Report of the Trustees and Financial Statements Year Ended 31st March 2021
a space: growing creative communities (t/a ‘a space’ arts)
Registered company number: 07007198 (England and Wales) Registered charity number: 1136495
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REGISTERED COMPANY NUMBER: 07007198 (England and Wales)
REGISTERED CHARITY NUMBER: 1136495
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
FOR
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A COMPANY LIMITED BY GUARANTEE)
Hopper Williams & Bell Limited Chartered Accountants Highland House Mayflower Close Chandler's Ford Eastleigh Hampshire S053 4AR
A SPACE: GROWING CREATIVE COMMUNITIES LTD (A COMPANY LIMITED BY GUARANTEE)
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
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Page
Report of the Trustees 1 to 7
Independent Examiner's Report 8 to 9
Statement of Financial Activities 10
Balance Sheet 11 to 12
Cash Flow Statement 13
Notes to the Cash Flow Statement 14
Notes to the Financial Statements 15 to 24
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A SPACE: GROWING CREATIVE COMMUNITIES LTD (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
a space: growing creative communities (T/A as - 'a space' arts)
www.aspacearts. org.uk
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
CHAIRMAN'S STATEMENT
The year reported on has been one of huge challenge for cultural organisations all over the country due to the global pandemic. This was especially hard for 'a space’ as our flagship project God's House Tower opened in late 2019 and was then hit five months later with a lengthy closure due to Covid 19. The team responded in a dedicated and inspiring way by moving activity online and applying for grant funding and reducing expenditure wherever possible. The artists’ studios were closed for many months but contact was retained through online meetings. Many of the team were furloughed only returning to face to face contact in the Summer of 2021. Despite this set back, God's House Tower is now functioning well as one of the most exciting arts spaces in the region and the Arches studios are in full occupation once again. The support for artists has been exemplary through the whole period and new and exciting plans for further artists support projects have emerged. The team should be congratulated on their response to the pandemic and emerging as a stronger and more resilient organisation for the future.
OBJECTIVES AND ACTIVITIES Charitable Objective
The charity's formal objective is:
To promote, maintain, improve and advance education for the benefit of the public, by developing public appreciation and understanding of visual arts and by improving access to, and the quality of, the visual arts, primarily but not exclusively in Southampton and its surrounding area.
Mission Statement
To deliver our formal charitable objective three core aims are at heart of our work:
o To support and champion the work of visual artists and create opportunities for them to thrive by establishing financially sustainable careers.
o To bring a visible change to the city's visual arts community by delivering co-created projects with previously under-represented artists.
o To create opportunities for the public to engage with, learn from and be inspired by the work of visual artists.
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A SPACE: GROWING CREATIVE COMMUNITIES LTD (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
STRATEGIC REPORT Achievement and performance
Charitable activities
Background
Established in 2000 as an organisation 'by artists for artists' we have retained an enterprising approach to our work having developed a project portfolio to achieve our aims of supporting visual artists and inspiring audiences.
The organisation's ethos has grown since our Director and founder, Daniel Crow, conceived of 'a space! arts upon graduating with a degree in Fine Art. Motivated to create exhibition spaces for emerging artists in Southampton he opened our first gallery, a converted Victorian shop unit on Old Northam Road with a £500 grant from Hampshire County Council.
We have since grown incrementally and strategically across multiple projects, culturally reanimating several buildings in Southampton, becoming a registered charity and an Arts Council England (ACE) National Portfolio Organisation (NPO).
Founding Projects - The Arches, ArtVaults, the Bargate Monument Gallery
For over 20 years we have culturally reanimated vacant spaces in and around Southampton to create studios, galleries and public venues to support visual artists and offer communities high-quality cultural experiences.
Underpinning our support for artists is offering affordable studio space with the Arches, our first studio project opening in 2005 followed by Tower House in 2011. Both projects contribute to the region's affordable studio sector and collectively provide 27 spaces for visual artists at varying career stages working across a range of media.
Our reputation for culturally reanimating heritage sites was initiated in 2004 with our innovative project ArtVaults that utilised 12 medieval vaults around Southampton's Old Town as exhibitions spaces to create a free public trail. This seminal project informed us of the powerful combination arts and heritage can offer, placed our work in a new context and opened up a new pathway for our growth and development.
