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2022-04-30-accounts

Company no. 03467837 Charity no. 1105051

Stroud Valleys Artspace Limited Report and Unaudited Financial Statements 30 April 2022

Stroud Valleys Artspace Limited

Contents

For the year ended 30 April 2022

Page
Reference and administrative details 1
Objectives and activities 2 - 3
Chair’s review 4 - 6
Achievements and performance
1.1 Artist development 7
1.2 Artistic and community outreach programme 8 - 11
Financial review 12
Plans for the future
3.1 Capital development plans 13
3.2 Artistic plans 14
Environmental responsibility 15 - 16
Inclusivity and relevance 17 - 18
Structure, governance and management 19 - 20
Statement of responsibilities of the trustees 21
Independent examiner's report 22 - 23
Statement of financial activities 24
Balance sheet 25
Notes to the financial statements 26 - 36

Stroud Valleys Artspace Limited

Reference and administrative details

For theyear ended 30 April 2022
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:
Andrew Freedman
Barney Heywood
Daniel Guthrie appointed 20 July 2021
Duncan Walthew appointed 20 July 2021
Fern Bywater
Kaoru Blackstone
Lorraine Robbins appointed 20 July 2021
Nicholas Pride
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

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Stroud Valleys Artspace Limited

Objectives and activities

For the year ended 30 April 2022

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.

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Stroud Valleys Artspace Limited

Objectives and activities

For the year ended 30 April 2022

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.

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Stroud Valleys Artspace Limited

Chair's review

For the year ended 30 April 2022

As Chair of the Trustees, I am pleased to present this report on SVA’s activities over the last year.

SVA gradually opened the public spaces from May 2021 onwards. Our spaces had remained accessible to studio holders, gallery residents, rehearsal and recording session artists throughout the pandemic. SVA’s plan was to gradually reopen spaces without incurring major costs with a sustainably managed programme of exhibitions, performances, talks and film screenings. All our public spaces were open up again in July 2021 once Covid restrictions had been fully lifted.

Post Covid we expected audiences to be reticent of gathering, even with social distancing implemented. That said, there has been a deep hunger for ‘live’ and participatory cultural activity that gives a sense of community.

After the success of our first opening events with Jazz Stroud (4-12 Sept 2021) and Site Festival & Open Studios (18th- 26th Sept 2021) we gained a new confidence to move forward with our planned public programme.

SVA core work continued to focus on providing the creative environment needed to support artists development from the early embryonic experimental explorative stages through to final public presentation stage. We worked with 589 artists from May 2021- April 2022 from young artists just starting out through to well-established professionals.

SVA provided a diverse range of affordable, creatively stimulating work, exhibition and event spaces to develop a critically engaged environment. Our bespoke development programme provided support for artists who are fully committed to the practice of their work as well as explorative activities designed to draw in new aspiring creators.

The support and development of new work by young artists has continued to be a critical part of SVA’s programme. Our dynamic, responsive youth led arts programme over the last year has included a young artists residency programme, MOULD, SVA’s youth art collective, work experience week and public event, Kickstart roles and young musicians rehearsals and recording sessions.

At the beginning of the year SVA dedicated some time and space with trustees, staff and artists so they understand what they need to do to help to embed the new Arts Council Investment Principles. A series of rethinking exercises using the OF/BY/FOR/ALL discussion framework were set up with trustees, staff, artists, friends of SVA and peers to look at 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 focused on extending our community-based work through setting up a creative thinking, making and mapping space in John St Gallery under the name of the “We Are Community - Are We?” project as a community consultation project Jan – Feb 2022. We developed current and new partnerships with community and activist groups including Radical Restart, Artshape, Black Ark Media, Middle Hill Community Group, Guidepost Trust, Cam & Dursley Creatives and Rising Arts.

We also increased our work in the Gloucester Community through our partner Deepbed at the Picturedrome in Barton Street, Gloucester, G.A.S.Projects and Culture Matson.

