2020-08-31-accounts - The Inspire Arts Trust

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THE INSPIRE ARTS TRUST FINANCIAL STATEMENTS

31 AUGUST 2020

Company Registration Number 05202978 Charity Number 1111784

THE INSPIRE ARTS TRUST

FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2020

Contents	PAGES
Report of the Trustees	1 to 4
Reference and administrative information	5
Independent examiner's report to the Trustees	6
Statement of financial activities	7
Balance sheet	8
Notes to the financial statements	9 to 14

THE INSPIRE ARTS TRUST

REPORT OF THE TRUSTEES

YEAR ENDED 31 AUGUST 2020

Structure, Governance and Management

Status

The Inspire Arts Trust is a registered charity and a company limited by guarantee and is governed by its Memorandum and Articles of Association.

Organisational structure

The Trust is governed by a board of Trustees, who are responsible for setting the strategic direction of the charity and for establishing policy. The board of Trustees meets regularly and delegates the day to day operation of the charity to an executive board of management.

Objectives and activities

Aims of the charity

The objects of the charity are:

to advance the education of people, in the United Kingdom and elsewhere, in the arts (including in particular music, drama and dance).

The Inspire Arts Trust has continued to grow and develop over this last year and it is encouraging to see all the progress that has been made. We are delighted to outline the development accomplished in each area.

The Directors/Trustees have complied with the duty in section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

BALPA

We have had a huge challenge this year with operating BALPA because of COVID-19, but despite this we have managed to continue to provide this needed service, however our numbers have reduced. Before COVID-19 we were seeing around 130 children attend classes and lessons at BALPA each week. In December 2019, we had three packed shows which meant the children performed to around 300 people. Over their time at BALPA, it is wonderful to see how their confidence has grown as well as their abilities.

One of the exciting things we have done this year is to launch our Young Volunteers programme and allow them to work towards their Bronze arts award. We have had 4 young people aged 14 – 18 involved in learning to teach others, helping with our classes and gaining new skills. At the time of writing this report we have just heard they have all passed their Arts Awards and we are so proud of them!

Covid-19 however brought a lot of challenges. Through lockdown we learnt to adjust by taking all our classes online through zoom. This had mixed success. Some families were so grateful that they were able to continue with their training, whereas some children found lockdown hard to cope with in general and therefore were struggling to engage with anything online. We were fortunate enough to gain a grant from the Arts Council during this time to enable us to continue running the classes and lessons online for those who wanted them, even though we were reduced in numbers. Without this it would have been hard to continue.

THE INSPIRE ARTS TRUST

REPORT OF THE TRUSTEES

YEAR ENDED 31 AUGUST 2020

Looking ahead to 2020/21 we have had a full risk assessment done which will mean we can start face to face teaching again in September 2020. The downside is that due to social distancing our class sizes will be reduced. This will mean us looking for funding to help us through 2020/1.

Community

We were involved once again in the Thornbury Christmas Lights Switch on event in November 2019. It gave the children an opportunity to perform and show everyone what they had been learning as well as advertising our classes to a potential new audience. We also had the opportunity in December to take some of our vocalists to a care home where everyone thoroughly enjoyed the performance and are looking forward to more visits when the children are able to return. We were also able to partner with Jigsaw, a local charity who work with children with additional needs and disabilities, to provide an online Musical Theatre class during the summer 2020. This went really well and plans are already underway for more classes.

Musicals

No further progress has been made regarding The Prodigals and with Covid-19 impacting the Theatre industry hard, the Trustees are realistic that this musical may not progress further. The door has not been closed, but only time will tell if something is possible.

This has been a hard and challenging year for Inspire in some ways. We are indebted to our amazing workers, volunteers and Trustees who are so passionate and hard working in delivering excellent and rewarding experiences for all the young people who attend.

Financial Review

Reserves policy

The Trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets (“the free reserves”) held by the charity should be between 3 and 6 months of the unrestricted expenditure, which equates to £9,977 to £19,955 in general funds. At this level, the board of Trustees feels that it would be able to continue the current activities of the charity in the event of a significant drop in funding. It would obviously be necessary to consider how the funding would be replaced or activities changed accordingly. At the Balance Sheet date, the free reserves were £7,740 which is currently below the target minimum level. The trustees are happy that the charity can continue as a going concern. Please refer to note 1(a) to the accounts for more detail.

