| Page | |||
|---|---|---|---|
| Reference and Administrative | Details ofthe Charity, its Trustees and Advisers | ||
| Trustees' Report |
2-9 | ||
| Trustees' Responsibilities Statement |
10 | ||
| Independent Auditors' |
Report | on the Financial Statements | 11-14 |
| Statement of Financial | Activities | 15 | |
| Balance Sheet | 16-17 | ||
| Statement ofCash Flows | 18 | ||
| Notes to the Financial | Statements | 19-35 |
| Trustees | Mehmet Ergen (resigned | Mehmet Ergen (resigned | 11 November 2021), Chair and Trustee | ||
|---|---|---|---|---|---|
| Abdullah Tercanli, Trustee |
|||||
| Gabriel Gbadamosi, | Trustee | ||||
| Lynne McKenzie, Trustee | |||||
| Jack Shepherd (resigned |
15May 2022), Trustee | ||||
| Ben Todd (appointed | 11 November 2021),Trustee | ||||
| Andrew Cripps (appointed |
15May 2022), Chair and Trusteee | ||||
| Naz Yeni (appointed | 15May 2022), Trustee | ||||
| Company | registered | ||||
| number | 05242988 | ||||
| Charity registered | |||||
| number | 1108613 | ||||
| Registered | office | 24 Ashwin Street | |||
| London | |||||
| E83DL | |||||
| Company | secretary | Leyla Nazli (resigned | 15May 2022) | ||
| Chair ofTrustees | Mehmet Ergen (resigned as Chair &Trustee 11 November 2021) |
||||
| Ben Todd (appointed | Chair 11 November 2021, resigned as Chair 15May 2022) | ||||
| Independent | auditors | MHA Maclntyre Hudson |
|||
| Chartered Accountants |
|||||
| 2 London Wall Place | |||||
| London | |||||
| EC2Y 5AU |
| Unrestricted | Restricted | Total | Total | |||
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||
| 2022 | 2022 | 2022 | 2021 | |||
| Note | ||||||
| Income from: | ||||||
| Donations and |
grants | 357,387 | 396,326 | 753,713 | 1,388,809 | |
| Charitable activities |
207,661 | 207,661 | 18,279 | |||
| Other income | 26,477 | 26,477 | 750 | |||
| Total income | 591,525 | 396,326 | 987,851 | 1,407,838 | ||
| Expenditure on: |
||||||
| Charitable activities |
814,415 | 506,127 | 1,320,542 | 977,108 | ||
| Total expenditure | 814,415 | 506,127 | 1,320,542 | 977,108 | ||
| Net movement | in funds | (222,890) | (109,801) | (332,691) | 430,730 | |
| Reconciliation | offunds: | |||||
| Total funds brought forward |
467,991 | 2,076,320 | 2,544,311 | 2,113,581 | ||
| Net movement | in funds | (222,&90) | (109,801) | (332,691) | 430,730 | |
| Total funds carried forward | 245,101 | 1,966,519 | 2,211,620 | 2,544,311 |
| 2022 | 202'I | |||||
|---|---|---|---|---|---|---|
| Note | F | E | ||||
| Cash flows from operating | activities | |||||
| Net income I(expediture) | for the reporting | period | ||||
| Net cash used in operating |
activities | 18 | (195,518) | 294,860 | ||
| Cash flows from investing | activities | |||||
| Purchase oftangible fixed assets |
12 | (7,954) | (1,606) | |||
| Net cash used in investing | activities | (7,954) | (1,606) | |||
| Cash flows from financing | activities | |||||
| Repayments of borrowing |
15,14 | (7,906) | (46,345) | |||
| Net cash used in financing | activities | (7,906) | (46,345) | |||
| Change in cash and cash |
equivalents | in the year | (211,378) | 246,909 | ||
| Cash and cash equivalents | at the beginning | ofthe year | 19 | 295,493 | 48,584 | |
| Cash and cash equivalents | at the end ofthe year | 19 | 84,115 | 295,493 | ||
| The notes on pages 19to 35form part ofthese financial statements |