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Stroud Valleys Artspace Limited

Chair's review

For the year ended 30 April 2022

As a result of the pandemic and our review process we increased our focus on artist development and community outreach and reduced some of the year round events that are not so clearly aligned to our vision and values. Our programme has been carefully balanced to manage human and financial resources to ensure we can continue to increase our earnt income through rentals, ticket and bar income whilst ensuring we can work in radical and imaginative ways with new people. This has meant bringing in specialist fundraising support to bring in charitable trust funding and kickstart young placements to enable us to develop and support the new elements of our artist development and community outreach programme.

SVA developed new strands of activity around artists development and community engagement which were linked to our programme of exhibitions, residencies, talks, film screenings, performances, immersive installations and radio projects.

SVA continued to work in partnership with independent artists and collectives to develop a year round programme of exhibitions, live music, performances and film screenings in a variety of studios, events, gallery, rehearsal and empty shops, open studio spaces and partner venues.

Through our artist-led approach to public programming, we have worked with 645 artists over the period of May 2021- April 2022. We have also built communities of interest, new audiences and networks which has expanded SVA’s reach and engagement to 20,771 people (based on live public events starting in July 2021 rather than May 2021 due to Covid restrictions).

The John Street Gallery exhibition and residency programme featured 93 UK and international artists who presented or made new bodies of work. The gallery opened the pandemic in May 2021 with an exhibition by Colin Higginson, a Bristol based artist whose work explored ideas of nature, nostalgia imitation and authenticity.

The Jazz Stroud Festival took place over two weekends in September presenting a challenging and diverse programme featuring international talented artists such as Yelfris Valdes, Run Logan Run and Levitation Orchestra. Jazz Stroud also programmed live music events during the year featuring the increasingly well known bands on the jazz scene such as Ishamel Ensemble.

102 artists opened thier studios for two weekends in the Site Festival in September and 160 artists exhibited and performed in exhibitions, events and led workshops in Stroud over 2 weeks in partnership with 18 local studio providers, venues and businesses. Greer Pester, a Scottish visual and social artist, was artist in residence at SVA. Her colourful palette embodied the exotic, taking enrichment from many years living and working in Mexico. For the following weekend, The Women’s Art Activation System humorously invited the public to contribute artworks to ‘The Bureau for the Validation of Art’ in the John St Gallery. At Woodchester Mansion, ‘Floating Flaws, Abandoned tools and unrealised dreams’, an exhibition by Paul Grellier and Jo Nathan, responded to this unique and time lost place, explored through sculpture, painting, sound and moving image. Sheppard Fidler + Stapleford presented an immersive site specific installation of sculpture, sound and video works for ‘leave / stay / arrive’ at Three Storeys in Nailsworth. ‘Mega Mega’, at the Goods Shed, marked the beginning of a fresh look at the relationships between fashion, textiles and contemporary art practice, exploring the innovative explorations of artists pushing the boundaries of this medium that is rooted in Stroud via its textile heritage.

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Stroud Valleys Artspace Limited

Chair's review

For the year ended 30 April 2022

The new year brought with it a new festival to our programme- Immersive Fields, which took place in the Goods Shed. Curated and produced by Loss Gain (John Best and David Sheppard) and supported by d&b Audiotechnik, the festival presented fully spatialised audio-visual installations - live and pre-recorded - taking the audience inside the music, bathed in sound and light.

Many other community and artist-led events took place throughout the year with SVA collaborating with many independent artists and collectives to present live music such as Cosmo Sheldrake, film screenings, talks and discussions as well as the ever popular Jonny Fluffypunk’s Penny Gaff event.

Alongside the physical spaces there was a digital programme of films, radio shows, discussions, social media postings and downloadable programmes which extended our reach to more diverse audiences. Projects included Deepbed Radio which presented radio and live productions at SVA and at the Picturedrome in Gloucester. A programme of 24 films made by young film makers featuring resident, studio, Site Festival and Jazz Stroud artists were commissioned and distributed online by SVA.

