#
|REFERENCE AND ADMINSTRATION|DETAILS|...1-2|
|---|---|---|
|THE TRUSTEES ANNUAL REPORT.||3-13|
|OBIECTIVES|||
|MISSION..|||
|VALUES..|||
|ACHIEVEMENTS
AND PERFORMANCE|||
|PLANS FOR THE FUTURE AND|RESPONSE TO THE COVID PANDEMIC.|.....8|
|FINANCIAL
REVIEW.||...10|
|RISK MANAGEMENT.|||
|STRUCTURE, GOVERNANCE
AND MANAGEMENT. ......|||
|STATEMENT OF BOARD OF TRUSTEES' RESPONSIBITIES........||.....12|
|DISCLOSURE OF INFORMATION|TO AUDITORS.|12|
|AUDITORS' REPORT..||...14-17|
|STATEMENT OF FINANCIAL
ACTIVITIES.||..18|
|BALANCE SHEET.||.,19|
|CASH FLOW STATEMENT||..20|
|NOTES TO THE FINANCIAL
STATEMENTS..||..21-32|
|Trustees'
Annual
|Trustees'
Annual
|Report for the year|Report for the year|ended 31"M|arch|2021||
|---|---|---|---|---|---|---|---|
|REFERENCE AND||ADMINISTRATION||DETAILS||||
|Charity name:|||A New|Direction
London||Limited||
|Registered|charity|number:||1126216||||
|Registered|company||number:|06627531||||
|Principal address||and|registered|||||
|Office:||||50 Worship|Street|||
|||||London||||
|||||EC2A 2EA||||
|Bankers:||||The Co-operative||Bank||
|||||City Office||||
|||||80 Cornhill||||
|||||London||||
|||||EC3V 3NI||||
|Solicitors:||||Qrrick||||
|||||107Cheapside||||
|||||London||||
|||||EC2V 6DN||||
|Auditors:||||Moore Kingston||Smith|LLP|
|||||Orbital House||||
|||||20 Eastern|Road|||
|||||Romford||||
|||||Essex RM1|3'|||
##
|LISTOF TRUSTEES, COMPAN|Y SECRETA|Y SECRETA|RY AND EXECUTIVE TEAM|RY AND EXECUTIVE TEAM|
|---|---|---|---|---|
|The following
are the trustees|who served||in the year and up to the date of this report:||
|~TT
N||||Dot~ca ~it~|
|Professor Maggie Atkinson|Chair|||20'"May 2015|
|Matthew
Dolton|Treasurer|||3' December 2014|
|Neil Harris||||3» December 2014|
|||||(resigned
1» December 2020)|
|Keeley Williams||||23~ September 2014|
|Ann Ewing||||20'" October 2015|
|Eylan Ezekiel||||14'" December 2017|
|Charlotte
Louise Hillenbrand||||14'"December 2017|
|Nick Goss||||14'"January 2020|
|Asma Hussain||||30'"September 2020|
|Guy Mansfield||||28'" June 2021|
|Shamik Chakraborty||||28'" June 2021|
|Executive Team|||||
|Steve Moffitt|Chief Executive 8||||
||Company|Secretary|||
|Rebecca Branch|Programme||Director||
|Holly Donagh|Partnerships||Director|(resigned 29" May 2020)|
|Eamonn
Flynn|Business|E|Operations|Director|
|Oliver Benjamin|Director|of|Employment|and Skills|
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|||||||Year|Year|
|---|---|---|---|---|---|---|---|
|||||||ended|ended|
|||||||31 March|31March|
|||||||2021|2020|
|||||Unrestricted|Restricted|Total|Total|
||||Notes|||||
|Income from:||||||||
|Donations||and similar income|||||171|
|Charitable||activities:||||||
|Employment||and Skills|||1,090,168|1,090,168|800,190|
|Increasing||Creative
Potential||33,289|63,211|96,500|384,315|
|Strategic Development|||||1,684654|1684654|1687540|
|||||33,289|2,838,033|2,871,322|2,872,045|
|Investment||Income||437||437|545|
|Other Incoming
Resources|||||||1,570|