| Unrestricted | Restricted | Total | |||
|---|---|---|---|---|---|
| funds | funds | funds | |||
| 2022 | 2022 | 2022 | |||
| F | |||||
| Donations | 42,597 | 38,048 | 80,645 | ||
| Grants | 314,790 | 358,278 | 673,068 | ||
| Total 2022 | 357,387 | 396,326 | 753,713 | ||
| Unrestricted | Restricted | Total | |||
| funds | funds | funds | |||
| 2021 | 2021 | 2021 | |||
| E | |||||
| Donations | 62,548 | 38,838 | 101,386 | ||
| Grants | 453,571 | 833,852 | 1,287,423 | ||
| Total 2021 | 516,119 | 872,690 | 1,388,809 | ||
| 5. | Income from charitable | activities |
| Unrestricted | Total | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2022 | ||
| E | |||
| Professional | Theatre | 137,459 | 137,459 |
| Talent Development | 17,520 | 17,520 | |
| Environmental | Sustainability | 1,807 | 1,807 |
| Venue Operation | 50,875 | 50,875 | |
| Total 2022 | 207,661 | 207,661 |
| Unrestricted | Total | ||
|---|---|---|---|
| funds | funds | ||
| 2021 | 2021 | ||
| E | E | ||
| Professional | Theatre | 335 | 335 |
| Talent Development | 2,280 | 2,280 | |
| Venue Operation | 15,664 | 15,664 | |
| Total 2021 | 18,279 | 18,279 |
| Unrestricted | Total |
|---|---|
| funds | funds |
| 2022 | 2022 |
| 26,477 | 26,477 |
| Unrestricted | Total |
| funds | funds |
| 2021 | 2021 |
| E | |
| 750 |
| Unrestricted | Restricted | |||
|---|---|---|---|---|
| funds | funds | Total | ||
| 2022 | 2022 | 2022 | ||
| F | ||||
| Professional | Theatre | 518,497 | 427,280 | 945,777 |
| Talent Development | 19,246 | 11,830 | 31,076 | |
| Venue Operation | 276,672 | 67,017 | 343,689 | |
| Total 2022 | 814,415 | 506,127 | 1,320,542 | |
| Unrestricted | Restricted | |||
| funds | funds | Total | ||
| 2021 | 2021 | 2021 | ||
| E | ||||
| Professional | Theatre | 76,545 | 729,096 | 805,641 |
| Talent Development | 9,706 | 19,259 | 28,965 | |
| Environmental | Sustainability | (1,647) | 2,678 | 1,031 |
| Venue Operation | 3,341 | 138,130 | 141,471 | |
| Total 2021 | 87,945 | 889,163 | 977,108 |
| Activities | ||||
|---|---|---|---|---|
| undertaken | Support | Total | ||
| directly | costs | funds | ||
| 2022 | 2022 | 2022 | ||
| E | E | |||
| Professional | Theatre | 680,162 | 265,615 | 945,777 |
| Talent Development | 17,204 | 13,872 | 31,076 | |
| Venue Operation | 194,861 | 148,828 | 343,689 | |
| Total2022 | 892,227 | 428,315 | 1,320,542 |
| Activities | ||||
|---|---|---|---|---|
| undertaken | Support | Total | ||
| directly | costs | funds | ||
| 2021 | 2021 | 2021 | ||
| E | E | |||
| Professional | Theatre | 601,638 | 204,003 | 805,641 |
| Talent Development | 16,092 | 12,873 | 28,965 | |
| Environmental | Sustainability | 1,031 | 1,031 | |
| Venue Operation | 24,107 | 117,364 | 141,471 | |
| Total2021 | 642,868 | 334,240 | 977,108 |
| Total | Total | |||||
|---|---|---|---|---|---|---|
| funds | funds | |||||
| 2022 | 2021 | |||||
| Depreciation | 133,800 | 134,066 | ||||
| Front of House | 29,687 | 7,724 | ||||
| Comms and | marketing | 19,451 | 119 | |||
| Technical services | 9,647 | 3,64/ | ||||
| Governance | costs | 8,000 | 8,000 | |||
| Utilities | 13,916 | 11,813 | ||||
| Insurance | 6,080 | 5,734 | ||||
| Telecomms | 3,088 | 3,096 | ||||
| Professional | fees | 14,778 | 17,382 | |||
| Bank interest | 968 | 3,569 | ||||
| Memberships | 3,960 | 3,840 | ||||
| Office and admin | 23,087 | 21,179 | ||||
| Travel and subsistence | 368 | 843 | ||||