We remain constant in our long term vision to support artists and to make meaningful connections in communities, rural and urban. We aim to inspire and to collectively create imaginatively radical moments of magic and joy.

At the same time, we look forward to 2022-23 with some fresh and renewed perspectives. We shall continue to challenge our thinking. Our future programme will be flexible and responsive to the unpredictable needs and demands that lie ahead of us over the next 12 months.

Andrew Freedman, Chair of Trustees

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Stroud Valleys Artspace Limited

Achievements and performance

For the year ended 30 April 2022

Artist development

SVA developed the work of:

Young Talent Development

Supported the development of new work by young artists through a dynamic, responsive youth led arts programme including young artists residency programme, MOULD, SVA’s youth art collective, work experience week and public event, Kickstart roles and young musicians rehearsals and recording sessions.

Artistic and community outreach programme

John Street Gallery exhibition programme

Inlcuding 85 UK and international artists presented new bodies of work and new collaborations in new ways.

Featuring:

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Stroud Valleys Artspace Limited

Achievements and performance

For the year ended 30 April 2022

John Street Gallery residency programme

Offering time and space for 8 UK based artists to develop new work. Featuring:

Site Festival Sept 2021

An annual visual arts festival of open studios, exhibitions and events. Featuring:

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Stroud Valleys Artspace Limited

Achievements and performance

For the year ended 30 April 2022

Jazz Stroud

A challenging and diverse year festival and round programme of Jazz focused music events in partnerships with D&B audio technik, Real World Records, Womad, Total Refreshment Centre, and Jazz South featuring 55 up and coming UK and international talented artists. Featuring:

Immersive Fields Festival 21- 23 Jan 2022

A new festival curated and produced and Loss Gain (John Best and David Sheppard) working with artists to create fully spatialised audio-visual installations - live and pre-recorded - taking the audience inside the music, bathed in sound and light.

Featuring:

Other community and artist–led events

Artist led programming in collaboration with independent artists and collectives. Featuring:

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Stroud Valleys Artspace Limited

Achievements and performance

For the year ended 30 April 2022

Culture Reset Stroud

Built new community connections by setting up the Culture Reset Stroud network with 22 creative practitioners and community activists and 2 discussion sessions in partnership with Atelier Stroud. Featuring:

We Are Community – Are we?

A creative thinking and making space was set up in SVA’s John St gallery which invited anyone and everyone to join in this experiment by contributing ideas through visuals, narratives and joining in discussions. This project has been an attempt to map and understand our community and communities as part of SVA’s wider research and development programme around Inclusion and Relevance. We invited people to bring in an object, picture, artwork or anything that makes you think of your community or what the word represents to you.

We asked questions such as:

We shared learning about communities:

“A community can come together beyond just physical geography or demographics. But Communities can be defined by circumstance, practice and affinity” (James Doeser).

We ran community engagement sessions:

7th -15th January and 4th – 26th February: building the community conversation and connections map;

14th-15th January: Talking together about resistance histories and radical ancestors;

8th, 15th, 22nd February. A drop in art making project;

16th February: Art bridge and Artlift artists discussion around mental health, disabling barriers and access to art;

▪ Radical Restart 18th-19th February: Talking together about resistance histories and radical ancestors with collaborative paint jam to share learning;

21st February: Discussion session to look at “In which ways can creativity and activism bring communities together?”;

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Stroud Valleys Artspace Limited

Achievements and performance

For the year ended 30 April 2022

Outcomes:

Digital Programme

Delivering artistic digital content in the form of radio and films to create unique cultural experiences that extend our reach to more diverse audiences.

Deepbed Radio

Led by artists profiling an emerging network of over 60 DJs and audio projects with roots or threads to artist led hubs in the Stroud and Gloucester area. Radio and live productions (at Picturedrome,Gloucester and SVA) programmed by Sam Judd and Jimmy Croft.