|Total||||33726|2,838,033|2,871,759|2,874,331|
|Expenditure||on:||||||
|Raising
Funds||||44,521|400|44,921|41,257|
|Charitable||activities:||||||
|Employment||and Skills|||1,028,756|1,028,756|808,587|
|Increasing|Creative
Potential|||31,547|85,937|117,484|271,424|
|Strategic Development|||||1 665728|1,665,728|1,771,413|
|||||31,547|2,780,421|2,811.968|2,851,424|
|Total||||76,068|2,780,821|2,856,889|2,892,681|
|Net Income/
Expenditure||||||||
|before transfers||||(42,342)|57,212|14,870|(18,350)|
|Transfer between
funds||||10,288|(10,288)|||
|Net Movement
in funds||||(32,054)|46,924|14,870|(18,350)|
|Total Funds||at 1st April 2020||550,297|602,982|1,153,279|1,171,629|
|Total Funds||at 31st March 2021||518,243|649,906|1,168,149|1,153,279|
##
|||||31 March|2021|31March|2020|
|---|---|---|---|---|---|---|---|
||||Notes|E||||
|Fixed Assets||||||||
|Tangible assets
Intangible
assets|||||126,702
96,900||80,133|
|Current Assets||||||||
|Debtors
Cash at bank|and in hand|||524,621
1,113,621||328,947
1,156,367||
|||||1,638,242||1,485,314||
|Creditors
due within one||year||||||
|Creditors|||10|588,942||381,824||
|Net Current|Assets||||1,049,300||1,103,490|
|Total Assets|less current|liabilities|||1,272,902||1,183,623|
|Creditors due more than||one year|11||(104,753)||(30,344)|
|Net Assets|||||1,168,149||1,153279|
|Reserves||||||||
|Unrestricted
Designated|funds
funds||12
12||429,554
88,689||417,087
133,210|
|Restricted
funds|||13||649,906||602,982|
|Total Funds|||||1,168149||1.153,219|
||||||2021|2021|2020|2020|
|---|---|---|---|---|---|---|---|---|
||||||K||E|E|
|Cash flows from operating||activities:||||200,845||96,269|
|Net cash provided
by operating|||activiTies||||||
|Cash flows from investing||activities:|||||||
|Interest|||||437||545||
|Purchase
of tangible|fixed|assets|||(114,828)||(41,433)||
|Purchase of intangible
fixed assets|||||~i129,200||||
|||||||(243,591)||(40,888)|
|Change
in cash||||||(42,746)||55,381|
|Cash balance at the|beginning
of the year|||||1,156,367||1,100,986|
|Cash and cash equivalents||at-end of the year||||1,113,021||1,156,367|
|Reconciliation
of net|movement||in funds to net||cash inflow from|operating|activiTies||
|||||||2021||2020|
|1
Net movement
in|funds|in the|year|||14,870||(18,350)|
|Depreciation||||||100,559||45,719|
|Interest||||||(437)||(545)|
|(Increase)/decrease|in debtors|||||(195,674)||117,746|
|Increase /(decrease)|in creditors|||||281,527||(48,301)|
|Net Cash flow from|operating
activity|||||200,845||96,269|
|2
Analysis of cash and cash equivalents|||||||||
|Bank and deposits on less||than 3 months'||notice||1,113,187||1,155,933|
|Cash in hand||||||434||434|
|||||||1,113,621||1,156,367|
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|Incoming
Resource|s||||
|---|---|---|---|---|
|This is stated after|charging|the following:|||
||||2021|2020|
||||E|E|
|Depreciation|||100,599|45,719|
|Auditor's
remuneration|||||
|Audit fee|||10,000|10,000|
|Other services|||2,412|2,802|