Between 2006 and 2012 we ran the Bargate Monument Gallery on the first floor of the Bargate, the former medieval gateway to the Old Town, in the heart of the city centre. This important chapter in our history raised our profile, broadened our experience, offered artists a high-profile exhibition space and expanded our audiences. The six years we worked from the Bargate Monument Gallery was also an an important period for the organisation as we received our first major external funding from the Esmée Fairbairn Foundation, our first Arts Council England grant, established our first board and becamea charity.
Current activities
Today we achieve our mission and deliver our work across the following projects and activities to support the artists and communities we serve.
God's House Tower (GHT) - www.godshousetower.org.uk
In 2019, following a 7-year fundraising and development campaign along with a capital refurbishment project we opened GHT; our most significant project to date. This ambitious and successful cultural reanimation project exponentially grew the opportunities we offer artists and audiences through the creation of a new, dynamic, and distinctive arts and heritage venue.
Through our intervention GHT has gone from a vacant monument to a vibrant venue with purpose and regional reputation. A contemporary arts programme now sits alongside a permanent exhibition that retells the fascinating stories of GHT, with the venue's commercial operations supported by café, bar, shop, hires and ticketed events. The programme at GHT offers audiences a stimulating and rewarding experience on every visit.
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A SPACE: GROWING CREATIVE COMMUNITIES LTD (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
Arches - www.aspacearts.org.uk/studios/arches-studios
The Arches studios provide an affordable, supportive and creative environment and is home to 21 visual artists. The studio residents work across a wide range medium and practices including painting, sculpture and ceramics along with social engaged practices and activism.
Residents are offered an all-inclusive package and 24-7 site access which allows the artists to focus on their practice, flourish, and be part of a vibrant creative community within the city. A highlight of the local arts calendar is the Arches open studios event, which each summer offers the pubic free workshops, demonstrations, exhibitions and events over the course of a weekend.
RIPE - www.ripesouthampton.co.uk
In 2018 we returned to Old Northam Road and instigated the RIPE project to retain artistic talent educated in the city and deliver this vibrant and exciting project in partnership with the University of Southampton (Winchester School of Art) and the Solent University. The projects name RIPE is inspired by the long-established fruit and veg market in the local neighbourhood and the potential of the road.
Each year 14 new artists are offered 12-months' free studio and exhibition space, mentoring and development opportunities, with the artists creating a dynamic programme of exhibitions and events. Three properties, the Alfred Arcade, the Hidden Wardrobe and the Alfred Arms have been converted to house the new artists. The community is flourishing with RIPE artists establishing a visual arts practice, forming peer networks, engaging with members of the Northam community, and staying in Southampton. Each year RIPE alumni can join the ZEST Collective and contribute to the city's cultural ecology.
Artist Resources - www.aspacearts.org.uk/artist-development
Artist development is the golden thread that has run through our work from inception to the present day, through all of our projects and through all of the properties we inhabit from Victorian railway arch to Medieval monument. All projects and venues offer opportunities for the visual artists and communities we serve in their own unique own way,
In 2018, with the support of Arts Council England NPO funding we increased our support for visual artists through the creation a multi-strand Artist Development Plan. Highlights from the current artist development programme consist of: o One-to-One meetings: with a focus on develop funding applications and project proposals. 0 Peer-to-Peer: to grow artist networks and supportive groups in the city.
o Artists' Voices: an annual panel discussion to share experiences and best practice.
o Talent Development: to support artists make new work through a funded bursary. oArtist Resources handbook: a regularly updated publication to signpost exhibition, funding and development opportunities for visual artists.
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A SPACE: GROWING CREATIVE COMMUNITIES LTD (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
STRATEGIC REPORT Achievement and performance
Future projects and plans
As we move into 2022 the organisation has a number of new plans and strategic objectives to further our mission, a summary of current plans and for 2022/23 is given below:
o Like many organisations the global pandemic affected our work but we continued to deliver opportunities for artists throughout the lockdowns. During 2020/21 we have been in a period of rebuilding our staff team post restructure, financially stabilising through securing emergency funding and reopening public venues, whilst maintaining activity and planning ahead for our 2022 programme.