Investment powers

The Trustees can invest in any stocks, funds, shares, securities or other investments of whatsoever nature as the trustees shall, in their absolute discretion, think fit.

Investment policy

As income is utilised within a short time after receipt, the Trustees consider that the most appropriate policy for investing funds is to place them on short-term deposit.

THE INSPIRE ARTS TRUST

REPORT OF THE TRUSTEES

YEAR ENDED 31 AUGUST 2020

Risk management

The Trustees have started the process of reviewing the risks the charity faces, and have acknowledged that the major risk facing the charity is Safeguarding guidelines. The charity already has in place many controls for this such as a full safeguarding policy which is updated annually and signed by every staff member, volunteer and self-employed contractor, enhanced DBS checks for all its workers and strong controls on visitors on site. It is noted that Inspire also works with the local safeguarding team at the council when needed.

Another risk the charity faces is a lack of funding to support its work. The charity already closely monitors their finances, funding bids are being produced and submitted and regular funding is being consolidated through BALPA. The Trustees recognise the need to increase funding applications to a wider trust base and to develop the public awareness of BALPA to increase revenues.

The Trustees have continued to review the risks this year, due to Covid-19 there has been a lot of discussion about them, especially lack of finances, and the Trustees have continued to monitor the risks.

Future

The charity plans to continue to grow and develop BALPA over the next few years and is looking to broaden its work with schools to enable this to happen. The charity is keen to keep developing its links into the local community and looks for every opportunity to grow these where possible.

Covid-19

As you can see from the above, we have suffered during the Covid-19 pandemic. The grants from the Arts Council have covered the immediate shortfall which has been very helpful. Looking ahead we do need to secure further funding for BALPA in 2020/21 especially as numbers are limited due to social distancing. In Autumn 2020 we have submitted various applications and are awaiting to hear the results.

Trustees

The Trustees, who are directors for the purpose of company law, who served during the year and up to the date of this report, are set out on page 5.

THE INSPIRE ARTS TRUST

REPORT OF THE TRUSTEES

YEAR ENDED 31 AUGUST 2020

Statement of Trustees’ Responsibilities

The trustees (who are also directors of The Inspire Arts Trust 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 Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

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

Small company provisions

This report has been prepared in accordance with the special provisions for small companies under part 15 of the Companies Act 2006.

Registered office: Signed by order of the Trustees Caedmon Complex Bristol Road Thornbury BS35 3JA R Collier-Keywood Trustee

Approved by the Trustees on 28th April 2020 .

THE INSPIRE ARTS TRUST

REFERENCE AND ADMINISTRATIVE INFORMATION

YEAR ENDED 31 AUGUST 2020

Charity number

1111784

Company number

05202978

Company secretary

Mrs N R Goudie

Trustees

The trustees who served during the year and since the year end were as follows:

Mrs H McGreavy Mr R D Collier- Keywood Mr W McGinn Mr S Cavanagh

Registered office

Caedmon Complex, Bristol Road, Thornbury, BS35 3JA

Independent Examiner

Neil M Kingston FCA, Burton Sweet Chartered Accountants, The Clock Tower, 5 Farleigh Court, Old Weston Road, Flax Bourton, Bristol BS48 1UR

THE INSPIRE ARTS TRUST

INDEPENDENT EXAMINER’S REPORT TO TRUSTEES

YEAR ENDED 31 AUGUST 2020

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2020.

Responsibilities and basis of report

As the charity’s trustees of the 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 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 your charity’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

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
the accounts do not accord with those records; or
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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.

Neil M Kingston, FCA Burton Sweet Chartered Accountants The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR

Date: ……………………………

THE INSPIRE ARTS TRUST

STATEMENT OF FINANCIAL ACTIVITIES (Including Income & Expenditure Account)

YEAR ENDED 31 AUGUST 2020

Unrestricted Funds £ 931 29,441 3,538	Restricted Funds £ 5,349 - -	Total funds 2020 £ 6,280 29,441 3,538	Total funds 2019 £ 1,412 49,163 -
33,910	5,349	39,259	50,575
33,731	6,178	39,909	39,970
33,731	6,178	39,909	39,970
179 13,160	(829) 2,962	(650) 16,122	10,605 5,517
13,339	2,133	15,472	16,122

The charity has no recognised gains or losses other than the results for the year as set out above. All of the activities of the charity are classed as continuing

The comparative funds are detailed in note 14.