|Rental —operating|lease||143,604|143,365|
|Staff Costs|Staff Costs|2021|2020|
|---|---|---|---|
|||E|K|
|Wages|and salaries|1,025,585|1,035,777|
|National|Insurance costs|100,514|84,696|
|Pension|contributions|54,811|55,954|
|||1,18D,810|1,176,426|
##
|||||||Increasing||||
|---|---|---|---|---|---|---|---|---|---|
||||||Employment
and Skills|Creative
Potential|Strategic
Development|Total
2021|Total
2020|
|Unrestdcted|||||E||E|E|E|
|AND Consultancy||||||4,200||4200||
|Arts Award Training|||||||||18,745|
|East Education
Framework||||||(5,000)||(5,000)||
|Paul Hamlyn||||||||||
|Tate||||||34,089||34,089|211,192|
|Waltham
Forest Fashion||Strategy|||||||32,400|
|||||||33289||33,289|263,237|
|Restdcted||||||||||
|Arts Council England|National|||Portfolio Bridge|||1,529,936|1,529,936|1,506,545|
|Arts Council Catalyst|Fund||||||||28,400|
|Arts Council England|Bridge|||Expansion|||93,195|93,195|93,195|
|Arts Council England|Tate||Year 3 Evaluation||||41,250|41,250|27,000|
|Barclays|||||100,000|||100,000||
|Bauer Academy|||||||||6,750|
|Bridge Peer Network|||||(2,500)|||(2,500)|27,500|
|Clothworkers||||||6,250||6,250||
|Create lobs|||||12,250|||12250|58,627|
|Derwent
Fund|||||||||5,000|
|DWP Waltham
Forest|||||25,256||||53,600|
|Greater London Authority|||||470,651|||470,651||
|HMRC Furlough|||||19,697|4,150|20,273|44,120||
|Jack Patchy Foundation|||||||||8,316|
|lohn Coates Charitable||Trust|||||||4,000|
|London Borough of Brent||||||15,000||15,000|85,000|
|London Legacy Development||||Corp.|140,245|||140,245|120,552|
|Mayor for London|||||197,625|||197,625|186,000|
|New Museums
School|||||17,976|||17,976|44,542|
|Screenskills|||||18,968|||18,968||
|Skipton
Building Society||||||2,811||2,811||
|South London Investment|||Corddor||90,000|||90,000||
|The Co-operative
Foundation||||||35,000||35,000|34,450|
|The Mercers Trust|||||||||25,928|
|Trust for London|||||||||18,500|
|Wales Millennium
Centre|||||||||42,168|
|Total Restricted|||||1,090,168|63211|1,684,654|2,838,033|2,608,808|
|Total|||||1,090,168|96,500|1,684,654|2,871,322|2,872,045|
##
||||||Increasing||||
|---|---|---|---|---|---|---|---|---|
|||||Employment|Creative|Strategic|Total|Total|
|||||and Skills|Potential|Development|2021|2020|
|Unrestdcted|||||||||
|Arts Award Training|Costs||||4,682||4,682|18,075|
|Tate Year 3|||||26,865||26,865|147,504|
|Paul Hamlyn|||||||||
|Waltham
Forest Fashion Strategy||||||||11,692|
||||||31,547||31,547|177,596|
|Restricted|||||||||
|Arts Council England|Badge|||||1,493,067|1,493,067|1,&55,590|
|Arts Council England|Bddge||Expansion|||93,195|93,195|94,363|
|Arts Council England|Catalyst|||||5,255|5,255|28,400|
|Arts Council England|Year|3||||55,727|55,727|8,683|
|Barclays||||41,667|||41,667||
|Bauer||||||||6,750|
|Bridge Peer Network||||6,972|||6,972|760|
|City of London Corporation||||||||9,600|
|Clothworkers|||||6,250||6,250||
|Create lohs||||44,520||186|44,706|58,074|
|Derwenl
Fund|||||||3,650||