| Premises costs | 33,653 | 22,535 | ||||
| Building costs | 127,832 | 90,699 | ||||
| 428,315 | 334,240 | |||||
| Governance | costs - Auditors' | remuneration | ||||
| 2022 | 2021 | |||||
| Fees payable | to the Charity's | auditor for the audit ofthe Charity's | annual | |||
| accounts | 8,000 | 8,000 |
| Staff costs | ||
|---|---|---|
| 2022 | 2021 | |
| E | ||
| Wages and salaries | 453,635 | 529,833 |
| Social security costs | 29,220 | 33,118 |
| Pension costs | 13,556 | 14,644 |
| 496,411 | 577,595 |
| 2022 | 2021 | ||
|---|---|---|---|
| No. | No. | ||
| Full time | staff | 10 | 13 |
| Equivalent | full time staff from casual worker pool | 5 | 7 |
| 15 | 20 |
| Long-term | ||||
|---|---|---|---|---|
| leasehold | Plant and | Computer | ||
| propertyf | machineryf | equipmentf | Total | |
| Cost or valuation | ||||
| At 1 April 2021 | 3,389,541 | 105,805 | 12,114 | 3,507,460 |
| Additions | 3,637 | 4,317 | 7,954 | |
| Disposals | (104,506) | (98,856) | (9,018) | (212,380) |
| At 31 March 2022 | 3,2&8,672 | 11,266 | 3,096 | 3,303,034 |
| Depreciation | ||||
| At 1 April 2021 | 1,288,128 | 101,635 | 9,703 | 1,399,466 |
| Charge for the year | 131,359 | 1,822 | 619 | 133,800 |
| On disposals | (104,506) | (98,856) | (9,018) | (212,380) |
| At 31 March 2022 | 1,314,981 | 4,601 | 1,304 | 1,320,886 |
| Net book value | ||||
| At 31 March 2022 | 1„973,691 | 6,665 | 1,792 | 1,9&2,148 |
| Af31March 2021 | 2,101,413 | 4,170 | 2,411 | 2,107,994 |
| 2022 | 202/ | ||
|---|---|---|---|
| E | E | ||
| Trade debtors | 15,842 | 14,861 | |
| Other debtors | 263,926 | 387,605 | |
| Prepayments | and accrued income | 19,500 | 4,500 |
| 299,268 | 406,966 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| F | E | |||||
| Bank loans | 9,707 | 7,906 | ||||
| Trade creditors | 23,082 | 39,263 | ||||
| Other taxation and | social security | 5,467 | 95,741 | |||
| Other creditors | 40,023 | 69,138 | ||||
| Accruals | and deferred | income | 43,245 | 12,000 | ||
| 121,524 | 224,048 | |||||
| 2022 | 2021 | |||||
| E | ||||||
| Deferred | income at 1 April 2021 | 12,000 | 94,787 | |||
| Resources deferred | during the year | 25,442 | 12,000 | |||
| Amounts | released | from previous | periods | (12,000) | (94,787) | |
| 25,442 | 12,000 |
| 2022 | 2021 | ||
|---|---|---|---|
| E | |||
| Bank | loans | 32,387 | 42,094 |
| Statement of | fun | ds -current | year | ||||
|---|---|---|---|---|---|---|---|
| Balance at | |||||||
| Balance at 1 | Transfers | 31 March | |||||
| April 2021 E |
Income E |
Expenditure E |
in/out f. |
2022 f |
|||
| Unrestricted | funds | ||||||
| Designated funds |
|||||||
| Areola Theatre | Ltd | 123,594 | (123,594) | ||||
| General funds | |||||||
| General Fund |
344,397 | 591,525 | (690,821) | 245,101 | |||
| Total Unrestricted | funds | 46?,991 | 591,525 | (814,415) | 245,101 | ||
| Restricted funds | |||||||
| Capital fund | 1,949,648 | (121,853) | 3,63? | 1,831,432 | |||
| Participation | 5,042 | 6,220 | (2,823) | 8,439 | |||
| Artistic Programming | 15,545 | 86,083 | (68,633) | 32,995 | |||
| Joseph Rowntree | Charitable | ||||||
| Trust | 1,590 | 40,585 | (19,612) | 22,563 | |||
| Green Areola | 12,741 | 2,000 | 14,741 | ||||
| Covid-19 Funds | 250,328 | (250,328) | |||||
| Facilities | 91,754 | 11,110 | (42,878) | (3,637) | 56,349 | ||
| 2,076,320 | 396,326 | (506,127) | 'I,966,519 | ||||
