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2022-08-31-accounts

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THE INSPIRE ARTS TRUST FINANCIAL STATEMENTS

31 AUGUST 2022

Company Registration Number 05202978 Charity Number 1111784

THE INSPIRE ARTS TRUST

FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2022

Contents PAGES
Report of the Trustees 1 to 5
Reference and administrative information 6
Independent Examiner's Report to the Trustees 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the financial statements 10 to 16

THE INSPIRE ARTS TRUST

REPORT OF THE TRUSTEES

YEAR ENDED 31 AUGUST 2022

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-today operation of the charity to an executive board of management.

Objectives and activities

Aims of the charity

The objects of the charity are:

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

Our main challenge this year with BALPA has been to build the numbers up after Covid as we had lost students due to our move to online lessons and also having to restrict classes due to social distancing. The funding we had received from the Creative Business Grant and D’Oyly Carte really helped us to manage this income deficit. The Creative Business grant allowed us to offer workshops to local schools, guides and brownie groups which helped us reach new people who have since joined our classes. The D’Oyly Carte funding also allowed us to start a new musical theatre class for younger children which has been a big hit.

By the end of the year we had 130 students as a part of BALPA which is a great step forward. Our target is 184 and we have had around 150 signed up for the September 2022 term which is brilliant to see.

We held 2 BALPA shows this year. The summer show was packed with 3 performances and over 250 parents and family members coming to support. These shows are a great chance to celebrate all the children have achieved over the year and it is great to see how much their confidence has grown and how they have learned new skills. In the Easter term this year we also did some filming with each of our classes which gave them a different experience, and our vocalists got the opportunity to record in our recording studio. Both these opportunities gave the young people an opportunity to learn new skills and have new fun experiences.

1

THE INSPIRE ARTS TRUST

REPORT OF THE TRUSTEES

YEAR ENDED 31 AUGUST 2022

Our Young Volunteers Programme in which young people can work towards their Arts Awards has continued to grow. We had 3 young people working on their bronze award and one on their silver award over this last year. They come and help in the classes as part of the awards and we train them how to teach. This is a really fulfilling part of what we do to see the young people grow in confidence and realise they have something to give to other young people. At the time of writing we have had another 2 for the bronze award and 2 for the silver award for the year starting September 2022. We are also planning to expand our curriculum to cover the Explorers award for younger children and to the Gold award which carries UCAS points.

Over the summer we secured a grant from Western Power Fund to run holiday workshops which included providing a healthy lunch for children. This was brilliant and we had 100 children come to our complex over 4 days of workshops. Some of these have signed up to join BALPA. A number of these came from backgrounds of poverty and so providing a free place and a healthy lunch for them was an important part of supporting them and their families.

With the after-effects of Covid-19 and now the cost of living crisis, we have seen the demand for bursary places rise during this year and have seen it rise even further in Autumn 2022. This has meant we have needed to fundraise for even more bursary funds so we can allow children from disadvantaged backgrounds to come on a subsidised or free place. We are so grateful to Millbury’s and Lisa Costa for their support of our bursary fund. We have submitted further grant applications to help us with these funds for 22/23.

Looking ahead we need to continue to see growth in BALPA. We have taken on an experienced BALPA Coordinator in April 2022 and we are already seeing the benefits of this in class numbers for September 2022. As mentioned above, we need to reach 184 students in total asour target for the next financial year.

Community

This year we were delighted the Thornbury carnival was being held again and our children loved taking part in the event. It was great to be able to share what they had been learning with the community and bring a smile to people’s faces after two hard years. This was also another good opportunity for us to recruit students as well.

Through the Creative Business Grant we were able to offer free dance workshops in over 20 schools. The schools were extremely grateful for the opportunity and the pupils loved taking part in the classes. This has allowed us to widen our reach as BALPA particularly into some ethnic minority groups. Some of these have now signed up to join the classes from the workshops which is fantastic. We also have one school who now has found funding to bring us in on a weekly basis every other term for the next year. We also provided workshops for brownie and guide groups as the grant was for encouraging girls in dance.

The grant also allowed us to work with Jigsaw, a local charity who work with children with additional needs. We have run a workshop each week for them in term time throughout the year and these have been well received. This has now turned into a regular commitment; Jigsaw have raised funding to continue this on in Autumn 2022 and we are looking to see if we can expand our work with them further.