0 Key to stabilisation is ensuring the new operational model for GHT is effective as post covid we adapted the offer to take the café in-house, reshaped the front of house team, realised opening hours around the busiest days (Friday - Sunday), and developed a new private hires / schools and education offer (Tuesday - Thursday).
o Our 2022 programme (at the time of writing) has just been developed and now holistically covers all of the organisation's work. The staff team have collectively shaped the future programme including all GHT exhibitions, events and activities, the RIPE season, Arches open studios and our bespoke range of Artist Resources. Highlights from the 2022 programme include:
o GHT - major commissions with Emily Peasgood, Enam Gbewonyo delivered in partnership with Arts & Heritage, Black Heritage Month (artist currently being sourced), and the finale of knit the walls and durational community yarn based project by Sarah Filmer.
o RIPE - will enter its Sth season with the ambition of opening a fourth property, the King Alfred, to create new exhibition and studio spaces.
o Artist Resources - informed by a recently completed artist development evaluation we are planning the next iteration of this work.
o Staff development - post restructuring we have stabilised the staff team and recently appointed a new Artist Development Officer, with further developments possible through the appointment of a General Manager.
o Fundraising - the organisation is currently looking to diversify and build its income with a range of new funding applications and the points below:
-
The organisation has recently secured a £30k core costs grant from the Garfield Weston foundation (awarded November 2021). - We have successfully reclaimed £80k in Museum Gallery & Exhibition Tax Relief scheme from HMRC (received October 2021).
-
In April 2022 we will submit our second application to Arts Council England's National Portfolio and request funding from 2023 - 2026.
o Anti-Racism Action Plan (ARAP) - in early 2022 we will launch our first ARAP to deliver both long-term strategies and immediate activities with the objectives of diversifying the local visual arts sector.
City of Culture
In addition to our own work, we are supporting the city's bid to see Southampton become UK City of Culture in 2025. As an organisation we are fully supportive of the bid, we are contributing projects and ideas to the formal application and will be a key organisation to deliver projects and support visual artists in the years running up to 2025 along with the year itself. Our Director is a member of the City of Culture steering group and chaired the visual arts group through the consultation stages.
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A SPACE: GROWING CREATIVE COMMUNITIES LTD (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
STRATEGIC REPORT
Financial review
Financial performance and position
The charity has been generously supported by grant funding in the period, enabling the completion of the refurbishment of God's House Tower and continued support for the charity's other projects.
As mentioned earlier in this report, the charity has been impacted by the Covid-19 pandemic which led to a loss of income from its charitable activities and a period of time where God's House Tower was closed, however grant funders stepped in to bridge the gap and strengthen the charity's funds.
Total funds held by the charity at the end of the reporting period were £1,909,610 (2020: £1,703,308) of which £nil (2020: £nil) represented restricted funds not available for general purposes of the charity.
The charity's free reserves at the end of the reporting period are:
| £ | |
|---|---|
| Total reserves | 1,909,610 |
| Less: Restricted reserves | = |
| Less: Designated reserves | (55,272) |
| Less: Carrying amount offunctional assets | (1,516,708) |
| Freereserves | 337,630 |
The reserves policy (below) states the charity aspires to hold 6 months' operational costs, which are expected to be £285,000 (50% of £570,000) for 2021-22. Therefore adequate reserves held, in line with the reserves policy.
Reserves policy
A level of general reserves is required to cover temporary cash shortfalls, for example if the charity is awaiting its next grant instalment. The charity aspires to hold six months' worth of annual operating costs (staff and all overheads) in reserve, as this will enable day to day running costs to be covered in the event of such a shortfall.
Trustees have also chosen to designate a reserve for the God's House Tower future maintenance reserve (the God's House Tower Sinking Fund). As responsible custodians of a scheduled ancient monument the charity aims to retain £4,690 per year towards the future Management and Maintenance costs of the building with a target of £117,250 over the 25-year term of the lease.