|DWP Waltham
Forest||||25,256|||25,256|53,600|
|||||450,365|||450,365|239,265|
|lack Peichey Foundation||||||||8,316|
|London Borough of grant||||2,740|43/26||45,966|45,896|
|London Legacy Development|||Corp.|142,140|||142,140|118,099|
|Mayor for London||||200,555|||200,555|195,576|
|New Museums. school||||23,013|||23,013|44,073|
|Screenskills||||16,968|||16,968||
|Skipton
Building Society|||||2,811||2,811||
|South London
Investment||Corddor||68,434|||68,434||
|The Co-operative
Foundation|||||30,000||30,000|27,118|
|The Mercers Trust||||||18,298|18,298|23,231|
|Time Inc. UK||||||||14,266|
|Trust for London||||6,126|||6,126||
|Wales Millennium||||||||42,168|
|Total restdxded
expenditure||||1,028,756|85,937|1,665,728|2780421|2673828|
|Total resources expended||||1,028,756|117,484|1,665,728|2,811,968|2,851,424|
##
||||Increasing||||
|---|---|---|---|---|---|---|
|||Employment|Creative|Strategic|Total||
|||and Skills|Potential|Development|2021|Tota I2020|
|Communication|costs|19,539|3,908|19,973|43,420|33,312|
|Support staff costs||31,748|6,350|32,454|70,552|88,645|
|ITcosts||26,222|5,756|31,978|63,956|47,985|
|Office costs||18,889|4,146|23,035|46,070|70,612|
|Premises costs||65,438|14,364|79,802|159,604|182,656|
|Governance||5,434|1,193|6,627|13,254|19,829|
|Total support|costs|167,270|35,717|193,869|396,856|443,039|
##
|Cost|||||
|---|---|---|---|---|
|At 31st March
Additions
Disposals|2020|||160,188
114,828
~7.241|
|At 31st March|2021|||237,775|
|Depreciation|||||
|At 31st March|2020|||80,055|
|Charge for the year||||68,259|
|Disposals||||(37,241)|
|At 31st March|2021|||111,893|
|Net Book Value 31 March||2021||126,702|
|Net Book Value 31 March||2020||80,133|
|. Intangible|Fixed Assets||||
|Cost|||||
|At 31st March|2020||||
|Additions||||129,200|
|At 31st March|2021|||129,200|
|Depreciation|||||
|At 31st March|2020||||
|Charge for the year||||32,200|
|At 31st March|2021|||32,300|
|Net Book Value 31 March||2021||96,900|
|Net Book Value 31 March||2020|||
|9. Debtors|||2021|2019|
|||||E|
|Trade debtors|||430,703|220,267|
|Other debtors|||1,450|3,213|
|Prepayments|and accrued|Income|92,468|105,467|
||||524,621|328,947|
##
##
|||||
|---|---|---|---|
|0. Creditors: amounts|falling due within one year|2021|2020|
||||E|
|Other creditors||4,986|9,824|
|Project creditors||254,191|48,383|
|Accruals||213,095|203,444|
|Deferred
income||81,083|65,536|
|Tax and Social Secudty||35,587|54,637|
|||588,942|422.309|
|11. Creditors: amounts|11. Creditors: amounts|falling after more than one year|2021|2020|
|---|---|---|---|---|
|||||E|
|Deferred|income||104,753|30,344|
|life of the ass|et (usually to mat|ch the associate|d
depreciation
charg|d
depreciation
charg|e).||
|---|---|---|---|---|---|---|
||||Contracted||Capital|Total|
||||proiecfs||Grants||
||||K||E|8|
|Balance as af 1 Apdl 2020|||34,089||61,730|95,819|
|Deferred
in year|||||206,290|206,290|
|Amount
released|||||2184|1
31|
|Balance as at 31|March 2021||||||
|12.