The Magic Little Grant we have obtained is for a Community Open Day offering free workshops to young people in the community. This took place in September 2022 and was a roaring success. It allowed us also to meet more people who are in need of financial support for their children to access BALPA and we have been thrilled to be able to provide this.

2

THE INSPIRE ARTS TRUST

REPORT OF THE TRUSTEES

YEAR ENDED 31 AUGUST 2022

Musicals

The decision has been made to sell the set and assets which belong to The Prodigals as due to the current financial climate, the show will not progress for a long time and we cannot continue to pay to store these. This process will commence in Autumn 2022.

This has been a hard and challenging year for Inspire in many ways. We are indebted to our amazing workers, funders, volunteers, management team 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 £9,788 to £19,576 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 £3,775 and this has taken a significant drop due to the consequences of Covid on class numbers. There has been much fundraising to help Inspire get onto a level footing and also the class numbers for Autumn 2022 have increased up to 150 students which makes a significant difference to the financial viability of the work. . The Trustees are of the opinion that Inspire remains a going concern but will be keeping a careful eye on the situation.

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.

Risk management

The Trustees reviewed the risks of the charity and the risk register was discussed in the January 2021 Trustees meeting. The main risks, control factors and actions have been identified as follows:

Risk: Lack of funding to support the work of the charity. Controls: Finances are closely monitored and controlled. Funding bids are being produced and submitted and this has increased since April 2022 with bringing a BALPA coordinator on board. Regular funding has been consolidated through BALPA. Actions: Need to increase funding applications into a wider Trust base. Bursary funding is especially important as more families will be struggling with the cost of living. Develop the publicity of BALPA to increase reserves.

Risk: Inadequate cashflow to meet requirements. Controls: Regular monitoring of cashflow by CEO. Budgeting of key areas of work. Maintaining adequate reserves. Actions: Continue to monitor cashflow and build reserves back up. Recruit more students to ensure this happens.

3

THE INSPIRE ARTS TRUST

REPORT OF THE TRUSTEES

YEAR ENDED 31 AUGUST 2022

Risk: Risk of reserves being depleted. Controls: Liability insurance against losses. Actions: Reserves have been depleted and these need built back up again. Close monitoring of finances by CEO and Trustees.

The Trustees have continued to review the risks this year, due to Covid-19 there has been a lot of discussion about them, especially the reduction in numbers on our classes which has made financial stability more challenging. 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.

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 6.

4

THE INSPIRE ARTS TRUST

REPORT OF THE TRUSTEES

YEAR ENDED 31 AUGUST 2022

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:

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

May 24 2023

Approved by the Trustees on …………….

5

THE INSPIRE ARTS TRUST

REFERENCE AND ADMINISTRATIVE INFORMATION

YEAR ENDED 31 AUGUST 2022

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

Joshua Kingston BSc. ACA, Burton Sweet Limited, The Clock Tower, 5 Farleigh Court, Old Weston Road, Flax Bourton, Bristol BS48 1UR

6

THE INSPIRE ARTS TRUST

INDEPENDENT EXAMINER’S REPORT TO TRUSTEES

YEAR ENDED 31 AUGUST 2022

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2022.

.

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:

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.

Joshua Kingston BSc. ACA Burton Sweet Limited The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR

May 24 2023 Date: ……………………………

7

THE INSPIRE ARTS TRUST

STATEMENT OF FINANCIAL ACTIVITIES (Including Income & Expenditure Account)

YEAR ENDED 31 AUGUST 2022

Note
Income from:
Donations and grants
2
Charitable activities
3
Other income
Total income
Expenditure on:
Charitable activities
4
Total expenditure
Net income/(expenditure)
5
Transfers between funds
11
Net movement in Funds
11
Total funds at 1 September 2021
11
Total funds at 31 August 2022
11		 Unrestricted
Funds
£
1,025
30,662
-
31,687
39,152
39,152
(7,465)
(76)
(7,541)
12,547
5,006
Restricted
Funds
£
6,333
-
-
6,333
11,213
11,213
(4,880)
76
(4,804)
8,284
3,480
Total funds
2022
£
7,358
30,662
-
38,020
50,365
50,365
(12,345)
-
(12,345)
20,831
8,486
Total funds
2021
£
18,488
22,982
4,054
45,524
40,165
40,165
5,359
-
5,359
15,472
20,831

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 15.