Every 12 months, the Trustees will review this policy to ascertain if the level of reserves being held by the charity are appropriate and aligned the to the operational costs (staff and all overheads) of the financial year ahead.
Prior year adjustments
There are two significant prior year adjustments.
The first is with regards to the reserves, all of which were classified as restricted in the prior year. We have re-analysed our income and expenditure for 2019-20 to identify what was restricted and unrestricted on advice from our new independent examiner and restated our statement of financial position and reserves carried forward as a result. The second prior year adjustment involves the restoration and extension work carried out on God's House Tower. On reflection, this expenditure was capital in nature and an adjustment has been made to capitalise the building improvement works, which will now be depreciated over the remaining life of the lease at God's House Tower.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
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A SPACE: GROWING CREATIVE COMMUNITIES LTD (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of new trustees
The charity may by ordinary resolution:
Appoint a person who is willing to act to be a Trustee; and determine the rotation in which any additional Trustees are to retire.
No person other than a Trustee retiring by rotation may be appointed a Trustee at any general meeting unless: (1) he or she is recommended for re-election by the Trustees; or
(2) not less than fourteen nor more than thirty-five clear days before the date of the meeting, the charity is given a notice that:
(a) is signed by a member entitled to vote at the meeting;
(b) states the member's intention to propose the appointment of a person as a Trustee; (c) contains the details that, if the person were to be appointed, the charity would have to file at Companies House; and
(d) is signed by the person who is to be proposed to show his or her willingness to be appointed.
All members who are entitled to receive notice of a general meeting must be given not less than seven nor more than twenty-eight clear days' notice of any resolution to be put to the meeting to appoint a Trustee other than a Trustee who is to retire by rotation.
The Trustees may appoint a person who is willing to act to be a Trustee.
A Trustee appointed by a resolution of the other Trustees must retire at the next annual general meeting and must not be taken into account in determining the Trustees who are to retire by rotation.
The appointment of a Trustee, whether by the charity in general meeting or by the other Trustees, must not cause the number of Trustees to exceed any number fixed as the maximum number of Trustees.
Workforce
Board members
Our current board consists of:
o Marilyn Scott OBE - Chair
o Annie Reilly - Deputy Chair
o Darren Phillips - Treasurer (appointed 28.4.2021)
o Sophia Mirchandani
o Nazneen Ahmed
o Sarah Filmer o Vicki Orba o Zoe Grant
o Dan Matthews
Other board members who served during the period were: o Dr CB Butler (resigned 9.6.2021)
Staff team
Our current staff team currently consists of: o Daniel Crow - Director
o Kalleesha Mendie - Finance Manager
o Hannah Preston - God's House Tower Venue Manager
o Damian Cook - Communications Manager
o Mia Delve - Programme Officer
o Mary Cork - Artist Development Officer
o Kirstie Banks - Communications Officer
o Celeste Ingram - Creative Programme Assistant (studios)
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A SPACE: GROWING CREATIVE COMMUNITIES LTD (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 07007198 (England and Wales)
Registered Charity number 1136495
Registered office Tower House Town Quay Road Southampton Hampshire SO14 2NY Independent Examiner Michaela Johns FCCA Hopper Williams & Bell Limited Chartered Accountants Highland House Mayflower Close Chandler's Ford Hampshire SO53 4AR
Bankers HSBC Bank Plc 55 Above Bar Street Southampton Hampshire SO14 7DZ
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 15 December 2021 and signed on the board's behalf by:
MT Stott M J Scott (Dec 20, 2021 10:59 GMT)
Ms MJ Scott - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF A SPACE: GROWING CREATIVE COMMUNITIES LTD (A COMPANY LIMITED BY GUARANTEE)
Independent examiner's report to the trustees of A Space: Growing Creative Communities Ltd (A company limited by guarantee) (‘the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021.
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
Since your charity's gross income exceeded £250,000 your examiner must be a member ofa listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of FCCA which is one of the listed bodies.
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 2, the accounts do not accord with those records; or
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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
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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.
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF A SPACE: GROWING CREATIVE COMMUNITIES LTD (A COMPANY LIMITED BY GUARANTEE)
An audit dispensation was granted in the prior period for A Space : Growing Creative Communities under Regulation 34(3) (b) of the Charities (Accounts and Reports) Regulations 2008.