Unrestricted
funds|||||||
|||Balance at|Incoming|Expenditure|Transfers|Balance at|
|||1"April|Resources|||31"March|
|||2020||||2021|
|||E|E|E|||
|General funds|||||||
|Brought forward||417,087|33,726|(31,547)|10,288|429,554|
|Total general
funds||417,087|33,726|31,547|10,288|429,554|
|The following|funds have been set aside by the trustees.||||||
##
|Designated
funds:||||||
|---|---|---|---|---|---|
|Development|133,210||(44,521)||88,689|
|Total designated|133,210||||88,689|
|Tofal unrestricted|550,297|33,726|6,068|10,288|518,243|
##
||||||Balance at|Total|Total||Balance at|
|---|---|---|---|---|---|---|---|---|---|
||||||fv Apdl|Incoming|Resources||31"March|
|t3|Restricted
funds||||2020|resources|ex ended|Transfers|2021|
||||||E|E|E|||
||Arts Council Bddge||||346,457|1,550,209|1,493,467||406,199|
||ACE Bridge Expansion|||||93,195|93,195|||
||ACE Year 3||||18,317|41,250|55,727||3,840|
||ACE Catalyst||||5,255||5,255|||
||Barclays Bank Community||Fund|||100,000|41,667||58,333|
||Bridge Peer Nehvork||||34,785|(2,500)|6,972||25,403|
||Clofhworkers|||||6,250|6,250|||
||Creafe lobs||||16,343|31,947|44,706||3,584|
||Derwenf
Fund||||5,000||3,650||1,350|
||DWP Walfham
Forest|||||25,256|25,256|||
||GLA||||24,008|470,651|450,365||14/94|
||lohn Coates Charitable|Trust|||4,000||||4,000|
||London Borough of Brenf||||39,104|19,150|45,966|(10,288)|2,000|
||London Legacy Development|||Corporation|17,510|140245|142,140||15,615|
||Mayorfor
London||||13,719|197,625|200,555||10,789|
||New Museums
School||||5,037|17,976|23,013|||
||Screenskills|||||18,968|16,968||2,000|
||Skipton
Building Society|||||2,811|2,811|||
||South London
Investment||Corridor|||90,000|68,434||21,566|
||The Co-operative
Foundation||||27,232|35,000|30,000||32,232|
||The Mercers frusf||||27,625||18,298||9,327|
||Trust for London||||18500||6,126||12374|
||||||602,982|2,838,033|2,780,82'I|10,288|649,906|
##
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|Analysis of funds||||||
|---|---|---|---|---|---|
|||Unrestricted|Restdicted|Total 2021|Total 2010|
|||E|f.|E|E|
|Reserves are represented|as follows:|||||
|Fixed assets||56,514|167,088|223,602|80,133|
|Current assets||798,394|839,848|1,638,242|1,485,314|
|Liabilities||(336,665)|(357,030|693,695|460469|
|||518,243|649,906|1,168,149|1,171,629|
##
|The c|harity|is committed
to makin|g the following
payments|under operati|ng
leases:||
|---|---|---|---|---|---|---|
||||Land si|Plant si|Land a|Plant si|
||||Buildings|Machinery|Buildings|Machinery|
||||E|E|E|E|
||||2021|2021|2020|2020|
|Commitments||expiring:|||||
|Within|1year||87,032|14,923|114,000|4,332|
|Within|2to 5|years||6,808|87,032|10832|
||||87032|21 731|201032|15,164|
##
||||||||Year ended|
|---|---|---|---|---|---|---|---|
|17. Comparative
Statement||||of Financial Activities|||31rMarch|
||||||||2020|
||||||Unrestricted|Restricted|Total|
||||||E|E|E|
|Income from:||||||||
|Donations|and similar|income|||171||171|
|Strategic Development||||||800,190|800,190|
|Increasing|Creative Potential||||229,937|154,378|384,315|
|Employment
and Skills|||||33,300|1,654,240|1,687,540|
||||||263,237|2,608,808|2,872,045|
|Investment|Income||||545||545|
|Other Incoming
Resources|||||1,570||1,570|
|Total|||||265,523|2,608,808|2,874,331|
|Expenditure|on:|||||||
|Raising
Funds|||||27,552|13,705|41,257|
|Charitable|adivities|||||||
|Strategic Development|||||4,132|1,364,897|1,369,029|
|Increasing|Creative
potential||||165,579|105,845|271,424|
|Employment|and Skills||||12,017|1,759,396|1,771,413|
||||||177,596|2,673,828|2,851,424|
|Total|||||205,148|2,687,533|2,892,681|
|Net income|expenditure||before funds||60,375|(78,725)|(18,350)|
|Transfer
behNeen
funds||||||||
|Net movement
in funds|||||60,375|78,725|18,350|
|Total funds|at 1"April 2019||||489,922|681,707|1,171,629|
|Total funds|at 31s March||2020||550,297|602,982|1,153,279|