The notes on pages 10 to 16 form part of these financial statements

8

Company registration no: 05202978

THE INSPIRE ARTS TRUST

BALANCE SHEET

AS AT 31 AUGUST 2022

Note
Fixed Assets
Tangible assets
8
Current Assets
Debtors
9
Cash at bank
Creditors : Amounts falling due
within one year
10
Net current assets
Net assets
Restricted funds
12
Unrestricted funds
General funds
12		 2022
£
1,231
1,231
779
9,610
10,389
(3,134)
7,255
8,486
3,480
5,006
8,486		 2021
£
3,245
3,245
79
19,533
19,612
(2,026)
17,586
20,831
8,284
12,547
20,831

For the year ending 31 August 2022 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.

May 24 2023

These financial statements were approved by the Trustees on ……………….. and are signed on their behalf by:

………………………… R Collier-Keywood

The notes on pages 10 to 16 form part of these financial statements

9

THE INSPIRE ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS

AS AT 31 AUGUST 2022

1 Accounting policies

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

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.

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

Fixtures & Fittings - 25% p.a straight line

Technical Equipment - 20% p.a straight line

10

THE INSPIRE ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2022

1 Accounting policies - continued

2 Income from Donations and Grants

Donations
Grants
Gift Aid received
Prior year comparative
Donations
Grants
Gift Aid received
Income from charitable activities
Bristol Academy of Live Performing Arts
Community activities
Prior year comparative
Bristol Academy of Live Performing Arts		 Unrestricted
Funds
£
420
500
105
1,025
Unrestricted
Funds
£
871
6,736
188
7,795
Unrestricted
Funds
£
30,507
155
30,662
Unrestricted
Funds
£
22,982
22,982
Restricted
Funds
£
250
6,083
-
6,333

Restricted
Funds
£
100
10,568
25
10,693

Restricted
Funds
£
-
-
-

Restricted
Funds
£
-
-
Total 2022
£
670
6,583
105
7,358

Total 2021
£
971
17,304
213
18,488

Total 2022
£
30,507
155
30,662

Total 2021
£
22,982
22,982

3 Income from charitable activities

11

THE INSPIRE ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2022

4 Expenditure on charitable activities

Bristol Academy of Live Performing Arts
The Prodigals
Community activities
Other
Prior year comparative
Bristol Academy of Live Performing Arts
The Prodigals
Community activities
Other
Support costs
BALPA
Other
Prior year comparative
BALPA
Other		 Governance
£
690
295
985
Governance
£
760
326
1,086		 Direct costs
£
32,110
1,692
50
445
34,297
Direct costs
£
24,173
1,872
23
183
26,251
Office costs
£
1,810
775
2,585
Office costs
£
2,229
955
3,184		 Support
costs
£
11,249
-
-
4,819
16,068
Support
£
9,741
-
-
4,173
13,914
Premises
costs
£
8,749
3,749
12,498
Premises
costs
£
6,752
2,892
9,644
Total 2022
£
43,359
1,692
50
5,264
50,365

Total 2021
£
33,914
1,872
23
4,356
40,165

Total 2022
£
11,249
4,819
16,068

Total 2021
£
9,741
4,173
13,914

Support costs are allocated on usage basis.

Governance Costs for 2022 are £972 for Independent Examination and £13 for Companies House confirmation statement (2021: £1,086)

5 Net income/(expenditure) for the year

This is stated after charging:
Depreciation
Independent Examiner's fee
Trustees' remuneration
Payment of Trustees' travel expenses		 2022
£
2,014
972
-
-
2,986		 2021
£
2,494
900
-
-
3,394

12

THE INSPIRE ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2022

6 Staff costs and numbers

The aggregate staff costs were:
Wages and salaries
Contract staff		 2022
£
12,779
16,904
29,683		 2021
£
9,645
11,514
21,159

No member of staff received emoluments of more than £60,000.