The notes on pages 9 to 14 form part of these financial statements

THE INSPIRE ARTS TRUST

BALANCE SHEET

Company registration no: 05202978

YEAR ENDED 31 AUGUST 2020

Note Fixed Assets Tangible assets 7 Fixed asset investment 8 Current Assets Debtors Cash at bank Creditors : Amounts falling due within one year 9 Net current assets Creditors: Amounts falling due after more than one year Net assets Restricted funds 11 Unrestricted funds General funds 11	2020 £ 5,599 - 5,599 60 15,791 15,851 (2,316) 13,535 (3,662) 15,472 2,133 13,339 15,472	2019 £ 7,836 1
		7,837 115 16,861
		16,976 (2,029)
		14,947 (6,662)
		16,122
		2,962 13,160
		16,122

For the year ending 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476,

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts

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

These financial statements were approved by the Trustees on 28th April 2020 . and are signed on their behalf by:

………………………… R Collier-Keywood

The notes on pages 9 to 14 form part of these financial statements

THE INSPIRE ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2020

1 Accounting policies

a) The financial statements have been prepared under the historical cost convention, as modified by the inclusion of investments at market value, and in accordance with the Financial Reporting Standard FRS102 and the Statement of Recommended Practice Accounting and Reporting by Charities FRS102, the Companies Act 2006 and the Charities Act 2011.
The charity is able to continue as a going concern, despite the significant uncertainty being caused by the worldwide Covid-19 crisis. Inspire does not have significant reserves; however, our reserves are sufficient for the next financial year. The Trustees continue to review the impact of Covid-19 but are hopeful that as restrictions ease that more people will come back to the arts classes. Some limited fundraising is being undertaken to support Inspire in the short term.

The Trustees consider the charity to be a public benefit entity as defined under FRS102.

b) Income from donations is included in the accounts when the charity becomes entitled to it, receipt is probable and the value can be measured reliably, except as follows: I. When donors specify that donations given to the charity must be used in future accounting periods, the income is deferred until those periods;

II. When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred until the pre-conditions have been met.

c) Grants, including grants for fixed assets, are recognised within the accounts as they become receivable. Grants received in the accounting period in respect of future accounting periods are deferred until those periods. All material grants are disclosed in accordance with the Statement of Recommended Practice, FRS102.
d) Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Charitable expenditure comprises those costs incurred by the entity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the entity and include the audit fees and costs linked to the strategic management of the entity. They have been included within support costs.
All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis.
e) Tangible fixed assets costing more than £100 are capitalised and included at cost including any incidental expenses of acquisition.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Office Equipment - 33% p.a straight line

Technical Equipment - 20% p.a straight line

f) 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.
g) 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.
h) 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.
i) Unrestricted funds can be used in accordance with the charitable objects at the discretion of the Trustees.
j) Investments made for charitable purposes 'Programme related investments' are carried at historical cost less any impairment provision.

THE INSPIRE ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2020

1 Accounting policies - continued

k) In the opinion of the trustees, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.
l) Funds held by the charitable company are either:- Unrestricted funds - these funds can be used in accordance with the charitable objects at the discretion of the
Trustees.
Restricted funds - these funds can only be used for the specific purpose designated by the donor. - Designated funds are funds set aside by the Trustees out of unrestricted funds for specific future purposes or
projects.
m) Liabilities are recognised as soon as there is legal or constructive obligation committing the charity to pay out resources.

