited

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 30 April 2021

Restricted Unrestricted
Note
£
£
Income from:
Donations
3
63,275
154,709
Charitable activities
4
-
40,988
Investments
-
49
Total income
63,275
195,746
Expenditure on:
Raising funds
-
5,243
Charitable activities
89,735
81,813
Total expenditure
6
89,735
87,056
Net income / (expenditure)
and net movement in funds
7
(26,460)
108,690
Reconciliation of funds:
Total funds brought forward
1,399,272
65,523
Total funds carried forward
1,372,812
174,213		 2021
Total
£
217,984
40,988
49
259,021
5,243
171,548
176,791
82,230
1,464,795
1,547,025		 2020
Total
£
127,266
143,788
470
271,524
5,235
271,568
276,803
(5,279)
1,470,074
1,464,795

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 15 to the accounts.

22

Stroud Valleys Artspace Limited

Balance sheet

As at 30 April 2021

Note
Fixed assets
Tangible assets
10
Current assets
Stock
11
Debtors
12
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
13
Net current assets
Net assets
14
Funds
15
Restricted funds:
Capital building fund
Other restricted revenue
Unrestricted funds:
Designated funds
General funds
Total charity funds		 £
1,728
21,424
200,291
223,443
(8,399)		 2021
£
1,331,981
215,044
1,547,025
1,349,618
23,194
65,179
109,034
1,547,025		 2020
£
1,364,458
1,396
5,977
122,348
129,721
(29,384)
100,337
1,464,795
1,385,590
13,682
35,000
30,523
1,464,795

The directors are satisfied that the company is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477(2), and that no member or members have requested an audit pursuant to section 476 of the Act.

The directors acknowledge their responsibilities for:

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Approved by the trustees on 19 July 2021 and signed on their behalf by

Andrew Freedman - Chair

23

Stroud Valleys Artspace Limited

Notes to the financial statements

For the year ended 30 April 2021

1. Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Stroud Valleys Artspace Limited 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 notes.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern. However, the COVID-19 pandemic has had a profound impact on the global economy, and has affected the charity. The trustees have considered the impact of this issue on the charitable company’s current and future financial position. The charity holds total unrestricted funds of £174,213 (of which general reserves are £109,034) and a cash balance of £200,291. The trustees consider that the charity has sufficient cash reserves to continue as a going concern for a period of at least 12 months from the date on which these financial statements are

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Rental or event income received in advance is deferred until criteria for income recognition are met.

d) Interest receivable

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.

e) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds 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 are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

24

Stroud Valleys Artspace Limited

Notes to the financial statements

For the year ended 30 April 2021

1. Accounting policies (continued)

f) Expenditure and irrecoverable VAT

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

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

g) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities based on an estimate of staff time, as follows:

ities based on an estimate of staff time, as follows:
2021 2020
Raising funds 4% 3%
Charitable activities 96% 97%

h) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Freehold property 2% straight line Fixtures and fittings 25% straight line Motor vehicles 20% reducing balance Website 20% straight line

i) Stock

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

j) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

k) Cash at bank and in hand

Cash at bank and cash 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.

l) Creditors

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.

25

Stroud Valleys Artspace Limited

Notes to the financial statements

For the year ended 30 April 2021

1. Accounting policies (continued)

m) 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 with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

n) Pension costs

The company operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.

o) Accounting estimates and key judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are depreciation, as described in note 1 (h) above.

2. Prior period comparatives

Income from:
Donations
Charitable activities
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income / (expenditure)
and net movement in funds		 Restricted
£
£
15,398
111,868
-
143,788
-
470
15,398
256,126
-
5,235
50,188
221,380
50,188
226,615
(34,790)
29,511
Unrestricted		 2020
Total
£
127,266
143,788
470
271,524
5,235
271,568
276,803
(5,279)

26

Stroud Valleys Artspace Limited

Notes to the financial statements

For the year ended 30 April 2021

3. Income from donations and legacies

Grants < £5,000
Donations
Coronavirus Job Retention Scheme
Grants > £5,000
Arts Council England
Gloucester Culture Trust
Performing Right Society’s Foundation
Stroud District Council
Prior period comparative
Grants < £5,000
Donations
Coronavirus Job Retention Scheme
Stroud Town Council
Grants > £5,000
Arts Council England
Gloucestershire Culture Trust
Stroud District Council
Stroud Festival
4.
Income from charitable activities
Artistic programme
Membership
Educational programmes
Rental income		 Restricted
£
£
-
629
-
45,848
50,425
70,216
8,000
-
4,850
-
-
38,016
63,275
154,709
Restricted
£
£
-
331
-
2,590
500
-
-
68,947
8,600
-
-
40,000
6,298
-
15,398
111,868
2021
Restricted
Total
£
£
£
-
3,325
3,325
-
2,025
2,025
-
300
300
-
35,338
35,338
-
40,988
40,988
Unrestricted
Unrestricted
Unrestricted		 2021
Total
£
629
45,848
120,641
8,000
4,850
38,016
217,984
2020
Total
£
331
2,590
500
68,947
8,600
40,000
6,298
127,266
2020
Total
£
105,674
2,638
2,695
32,781
143,788

All income from charitable activities in the prior period was unrestricted.