The average number of employees (headcount) during the year were 3 (2021: 2)

7 Taxation

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

8 Tangible fixed assets

Cost
At 1 September 2021
Additions in the year
At 31 August 2022
Depreciation
At 1 September 2021
Charge for the year
At 31 August 2022
Net book value
At 31 August 2022
At 31 August 2021
9
Debtors
Trade debtors
Amount due from NGM
Prepayments
Other debtors		 Fixtures &
Fittings
£
140
-
140
18
34
52
88
122		 Technical
Equipment
£
10,849
-
10,849
7,726
1,980
9,706
1,143
3,123		 Office
Equipment
£
268
-
268
268
-
268
-
-
2022
£
484
117
148
30
779		 Total
£
11,257
-
11,257
8,012
2,014
10,026
1,231
3,245
2021
£
-
-
4
75
79

13

THE INSPIRE ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2022

10 Creditors: amounts falling due within one year

Other creditors
Amount due to NGM
Taxation and social security
Accruals and deferred income		 2022
£
265
6
188
2,675
3,134		 2021
£
286
6
-
1,734
2,026

11 Movement in funds

Year Ended 31 August 2022
Restricted funds
BALPA Bursary fund
Young Volunteers Programme
Creative Business Grant
D'Oyly Carte Grant
Western Power Grant
Magic Little Grant
Unrestricted funds
General funds
Total funds
Year Ended 31 August 2021
Restricted funds
BALPA Bursary fund
Young Volunteers Programme
Creative Business Grant
D'Oyley Carte Grant
Unrestricted funds
General funds
Total funds		 1 September
31 August
2021
Income
Expenditure
Transfers
2022
£
£
£
£
£
976
2,297
(2,333)
-
940
626
-
(154)
-
472
3,563
1,036
(4,606)
7
-
3,119
-
(3,188)
69
-
- 2,500
(570)
-
1,930
- 500
(362)
-
138
8,284
6,333
(11,213)
76 3,480
12,547
31,687
(39,152)
(76) 5,006
20,831
38,020
(50,365)
- 8,486
1 September
31 August
2019
Income
Expenditure
Transfers
2020
£
£
£
£
£
1,811
1,625
(2,460)
- 976
322
921
(617) - 626
-
4,667
(1,104)
3,563
-
3,480
(361)
3,119
2,133
10,693
(4,542)
- 8,284
13,339
34,831
(35,623)
- 12,547
15,472
45,524
(40,165)
- 20,831

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

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.

14

THE INSPIRE ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2022

11 Movement in funds (continued)

Creative Business Grant

This fund represents a grant given by the West of England Business fund to help businesses grown again after the pandemic, especially in the area of dance and social media. It is designed to help charities and the selfemployed creatives that work for them.

D'Oyley Carte Grant

This fund is given to help develop young people with their vocal skills, especially those who would not otherwise be able to afford singing lessons or courses.

Western Power Grant

This fund represents a grant given to run holiday activity days for disadvantaged children, which included a healthy lunch being provided.

Magic Little Grant

This fund represents a grant given by Local Giving. This fund is for us to run a community open day.

12 Analysis of net assets

At 31 August 2022

Tangible fixed
Other
assets
Assets
Total
£
£
£
Restricted funds
-
3,480
3,480
Unrestricted funds
1,231
3,775
5,006
Total funds
1,231
7,255
8,486
At 31 August 2021
Tangible fixed
Other
assets
Assets
Total
£
£
£
Restricted funds
-
8,284
8,284
Unrestricted funds
3,245
9,302
12,547
Total funds
3,245
17,586
20,831

13 Related Party transactions

During the year the company was charged £11,251 (2021: £8,601) by the NGM Trust in respect of rent and administration expenses. The Inspire Arts Trust invoiced NGM Trust £117 (2021: £10) for costs incurred on their behalf. At the balance sheet date the charity owed £6 (2021: £6) to NGM Trust, a charity in which Mr R Collier-Keywood, Mr W McGinn and Mrs H McGreavy are Trustees. Amounts due to NGM Trust are disclosed as £6 (2021: £6) of creditors falling within one year.

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 £4,170 (2020: £3,094). As stated in note 5, no Trustees received any renumeration during the year.

There are no other related party transactions other than those already disclosed throughout the financial statements.

15

THE INSPIRE ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2022

14 Company limited by guarantee

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.

15 Comparative Statement of Financial Activities

Income from:
Donations and grants
Charitable activities
Other Income
Total income
Expenditure on:
Charitable activities
Total expenditure
Net income/(expenditure)
Total funds at 1 September 2020
Total funds at 31 August 2021		 Unrestricted
Funds
£
7,795
22,982
4,054
34,831
35,623
35,623
(792)
13,339
12,547
Restricted
Funds
£
10,693
-
-
10,693
4,542
4,542
6,151
2,133
8,284
Total funds
2021
£
18,488
22,982
4,054
45,524
40,165
40,165
5,359
15,472
20,831

16