Artists on Film

A programme of films commissioned and distributed online by SVA and made by young film makers: Evie Lola Minney, Sam Judd, Hatty Bell, Motz Workman and Eoghan McDonaugh.

Over the year we have shared captured digital content via SVA’s newsletter (8292 recipients) SVA’s website (47198 engagements), Instagram (6573 followers), Facebook (8258 followers), and Twitter (2169 followers), MixCloud (1273 listens).

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Stroud Valleys Artspace Limited

Financial review

For the year ended 30 April 2022

These accounts show a net surplus of £24,143 (2021: £82,230).

Core funding for the year was £137,153 (2021: £217,984). We are grateful for the continuing support of the Arts Council England £75,819 (2021: £120,641) and Stroud District Council £29,167 (2021: £38,016).

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

Incoming resources from the charitable activities for the year was £157,810 (2021: £40,988). Artistic programme sales for the year were £120,416 (2021: £3,325). Income from studio and room rental totalled £33,063 (2021: £35,338). The difference between income from 2021 to 2022 is due to reopening of SVA after closure due to Covid-19.

Net income from unrestricted funds for the year was a surplus of £68,089 (2021: £108,690). The net movement in funds before depreciation was a surplus of £63,106 (2021: £120,177). Depreciation for the year, which principally relates to the 4 John Street property, was £38,963 (2021: £37,947). 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 £247,522 (2021: £109,034).

The trustees have taken a risk based approach to establishing SVA’s Reserves Policy. The Reserves Policy provides for the loss of 100% of a full year’s budgeted unsecured grants and donations in addition to a provision for the redundancies that might be required to implement a consequential restructuring. These items amount to £63,400.

Trustees have also agreed to designate a Premises Fund of £100,000 against unforeseen costs associated with SVA’s freehold and leasehold premises, and a Pension Fund provision of £75,000 to catch up for the previous lack of employer’s contributions to the Artistic Directors’ pension provision.

The Reserves Policy will be kept under review and amended appropriately to meet material changes in circumstances or in the underlying assumptions.

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Stroud Valleys Artspace Limited

Plans for the future

For the year ended 30 April 2022

Capital Development plans

Brunel Goods Shed plans

SVA has been developing plans for the Brunel Goods Shed with UWE architecture live projects, Stroud Levelling Up task force, Network Rail, GWR and the Outside In bar. Stage 1 of the plan will see the development of 9 shipping container workspaces which will offer inclusive creative spaces for collectives, group studios and workshop spaces. A brownfield car park site will be transformed into an inclusive community garden which will be enjoyed by over 10k visitors and people living and working in Stroud area, studio members, people attending events at the Goods Shed.

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 1st phase design study has been produced and planning permission was successfully received in May 2020. Capital funding is needed to deliver the plans further.

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.

Artistic plans

Artist development

SVA will develop the work of:

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Stroud Valleys Artspace Limited

Plans for the future

For the year ended 30 April 2022

Young Talent Development

SVA will continue to develop a dynamic, responsive youth led arts programme including young artists residency programme, MOULD, SVA’s youth art collective, work experience week and public event, apprenticeships and young musicians rehearsals and recording sessions.

Artistic and community outreach programme

SVA will continue to work in partnership with independent artists and collectives to develop a year round programme of exhibitions, live music, performances and film screenings in a variety of studios, events, gallery, rehearsal and empty shops, open studio spaces and partner venues. Alongside the physical spaces there will be a digital programme of films, radio shows, discussions, social media postings and downloadable programmes.

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:

Engagement Plans

SVA will develop innovative ways to attract and increase new audiences by:

Audience data capture and evaluation

▪Shared learning and data with other arts organisations and ongoing peer to peer support.