27

Stroud Valleys Artspace Limited

Notes to the financial statements

For the year ended 30 April 2021

5. Government grants

6. Total expenditure

Total expenditure
Staff costs (note 8)
Consumables
Artist fees
Subscriptions
Travel and subsistence
Rent and rates
Repairs and maintenance
Utilities
Materials and equipment
Telephone and internet
IT and computer expenses
Advertising
Insurance
Audit and accountancy
Depreciation
Print, post and stationery
Miscellaneous costs
Sub-total
Allocation of support and governance costs
Total expenditure		 £
2,888
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,888
2,355
5,243
Raising
funds		 £
£
62,186
17,742
(3)
-
16,051
-
-
529
-
2,201
-
630
-
3,890
-
12,681
4,625
-
-
2,108
-
3,042
2,009
-
-
5,059
-
1,900
35,972
1,975
-
507
-
799
120,840
53,063
50,708
(53,063)
171,548
-
Charitable
activities
Support and
governance
costs		 2021
£
82,816
(3)
16,051
529
2,201
630
3,890
12,681
4,625
2,108
3,042
2,009
5,059
1,900
37,947
507
799
176,791
-
176,791

Total governance costs were £1,900 (2020: £1,850).

28

Stroud Valleys Artspace Limited

Notes to the financial statements

For the year ended 30 April 2021

6. Total expenditure (continued) Prior year comparative

Total expenditure (continued)
Prior year comparative
Staff costs (note 8)
Consumables
Artist fees
Subscriptions
Travel and subsistence
Rent and rates
Repairs and maintenance
Utilities
Materials and equipment
Telephone and internet
IT and computer expenses
Advertising
Insurance
Audit and accountancy
Depreciation
Print, post and stationery
Miscellaneous costs
Sub-total
Allocation of support and governance costs
Total expenditure		 £
2,850
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,850
2,385
5,235
Raising
funds		 £
£
81,591
22,593
40,450
-
34,760
-
-
1,213
-
4,471
-
1,260
-
8,802
-
14,240
2,518
-
-
2,074
-
3,044
7,984
-
-
5,679
-
1,850
35,972
2,886
-
603
-
1,963
203,275
70,678
68,293
(70,678)
271,568
-
Charitable
activities
Support and
governance
costs		 2020
£
107,034
40,450
34,760
1,213
4,471
1,260
8,802
14,240
2,518
2,074
3,044
7,984
5,679
1,850
38,858
603
1,963
276,803
-
276,803

29

Stroud Valleys Artspace Limited

Notes to the financial statements

For the year ended 30 April 2021

7. Net movement in funds

This is stated after charging:

Depreciation
Trustees' remuneration
Trustees' reimbursed expenses
Accountants' remuneration:
▪Independent examination		 2021
£
37,947
Nil
Nil
1,900		 2020
£
38,858
Nil
Nil
1,850

8. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs		 2021
£
80,125
1,334
1,357
82,816		 2020
£
102,992
2,525
1,517
107,034

No employee earned more than £60,000 during the year.

The key management personnel of the charitable company comprise the trustees and the two Artistic Directors. The total employee benefits of the key management personnel were £61,764 (2020: £61,072).

Average head count 2021
No.
6		 2020
No.
19

9. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

30

Stroud Valleys Artspace Limited

Notes to the financial statements

For the year ended 30 April 2021

10. Tangible fixed assets

Cost
At 1 May 2020
Additions in year
At 30 April 2021
Depreciation
At 1 May 2020
Charge for the year
At 30 April 2021
Net book value
At 30 April 2021
At 30 April 2020
11. Stock
Consumables
12. Debtors
Trade debtors
Prepayments
VAT
Accrued income		 Freehold
Fixtures and
property
fittings
£
£
1,798,592
60,822
-
5,471
1,798,592
66,293
436,199
60,578
35,972
1,612
472,171
62,190
1,326,421
4,103
1,362,393
244		 Motor
vehicles
£
4,446
-
4,446
2,625
364
2,989
1,457
1,821		 Website
£
7,559
-
7,559
7,559
-
7,559
-
-
2021
£
1,728
2021
£
(177)
-
552
21,049
21,424		 Total
£
1,871,419
5,471
1,876,890
506,961
37,948
544,909
1,331,981
1,364,458
2020
£
1,396
2020
£
1,639
1,748
-
2,590
5,977