2 Income from charitable activities

Unrestricted Funds £ 29,415 26	Restricted Funds £ - -	Total 2020 £ 29,415 26
29,441	-	29,441
Unrestricted Funds £ 43,337 2,898	Restricted Funds £ 2,928 -	Total 2019 £ 46,265 2,898
46,235	2,928	49,163
Direct costs £ 26,122 1,794 322 329	Support costs £ 7,489 - - 3,853	Total 2020 £ 33,611 1,794 322 4,182
28,567	11,342	39,909
Direct costs £ 26,308 1,755 1,788 1,225	Support costs £ 5,486 - - 3,408	Total 2019 £ 31,794 1,755 1,788 4,633
31,076	8,894	39,970

3 Expenditure on charitable activities

THE INSPIRE ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2020

3 Expenditure on charitable activities ( continued )

Support costs

Governance Office costs £ 941 3,222 628 2,019	Premises costs £ 3,326 1,206	Total 2020 £ 7,489 3,853
1,569 5,241	4,532	11,342
Governance Office costs £ 1,568 1,888 1,046 1,147	Premises costs £ 2,030 1,215	Total 2019 £ 5,486 3,408
2,614 3,035	3,245	8,894
	2020 £ 2,237 1,480 - -	2019 £ 2,236 1,440 - 169
	2020 £ 4,936 13,393	2019 £ 2,951 12,906

6 Taxation

The charity is exempt from corporation tax on its charitable activities.

THE INSPIRE ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2020

7 Tangible fixed assets

Technical Equipment £	Office Equipment £	Total £
10,849	268	11,117
3,196 2,170	85 67	3,281 2,237
5,366	152	5,518
5,483	116	5,599
7,653	183	7,836

8 Fixed asset investments

The company investment in the prior year was made up of £1 in its wholly owned subsidiary company, Inspire - The Prodigals Limited, a company registered in England & Wales. Inspire - The Prodigals was established to produce and perform the musical, The Prodigals.

Inspire - The Prodigals has been dissolved by being voluntarily stuck off Companies House Register on 5 November 2019.

9 Creditors: amounts falling due within one year

Other creditors Amount due to NGM Taxation and social security Accruals and deferred income	2020 £ 259 546 31 1,480	2019 £ 181 408 - 1,440
	2,316	2,029

THE INSPIRE ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2020

10 Movement in funds

Year Ended 31 August 2020

Restricted funds BALPA Bursary fund Young Volunteers Programme Unrestricted funds General funds Total funds Year Ended 31 August 2019 Restricted funds BALPA Bursary fund Unrestricted funds General funds Total funds	1 September 31 August 2019 Income Expenditure Transfers 2020 £ £ £ £ £ 2,962 5,027 (6,178) - 1,811 - 322 - - 322
	2,962 5,349 (6,178) - 2,133
	13,160 33,910 (33,731) - 13,339

	16,122 39,259 (39,909) - 15,472
	1 September 31 August 2018 Income Expenditure Transfers 2019 £ £ £ £ £ 50 2,928 (16) - 2,962
	5,467 47,647 (39,954) - 13,160

	5,517 50,575 (39,970) - 16,122

BALPA Bursary fund

This fund represents donations given towards enabling disadvantaged young people to access all the courses and training we offer at a discounted rate, or free of charge through Bristol Academy of Performing Arts (BALPA).

Young Volunteers Programme

This fund represents a donation from Co-op Community Fund for our Young Volunteers programme to aim to train them in teaching skills and gain an Arts Award.

11 Analysis of net assets

At 31 August 2020

At 31 August 2020
	Tangible fixed	Other
	assets	Assets	Total
	£	£	£
Restricted funds	-	2,133	2,133
Unrestricted funds	5,599	7,740	13,339
Total funds	5,599	9,873	15,472