| Total offunds | 2,544,311 | 987,851 | (1,320,542) | 2,211,620 |
| Statement offund | s - prior ye | ar | ||||
|---|---|---|---|---|---|---|
| Balance at | ||||||
| Balance at | Transfers | 31March | ||||
| 1 April 2020 | Income | Expenditure | in/out | 2021 | ||
| E | E | E | E | |||
| Unrestricted funds |
||||||
| Designated funds |
||||||
| Areola Theatre Ltd |
123,594 | 123,594 | ||||
| General funds | ||||||
| General Fund |
20,788 | 535,14S | (87,945) | ('I23,594) | 344,397 | |
| Total Unrestricted | funds | 20,788 | 535,148 | (87,945) | 467,991 | |
| Restricted funds | ||||||
| Capital fund | 2,071,501 | (121,853) | 1,949,648 | |||
| Participation | 5,042 | 5,042 | ||||
| Artistic Programming | 14,250 | 17,000 | (15,705) | 15,545 | ||
| Joseph Rowntree | Charitable | |||||
| Trust | 10,766 | (9,176) | 1,590 | |||
| Green Areola | 2,000 | 13,275 | (2,534) | 12, 74'I | ||
| Covid-19 Funds | 721,998 | (721,998) | ||||
| Facilities | 109,651 | (17,897) | 91,754 | |||
| 2,092,793 | 872,690 | (889,163) | 2,076,320 | |||
| Total offunds | 2,113,581 | 1,407,838 | (977,108) | 2,544,311 |
| Analysis ofnet assets between funds - current year |
|||
|---|---|---|---|
| Unrestricted | Restricted | Total | |
| funds | funds | funds | |
| 2022 | 2022f | 2022 | |
| Tangible fixed assets | 150,714 | 1,831,434 | 1,982,148 |
| Current assets | 237,938 | 145,445 | 383,383 |
| Creditors due within one year | (111,164) | (10,360) | (121,524) |
| Creditors due in more than one year | (32,387) | (32,387) | |
| Total | 245,101 | 1,966,519 | 2,211,620 |
| Analysis of net assets between funds - prior year | |||
| Unrestricted | Restricted | Total | |
| funds | funds | funds | |
| 2021 | 2021 | 2021 | |
| E | |||
| Tangible fixed assets | 158,344 | 1,949,650 | 2,107,994 |
| Current assets | 562,177 | 140,282 | 702,459 |
| Creditors due within one year | (210,436) | (13,612) | (224,048) |
| Creditors due in more than one year | (42,094) | (42,094) | |
| Total | 467,991 | 2,076,320 | 2,544,311 |
| 18. | Reconciliation of |
net | net | movement | movement | movement | in funds | in funds | to | net | cash flow | from operating | activities | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||||||||||
| f. | ||||||||||||||
| Net income/expenditure |
for | the | year | (as | per | Statement | of Financial | |||||||
| Activities) | (332,691) | 430,730 | ||||||||||||
| Adjustments for: |
||||||||||||||
| Depreciation charges |
133,800 | 134,066 | ||||||||||||
| (Increase)/decrease | in | debtors | 107,698 | (24,976) | ||||||||||
| (Decrease)/increase | in | creditors | (104,325) | (244,960) | ||||||||||
| Net cash provided | by/(used | in) | operating | activities | (195,518) | 294,860 | ||||||||
| 19. | Analysis ofcash | and | cash equivalents | |||||||||||
| 2022 | 2021 | |||||||||||||
| E | ||||||||||||||
| Cash at bank and | in | hand | 84,115 | 295,493 | ||||||||||
| Total cash and cash | equivalents | 84,115 | 295,493 | |||||||||||
| 20. | Analysis ofchanges | in | net debt | |||||||||||
| At 1 April | At 31March | |||||||||||||
| 2021 | Cash flows | 2022 | ||||||||||||
| f | f. | |||||||||||||
| Cash at bank and | in | hand | 295,493 | (211,378) | 84,115 | |||||||||
| Debt due within 1 year |
(7,906) | (1,801) | (9,707) | |||||||||||
| Debt due after 1 year | (42,094) | 9,707 | (32,387) | |||||||||||
| 245,493 | (203,472) | 42,021 |