This dispensation was for the financial year ended 31 March 2020 only, and allowed an independent examination in place of an audit for that year.
The dispensation was given based upon the information provided by the trustees that the charity was small charitable company not subject to the audit requirements of Part 15 of the Companies Act 2006.
The exceptional circumstances outlined mean that an audit would be disproportionate; and there are no constitutional or other requirements on the charity which require an audit.
Michaca Votues
Michaela Johns FCCA Hopper Williams & Bell Limited Chartered Accountants Highland House Mayflower Close Chandler's Ford Eastleigh Hampshire S053 4AR
Date: ...22/12/202)
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A SPACE: GROWING CREATIVE COMMUNITIES LTD (A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| funds | funds | funds | funds | ||
| as restated | |||||
| Notes | £ | £ | £ | £ | |
| INCOMEAND ENDOWMENTS FROM | |||||
| Charitable activities | 4 | ||||
| Supporting artists in Southampton | 471,551 | 91,751 | 563,302 | 1,536,923 | |
| Other trading activities | 2 | 68,399 | - | 68,399 | 127,176 |
| Investment income | 3 | 45 | - | 45 | 172 |
| Total | 539,995 | 91,751 | 631,746 | 1,664,271 | |
| EXPENDITURE ON | |||||
| Raising funds | 5 | 6,390 | - | 6,390 | - |
| Charitable activities | 6 | ||||
| Supporting artists in Southampton | 382,964 | 36,090 | 419,054 | 688,835 | |
| Total | 389,354 | 36,090 | 425,444 | 688,835 | |
| NETINCOME | 150,641 | 55,661 | 206,302 | 975,436 | |
| Transfers between funds | 16 | 55,661 | (55,661) | - | - |
| Net movement in funds | 206,302 | - | 206,302 | 975,436 | |
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 1,703,308 | - | 1,703,308 | 727,872 | |
| TOTALFUNDSCARRIEDFORWARD | 1,909,610 | - | 1,909,610 | 1,703,308 |
The notes form part of these financial statements
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A SPACE: GROWING CREATIVE COMMUNITIES LTD (A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
31 MARCH 2021
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||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|2021|2020|
|Unrestricted|Restricted|Total|Total|
|funds|funds|funds|funds|
|as|restated|
|Notes|£|£|£|£|
|FIXED|ASSETS|
|Tangible|assets|13|1,516,708|-|1,516,708|1,461,220|
|CURRENT|ASSETS|
|Debtors|14|27,174|-|27,174|-|
|Cash|at|bank|376,633|-|376,633|247,293|
|403,807|-|403,807|247,293|
|CREDITORS|
|Amounts|falling|due|within|one|year|15|(10,905)|-|(10,905)|(5,205)|
|NET CURRENT ASSETS|392,902|-|392,902|242,088|
|TOTAL|ASSETS|LESS|CURRENT|
|LIABILITIES|1,909,610|-|1,909,610|1,703,308|
|NET|ASSETS|1,909,610|-|1,909,610|1,703,308|
|FUNDS|16|
|Unrestricted|funds|1,909,610|1,703,308|
|TOTAL FUNDS|1,909,610|1,703,308|
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The notes form part of these financial statements
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A SPACE: GROWING CREATIVE COMMUNITIES LTD (A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET - continued
31 MARCH 2021
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The financial statements were approved by the Board of Trustees and authorised for issue on 15 December 2021 and were signed on its behalf by:
LM 7 Stott
M J Scott (Dec 20, 2021 10:59 GMT)
Ms M J Scott - Trustee
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Sea
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Mr D Phillips - Trustee
The notes form part of these financial statements
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A SPACE: GROWING CREATIVE COMMUNITIES LTD (A COMPANY LIMITED BY GUARANTEE)
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021
| 2021 | 2020 | ||
|---|---|---|---|
| as restated | |||
| Notes | £ | £ | |
| Cash flows from operating activities | |||
| Cash generated from operations | 1 | 252,629 | 1,010,141 |
| Net cash provided by operating activities | 252,629 | 1,010,141 | |