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Stroud Valleys Artspace Limited

Environmental responsibility

For the year ended 30 April 2022

Stroud has an international reputation for leading the way in its response to the climate, home of Extinction Rebellion, the world’s greenest football team and the UK’s greenest energy supplier. We are aiming to contribute to this by developing creative and green environments where local people, creatives and visitors can ‘make, do and enjoy’. We want local people to access our spaces via the canal footpaths, cycle paths and visitors from out of town can come straight off the train into our diverse and vibrant environments. A new fertile space will transform an ugly brownfield site at the Brunel Goods Shed which will be clearly seen from the trainline, from the nearby common and the canal. We are investigating solar panels and low impact sustainable toilet systems based on designs used on other city based arts environments e.g. Franks Cafe, Carpark rooftop, Peckham.

Our Environmental Motivation

SVA wants to take environmental action because as an organisation we have an ethical, moral and legal responsibility to safeguard the environment and be aware of the environmental impact of our practices and activities. The world is changing at an alarming rate and urgent action needs to be taken by organisations as well as individuals to reduce our carbon emissions. Our rights to a healthy environment are at risk and our failure to properly address climate change is threatening the global economy. SVA wants to become more economically resilient and environmentally sustainable and work with artists and audiences to raise awareness, challenge our perceptions to bring about positive environmental change.

Our Environmental Ambition

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 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.

Our Environmental Impact

Our main areas of environmental impact are:

  1. Energy use in the office, events, studios, gallery, kitchen and café spaces during activities and production.

  2. Water use in the events, studios, kitchen and café spaces during activities and production.

  3. Fuel use by SVA van through travel.

  4. Materials use in office, events, studios, gallery, kitchen and café spaces during activities, production and marketing.

  5. Waste created through office, events, studios, gallery, kitchen and café spaces during activities, production and marketing.

  6. Carbon emissions from travel.

These impacts are created by SVA’s staff, artists, suppliers and our audience.

Our key environmental commitments

We have collected energy and water consumption data since April 2017 to enable us to set targets and monitor our performance. In 2022 we want to increase our understanding, measuring, improving and communicating our environmental performance and engaging management, staff, artists, suppliers and audience in this process. We are committed to reducing the negative environmental impacts of our activities and are focusing on several key areas including waste, energy use and carbon emissions from travel.

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Stroud Valleys Artspace Limited

Environmental responsibility

For the year ended 30 April 2022

We will:

  1. Work with staff, artists and volunteers to reduce our use of resources (concentrating on energy and waste) and avoiding travel (encouraging Zoom and teleconferences) or using zero or lowcarbon modes of travel (walking, cycling, journey sharing, using public transport).

  2. Work with our partners in the district to take a collective responsibility and identify actions to increase our understanding for ways to reduce our environmental impact.

  3. Identify and implement actions based around our suppliers and use of resources regarding the technical and logistical aspects of SVA’s activities and programme – integrating environmental and ethical considerations when choosing supplies and services.

  4. Reduce the environmental impact of our printed materials (paper and inks), replacing printed with online communications where possible, minimizing use of energy for storage, downloading, streaming and/or online reading for digital communications and reducing transport for printed materials.

  5. Work with our artists to encourage the reducing the use of harmful art materials and processes and limit the use of low-carbon modes of travel.

  6. Encourage our audience to use low - carbon modes of travel, support environmentally friendly cafes/ restaurants, recycle and re-use when at SVA events (refilling bottles rather than buying new, choosing food suppliers who focus on sustainability, recycling rubbish).

  7. We aim to raise awareness of environmental issues and promote more sustainable behavior in general during the year's programme, communicate our commitment to environmental issues and provide practical guidance and support wherever possible.

Brunel Goods Shed development

Low environmental impact of shipping container workspace

Future low impact heating and sanitary solutions - (Currently developing plans)

Responding to local environmental needs

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Stroud Valleys Artspace Limited

Inclusivity and Relevance

For the year ended 30 April 2022

SVA is a central arts hub in Stroud which supports the cultural vitality and economy of Stroud town centre for the benefit of residents, visitors and retailers through:

Inclusive creative spaces

Low cost access to high quality capital assets for more diverse creatives

We will continue to focus on supporting emerging talent by offering free / low cost access to creative equipment, space, technical and mentoring support for over 100 young people, people of colour and low socio-economic backgrounds e.g. local FE and HE students, Gloucester mixed race community.