31

Stroud Valleys Artspace Limited

Notes to the financial statements

For the year ended 30 April 2021

13. Creditors: amounts due within 1 year

Creditors: amounts due within 1 year
Trade creditors
Accruals
Other taxation and social security
VAT
Pensions
Other creditors
Deferred income (see below)
At 1 May 2020
Deferred during the year
Released during the year
At 30 April 2021		 2021
£
3,343
1,900
1,347
-
-
1,809
-
8,399
2021
£
18,506
-
(18,506)
-		 2020
£
10
1,850
2655
3,231
277
2,855
18,506
29,384
2020
£
-
18,506
-
18,506

Deferred income relates to Arts Council England NPO funding received in advance of 20/21.

14. Analysis of net assets between funds

Tangible fixed assets
Current assets
Current liabilities
Net assets at 30 April 2021
Prior year comparative
Tangible fixed assets
Current assets
Current liabilities
Net assets at 30 April 2020		 Restricted
funds
£
1,349,618
23,194
-
1,372,812
Restricted
funds
£
1,385,590
13,682
-
1,399,272		 Designated
funds
£
-
65,179
-
65,179
Designated
funds
£
-
35,000
-
35,000		 General
funds
£
(17,637)
135,070
(8,399)
109,034
General
funds
£
(21,132)
81,039
(29,384)
30,523		 Total
funds
£
1,331,981
223,443
(8,399)
1,547,025
Total
funds
£
1,364,458
129,721
(29,384)
1,464,795

32

Stroud Valleys Artspace Limited

Notes to the financial statements

For the year ended 30 April 2021

15. Movements in funds

At 1 May
2020
£
Restricted funds
Capital building fund
1,385,590
International Artist Exchange
10,000
Gloucester Culture Trust
3,682
Performing Right Society’s Foundatio
-
ACE Cultural Recovery Fund
-
Total restricted funds
1,399,272
Unrestricted funds
Designated funds:
Covid-19 emergency funding
35,000
General funds
30,523
Total unrestricted funds
65,523
Total funds
1,464,795		 Income
£
-
-
8,000
4,850
50,425
63,275
30,179
165,567
195,746
259,021		 £
(35,972)
-
(11,682)
(4,850)
(37,231)
(89,735)
-
(87,056)
(87,056)
(176,791)
Expenditure		 £
-
-
-
-
-
-
-
-
-
-
Transfers
between
funds		 £
1,349,618
10,000
-
-
13,194
At 30 April
2021
1,372,812
65,179
109,034
174,213
1,547,025

Purposes of restricted funds

Capital building fund

Funds provided for the purchase and refurbishment of 4 John Street, Stroud. Comprising principally of grants received from the Arts Council of England and also South West Regional Development Agency. The grants are secured by a fixed charge over the freehold property and a floating charge on the whole of the undertakings of Stroud Valleys Artspace and all its other property assets. The depreciation of the related fixed asset is charged against restricted buildings funds.

International Artist Exchange

Money left in the will of Carolyn White to be used to fund international artist exchange projects £10,000.

Gloucester Culture Trust

Funding for Picturedome Gloucester.

Performing Right Society’s Foundatio First instalment for Jazz Stroud.

ACE Cultural Recovery Fund

Restricted funding by ACE for specific costs to keep SVA running through the Covid 19 pandemic. Contributing towards staffing, overheads and purchasing of essential equipment.

Covid-19 emergency funding

Funding received from Stroud District Council under the Retail, Hospitality and Leisure Fund. This funding will be used to support SVA through a gradual reopening during 2021-22, contributing to running costs, staffing and project funding.

33

Stroud Valleys Artspace Limited

Notes to the financial statements

For the year ended 30 April 2021

Prior year comparative
Restricted funds
Capital building fund
International Artist Exchange
Gloucestershire Culture Trust
Jazz Stroud Festival
Stroud Festival
Stroud Town Council
Total restricted funds
Designated funds:
Covid-19 emergency funding
General funds
Total unrestricted funds
Total funds
Unrestricted funds		 At 1 May
2019
£
1,421,562
10,000
-
2,500
-
-
1,434,062
-
36,012
36,012
1,470,074		 Income
£
-
-
8,600
-
6,298
500
15,398
35,000
221,126
256,126
271,524		 £
(35,972)
-
(4,918)
(2,500)
(6,298)
(500)
(50,188)
-
(226,615)
(226,615)
(276,803)
Expenditure		 £
-
-
-
-
-
-
-
-
-
-
-
Transfers
between
funds		 £
1,385,590
10,000
3,682
-
-
-
At 30 April
2020
1,399,272
35,000
30,523
65,523
1,464,795

16. Related party transactions

There were no related party transactions during the current or prior year.

34