| Cash flows from investing activities | |||
| Purchase oftangible fixed assets | (123,334) | (1,025,783) | |
| Interest received | 45 | 172 | |
| Net cash used in investing activities | (123,289) | (1,025,611) | |
| Change in cash and cash equivalents in the | |||
| reporting period | 129,340 | (15,470) | |
| Cash and cash equivalents at the | |||
| beginning ofthe reporting period | 247,293 | 262,763 | |
| Cash and cash equivalents at the end of | |||
| thereportingperiod | 376,633 | 247,293 |
The notes form part of these financial statements
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A SPACE: GROWING CREATIVE COMMUNITIES LTD (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| ACTIVITIES | ||
|---|---|---|
| 2021 | 2020 | |
| as restated | ||
| £ | £ | |
| Net income for the reporting period (as per the Statement ofFinancial | ||
| Activities) | 206,302 | 975,436 |
| Adjustments for: | ||
| Depreciation charges | 67,846 | 1,937 |
| Interest received | (45) | (172) |
| (Increase)/decrease in debtors | (27,174) | 31,057 |
| Increase in creditors | 5,700 | 1,883 |
| Netcashprovidedbyoperations | 252,629 | 1,010,141 |
2:
ANALYSIS OF CHANGES IN NET FUNDS
| At 1.4.20 | Cash flow | At 31.3.21 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash atbank | 247,293 | 129,340 | 376,633 |
| 247,293 | 129,340 | 376,633 | |
| Total | 247,293 | 129,340 | 376,633 |
The notes form part of these financial statements
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A SPACE: GROWING CREATIVE COMMUNITIES LTD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Prior year adjustments
Comparatives have been updated to reflect two prior year adjustments. Further details are disclosed in Note 12 to the accounts.
Going Concern
The directors have considered the impact and risk on the company of COVID-19 and the company's prospects, recognising the high degree of uncertainty. The directors have concluded that with the right management actions the company is a going concern for at least 12 months following the signature of the financial statements. Accordingly the directors have prepared the financial statements on this basis.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Government grants
The following government grants have been received during the year:
Coronavirus Job Retention Scheme: the accrual model has been used to recognise the grant on a systematic basis over the periods in which the related staff costs are incurred.
Business Support Grant Funds: the accrual model has been used to recognise the grant when it is received or becomes receivable, as there are no future related costs or performance conditions.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Over the length of the lease Fixtures and fittings - 15% Reducing balance Computer equipment - 25% Straight Line
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
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A SPACE: GROWING CREATIVE COMMUNITIES LTD (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES - continued
Fund accounting (continued)
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2. OTHER TRADING ACTIVITIES
| 2. | OTHER TRADING ACTIVITIES |
||
|---|---|---|---|
| 2021 | 2020 | ||
| as restated | |||
| £ | £ | ||
| Café Income | 1,570 | 1 | |
| Venue hire | 2,776 | 8,748 | |
| Admissions | 866 | 20,514 | |
| Public Arts Project Management fees | 25,334 | 15,358 | |
| Public Arts Project Artist fees | - | 38,142 | |
| Studio rent received | 23,910 | 41,520 | |
| Café space rent | - | 2,893 | |
| Other receipts | 13,943 | : | |
| 68,399 | 127,176 | ||
| 3. | INVESTMENT INCOME | ||
| 2021 | 2020 | ||
| as restated | |||
| £ | £ | ||
| Interestreceivable | 45 | 172 |
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A SPACE: GROWING CREATIVE COMMUNITIES LTD (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2021
| 4. | INCOME FROM CHARITABLE ACTIVITIES | INCOME FROM CHARITABLE ACTIVITIES | |||