Inclusive public programme and spaces

As a result of the action research we will continue to:

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Stroud Valleys Artspace Limited

Equality

For the year ended 30 April 2022

Key objectives have been identified in an equality action plan and our inclusivity and relevance plans 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

Structure, governance and management

For the year ended 30 April 2022

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 seven 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 eight members, three of whom are female and five are male, two members are people of colour. Age ranges from 24 – 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 2022

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 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 2022

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 October 2022 and signed on their behalf by

A M Freedman

Andrew Freedman - Chair

21

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 2022, which are set out on pages 24 to 36.

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.

Godfrey Wilson Limited also provides ad hoc bookkeeping and accountancy services to the charitable company. I confirm that as a member of the ICAEW I am subject to the FRC’s Revised Ethical Standard 2016, which I have applied with respect to this engagement.

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:

22

Independent examiner's report

To the trustees of

Stroud Valleys Artspace Limited

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.

Laura May Richards

Date: 21 October 2022 Laura Richards ACA 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

23

Stroud Valleys Artspace Limited

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

For the year ended 30 April 2022

Restricted Unrestricted
Note
£
£
Income from:
Donations
3
5,603
131,550
Charitable activities
4
-
157,810
Investments
-
32
Total income
5,603
289,392
Expenditure on:
Raising funds
-
25,738
Charitable activities
49,549
195,565
Total expenditure
6
49,549
221,303
Net income / (expenditure)
(43,946)
68,089
Transfers between funds
(5,220)
5,220
Net movement in funds
7
(49,166)
73,309
Reconciliation of funds:
Total funds brought forward
1,372,812
174,213
Total funds carried forward
1,323,646
247,522		 2022
Total
£
137,153
157,810
32
294,995
25,738
245,114
270,852
24,143
-
24,143
1,547,025
1,571,168		 2021
Total
£
217,984
40,988
49
259,021
5,243
171,548
176,791
82,230
-
82,230
1,464,795
1,547,025

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.

24

Stroud Valleys Artspace Limited

Balance sheet

As at 30 April 2022

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		 £
6,443
7,301
275,458
289,202
(26,513)		 2022
£
1,308,479
262,689
1,571,168
1,313,646
10,000
175,000
72,522
1,571,168		 2021
£
1,331,981
1,728
21,424
200,291
223,443
(8,399)
215,044
1,547,025
1,349,618
23,194
65,179
109,034
1,547,025

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 October 2022 and signed on their behalf by

A M Freedman

Andrew Freedman - Chair

25

Stroud Valleys Artspace Limited

Notes to the financial statements

For the year ended 30 April 2022

1. Accounting policies

a) Basis of preparation

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. 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 £247,522 (of which £238,400 allocated to reserves and designated funds) and a cash balance of £275,458. 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 approved.

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.

26

Stroud Valleys Artspace Limited

Notes to the financial statements

For the year ended 30 April 2022

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:
2022 2021
Raising funds 15% 4%
Charitable activities 85% 96%

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.

27

Stroud Valleys Artspace Limited

Notes to the financial statements

For the year ended 30 April 2022

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
£
£
63,275
154,709
-
40,988
-
49
63,275
195,746
-
5,243
89,735
81,813
89,735
87,056
(26,460)
108,690
Unrestricted		 2021
Total
£
217,984
40,988
49
259,021
5,243
171,548
176,791
82,230