THE INSPIRE ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2020

11 Analysis of net assets ( continued )

At 31 August 2019

Tangible fixed Other assets Assets Total £ £ £ Restricted funds - 2,962 2,962 Unrestricted funds 7,836 5,324 13,160 Total funds 7,836 8,286 16,122 Related Party transactions Company limited by guarantee Comparative Statement of Financial Activities Unrestricted Funds Restricted Funds Total funds 2019 £ £ £ Income from: Donations and legacies 1,412 - 1,412 Charitable activities 46,235 2,928 49,163 Total income 47,647 2,928 50,575 Expenditure on: Charitable activities 39,954 16 39,970 Total expenditure 39,954 16 39,970 Net income/(expenditure) 7,693 2,912 10,605 Total funds at 1 September 2018 5,467 50 5,517 Total funds at 31 August 2019 13,160 2,962 16,122 The Trustees consider themselves to be the key management personnel along with the Chief Executive Officer and General Manager. Total benefits received by key management personnel and related parties during the year were £3,870 (2019: £3,866). As stated in note 4, no Trustees received any renumeration during the year. The company is limited by guarantee and as such has no issued share capital. In the event of the company being wound up the liability of the members is limited to £1 each. During the year the company was charged £5,403 (2019: £8,758) by the NGM Trust in respect of rent and administration expenses. The Inspire Arts Trust invoiced NGM Trust £80 (2019: £6,174) for costs incurred on their behalf. At the balance sheet date the charity owed £4,207 (2019: £7,070) to NGM Trust, a charity in which Mr R Collier-Keywood, Mr D McGinn and Mrs H McGreavy are Trustees. Amounts due to NGM Trust are disclosed as £546 (2019: £408) of creditors falling within one year and £3,662 (2019: £6,662) of creditors falling due within more than one year.	Tangible fixed Other assets Assets Total £ £ £ Restricted funds - 2,962 2,962 Unrestricted funds 7,836 5,324 13,160 Total funds 7,836 8,286 16,122 Related Party transactions Company limited by guarantee Comparative Statement of Financial Activities Unrestricted Funds Restricted Funds Total funds 2019 £ £ £ Income from: Donations and legacies 1,412 - 1,412 Charitable activities 46,235 2,928 49,163 Total income 47,647 2,928 50,575 Expenditure on: Charitable activities 39,954 16 39,970 Total expenditure 39,954 16 39,970 Net income/(expenditure) 7,693 2,912 10,605 Total funds at 1 September 2018 5,467 50 5,517 Total funds at 31 August 2019 13,160 2,962 16,122 The Trustees consider themselves to be the key management personnel along with the Chief Executive Officer and General Manager. Total benefits received by key management personnel and related parties during the year were £3,870 (2019: £3,866). As stated in note 4, no Trustees received any renumeration during the year. The company is limited by guarantee and as such has no issued share capital. In the event of the company being wound up the liability of the members is limited to £1 each. During the year the company was charged £5,403 (2019: £8,758) by the NGM Trust in respect of rent and administration expenses. The Inspire Arts Trust invoiced NGM Trust £80 (2019: £6,174) for costs incurred on their behalf. At the balance sheet date the charity owed £4,207 (2019: £7,070) to NGM Trust, a charity in which Mr R Collier-Keywood, Mr D McGinn and Mrs H McGreavy are Trustees. Amounts due to NGM Trust are disclosed as £546 (2019: £408) of creditors falling within one year and £3,662 (2019: £6,662) of creditors falling due within more than one year.	Tangible fixed Other assets Assets Total £ £ £ Restricted funds - 2,962 2,962 Unrestricted funds 7,836 5,324 13,160 Total funds 7,836 8,286 16,122 Related Party transactions Company limited by guarantee Comparative Statement of Financial Activities Unrestricted Funds Restricted Funds Total funds 2019 £ £ £ Income from: Donations and legacies 1,412 - 1,412 Charitable activities 46,235 2,928 49,163 Total income 47,647 2,928 50,575 Expenditure on: Charitable activities 39,954 16 39,970 Total expenditure 39,954 16 39,970 Net income/(expenditure) 7,693 2,912 10,605 Total funds at 1 September 2018 5,467 50 5,517 Total funds at 31 August 2019 13,160 2,962 16,122 The Trustees consider themselves to be the key management personnel along with the Chief Executive Officer and General Manager. Total benefits received by key management personnel and related parties during the year were £3,870 (2019: £3,866). As stated in note 4, no Trustees received any renumeration during the year. The company is limited by guarantee and as such has no issued share capital. In the event of the company being wound up the liability of the members is limited to £1 each. During the year the company was charged £5,403 (2019: £8,758) by the NGM Trust in respect of rent and administration expenses. The Inspire Arts Trust invoiced NGM Trust £80 (2019: £6,174) for costs incurred on their behalf. At the balance sheet date the charity owed £4,207 (2019: £7,070) to NGM Trust, a charity in which Mr R Collier-Keywood, Mr D McGinn and Mrs H McGreavy are Trustees. Amounts due to NGM Trust are disclosed as £546 (2019: £408) of creditors falling within one year and £3,662 (2019: £6,662) of creditors falling due within more than one year.
47,647	2,928	50,575
39,954	16	39,970
39,954	16	39,970
7,693 5,467	2,912 50	10,605 5,517
13,160	2,962	16,122