28

Stroud Valleys Artspace Limited

Notes to the financial statements

For the year ended 30 April 2022

3. Income from donations

Grants < £5,000
Donations
Coronavirus Job Retention Scheme
Kickstart Scheme
Grants > £5,000
Arts Council England
Stroud District Council
Prior period comparative
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
4.
Income from charitable activities
Artistic programme
Membership
Educational programmes
Rental income		 Restricted
£
£
-
679
-
11,589
-
19,899
5,603
70,216
-
29,167
5,603
131,550
Restricted
£
£
-
629
-
45,848
50,425
70,216
8,000
-
4,850
-
-
38,016
63,275
154,709
2022
Restricted
Total
£
£
£
-
120,416
120,416
-
3,481
3,481
-
850
850
-
33,063
33,063
-
157,810
157,810
Unrestricted
Unrestricted
Unrestricted		 2022
Total
£
679
11,589
19,899
75,819
29,167
137,153
2021
Total
£
629
45,848
120,641
8,000
4,850
38,016
217,984
2021
Total
£
3,325
2,025
300
35,338
40,988

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

29

Stroud Valleys Artspace Limited

Notes to the financial statements

For the year ended 30 April 2022

5. Government grants

6. 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
Professional fees
Depreciation
Print, post and stationery
Loss on disposal
Miscellaneous costs
Sub-total
Allocation of support and governance costs
Total expenditure		 £
12,616
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12,616
13,122
25,738
Raising
funds		 £
£
68,586
28,109
21,046
-
39,610
-
-
1,447
-
2,281
-
1,580
-
9,464
-
9,980
1,976
-
-
5,781
-
4,439
6,587
-
-
4,478
-
5,383
-
2,335
35,972
2,991
-
618
-
1,457
-
4,116
173,777
84,459
71,337
(84,459)
245,114
-
Charitable
activities
Support and
governance
costs		 2022
£
109,311
21,046
39,610
1,447
2,281
1,580
9,464
9,980
1,976
5,781
4,439
6,587
4,478
5,383
2,335
38,963
618
1,457
4,116
270,852
-
270,852

Total governance costs were £1,950 (2021: £1,900).

30

Stroud Valleys Artspace Limited

Notes to the financial statements

For the year ended 30 April 2022

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		 £
2,888
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
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

31

Stroud Valleys Artspace Limited

Notes to the financial statements

For the year ended 30 April 2022

7. Net movement in funds

This is stated after charging:

Net movement in funds
This is stated after charging:
2022 2021
£ £
Depreciation 38,963 37,947
Trustees' remuneration Nil Nil
Trustees' reimbursed expenses Nil Nil
Independent examiner's remuneration:
Independent examination 1,950 1,900
Other services 3,433 -

8. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs		 2022
£
106,122
1,732
1,457
109,311		 2021
£
80,125
1,334
1,357
82,816

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 £63,082 (2021: £61,764).

Average head count 2022
No.
8		 2021
No.
6

9. Taxation

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

32

Stroud Valleys Artspace Limited

Notes to the financial statements

For the year ended 30 April 2022

10. Tangible fixed assets

Cost
At 1 May 2021
Additions in year
Disposals
At 30 April 2022
Depreciation
At 1 May 2021
Charge for the year
On disposals
At 30 April 2022
Net book value
At 30 April 2022
At 30 April 2021
11. Stock
Consumables
12. Debtors
Trade debtors
Prepayments
VAT
Accrued income		 Freehold
Fixtures and
property
fittings
£
£
1,798,592
66,293
-
16,918
-
(55,092)
1,798,592
28,119
472,171
62,190
35,972
2,991
-
(55,092)
508,143
10,089
1,290,449
18,030
1,326,421
4,103		 Motor
vehicles
£
4,446
-
(4,446)
-
2,989
-
(2,989)
-
-
1,457		 Website
£
7,559
-
(7,559)
-
7,559
-
(7,559)
-
-
-
2022
£
6,443
2022
£
2,925
1,896
-
2,480
7,301		 Total
£
1,876,890
16,918
(67,097)
1,826,711
544,909
38,963
(65,640)
518,232
1,308,479
1,331,981
2021
£
1,728
2021
£
(177)
-
552
21,049
21,424

33

Stroud Valleys Artspace Limited

Notes to the financial statements

For the year ended 30 April 2022

13. Creditors: amounts due within 1 year

Creditors: amounts due within 1 year
Trade creditors
Accruals
Other taxation and social security
VAT
Other creditors
Funds held on behalf of other organisations
Deferred income
Movements in deferred income:
At 1 May 2021
Deferred during the year
Released during the year
At 30 April 2022		 2022
£
802
3,350
5,677
5,043
4,332
2,789
4,520
26,513
2022
£
-
4,520
-
-		 2021
£
3,343
1,900
1,347
-
1,809
-
-
8,399
2021
£
18,506
-
(18,506)
-

Deferred income relates to income received in advance of the site festival in 2022/23.

14. Analysis of net assets between funds

Tangible fixed assets
Current assets
Current liabilities
Net assets at 30 April 2022
Prior year comparative
Tangible fixed assets
Current assets
Current liabilities
Net assets at 30 April 2021		 Restricted
funds
£
1,290,400
33,246
-
1,323,646
Restricted
funds
£
1,349,618
23,194
-
1,372,812		 Designated
funds
£
-
175,000
-
175,000
Designated
funds
£
-
65,179
-
65,179		 General
funds
£
18,079
80,956
(26,513)
72,522
General
funds
£
(17,637)
135,070
(8,399)
109,034		 Total
funds
£
1,308,479
289,202
(26,513)
1,571,168
Total
funds
£
1,331,981
223,443
(8,399)
1,547,025

34

Stroud Valleys Artspace Limited

Notes to the financial statements

For the year ended 30 April 2022

15. Movements in funds

Restricted funds
Capital building fund
International Artist Exchange
ACE Cultural Recovery Fund
Total restricted funds
Unrestricted funds
Designated funds:
Covid-19 emergency funding
Premises fund
Pension fund
Total designated funds
General funds
Total unrestricted funds
Total funds		 At 1 May
2021
£
1,349,618
10,000
13,194
1,372,812
65,179
-
-
65,179
109,034
174,213
1,547,025		 Income
£
-
-
5,603
5,603
-
100,000
75,000
175,000
114,392
289,392
294,995		 £
(35,972)
-
(13,577)
(49,549)
(65,179)
-
-
(65,179)
(156,124)
(221,303)
(270,852)
Expenditure		 £
-
-
(5,220)
(5,220)
-
-
-
-
5,220
5,220
-
Transfers
between
funds		 £
1,313,646
10,000
-
At 30 April
2022
1,323,646
-
100,000
75,000
175,000
72,522
247,522
1,571,168

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

ACE Cultural Restricted funding by ACE for specific costs to keep SVA running Recovery Fund through the Covid 19 pandemic. Contributing towards staffing, overheads and purchasing of essential equipment. The transfer between funds relates to the purchase of capital assets.

Purposes of designated funds

Covid-19 emergency Funding received from Stroud District Council under the Retail, funding Hospitality and Leisure Fund. This funding was used to support SVA through a gradual reopening during 2021-22, contributing to running costs, staffing and project funding.

35

Stroud Valleys Artspace Limited

Notes to the financial statements

For the year ended 30 April 2022

15. Movements in funds (continued)

Purposes of designated funds (continued)

Premises fund

A fund for unforeseen costs associated with SVA’s freehold and leasehold premises.

Pension fund

A fund catch up for the previous lack of employer’s contributions to the Artistic Directors’ pension.

Prior year comparative
Restricted funds
Capital building fund
International Artist Exchange
Gloucester Culture Trust
ACE Cultural Recovery Fund
Total restricted funds
Designated funds:
Covid-19 emergency funding
General funds
Total unrestricted funds
Total funds
Performing Right
Society’s Foundation
Unrestricted funds		 At 1 May
2020
£
1,385,590
10,000
3,682
-
-
1,399,272
35,000
30,523
65,523
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

16. Related party transactions

Neil Walker, an artistic director, is also a director of Deepbed Ltd (company registration no. 12916454). At 30 April 2022 a total of £2,789 (2021: £nil) was owed to Deepbed Ltd.

36