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| as restated | |||||
| Activity | £ | £ | |||
| Grants | Supporting artists in Southampton | 516,711 | 1,535,923 | ||
| ONR Partnership contribution | Supporting artists in Southampton | - | 1,000 | ||
| Coronavirus Job Retention | |||||
| Scheme grant | Supporting artists in Southampton | 46,591 | - | ||
| 563,302 | 1,536,923 | ||||
| Grants received, included in the above, are as follows: | |||||
| 2021 | 2020 | ||||
| as restated | |||||
| £ | £ | ||||
| Grants | 516,711 | 1,535,923 | |||
| During the year, the following grants were were recognised | after | accounting for any | deferred income | ||
| adjustments:- | |||||
| Grants | |||||
| 2021 | 2020 | ||||
| 5d | if | ||||
| Arts Council England | Ongoing | 101,840 | 110,000 | ||
| Emergency response fund (Covid) | 25,490 | - | |||
| Cultural recovery grant | 216,930 | - | |||
| Esmée Fairbairn Foundation | Ongoing | 36,090 | 35,200 | ||
| Covid grant | 17,600 | - | |||
| Southampton City Council | Small business grant and Retail, | ||||
| hospitality and leisure grant | 30,000 | - | |||
| National Lottery Heritage Fund | Emergency Covid fund | 33,100 | - | ||
| Grants (Refurbishment—God’s House Tower) | |||||
| Hampshire Archives Trust | - | 4,800 | |||
| National Art Collection Artfund | - | 450 | |||
| National Lottery Heritage Fund | 25,661 | 1,143,973 | |||
| Barker Mill Foundation | 30,000 | 30,000 | |||
| Southampton City Council | - | 200,000 | |||
| HenryMoore | - | 1,500 | |||
| Pilgrim Trust | - | 10,000 | |||
| 516,711 | 1,535,923 |
During the year, the following grants were were recognised after accounting for any deferred income adjustments:-
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A SPACE: GROWING CREATIVE COMMUNITIES LTD (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2021
| 5; | RAISING FUNDS | |||
|---|---|---|---|---|
| Raising donations and legacies | ||||
| 2021 | 2020 | |||
| as restated | ||||
| £ | £ | |||
| Fundraising fees | 5,100 | : | ||
| Other trading activities | ||||
| 2021 | 2020 | |||
| as restated | ||||
| £ | £ | |||
| Support costs | 1,290 | : | ||
| Aggregate amounts | 6,390 | # | ||
| 6. | CHARITABLE ACTIVITIES COSTS | |||
| Support | ||||
| Direct | costs (see | |||
| Costs | note 7) | Totals | ||
| £ | £ | £ | ||
| Supporting artists in Southampton | 56,122 | 362,932 | 419,054 | |
| 7s | SUPPORT COSTS | |||
| Governance | ||||
| Management | costs | Totals | ||
| £ | £ | £ | ||
| Other trading activities | - | 1,290 | 1,290 | |
| Supporting artists in Southampton | 361,264 | 1,668 | 362,932 | |
| 361,264 | 2,958 | 364,222 | ||
| 8. | NET INCOME/(EXPENDITURE) | |||
| Net income/(expenditure) is stated after charging/(crediting): | ||||
| 2021 | 2020 | |||
| as restated | ||||
| £ | £ | |||
| Depreciation-ownedassets | 67,846 | - |
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A SPACE: GROWING CREATIVE COMMUNITIES LTD (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2021
| 9. | TRUSTEES' REMUNERATION AND BENEFITS | |||||
|---|---|---|---|---|---|---|
| There were no trustees’ remuneration or other benefits for the year | ended | 31 March | 2021 nor | for | the year ended | |
| 31 March 2020. | ||||||
| Trustees' expenses | ||||||
| 2021 | 2020 | |||||
| as restated | ||||||
| £ | £ | |||||
| Trustees' expenses | 55 | 94 | ||||
| 10. | STAFF COSTS | |||||
| 2021 | 2020 | |||||
| as restated | ||||||
| £ | £ | |||||
| Wages and salaries | 199,291 | 217,351 | ||||
| Social security costs | 14,656 | 17,056 | ||||
| Other pension costs | 3,670 | 4,325 | ||||
| 217,617 | 238,732 | |||||
| The average monthly number ofemployees during the year was as follows: | ||||||
| 2021 | 2020 | |||||
| as restated | ||||||
| Employees | 10 | 13 | ||||
| No employees received emoluments in excess of£60,000. | ||||||
| 11. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | |||||
| Unrestricted | Restricted | Total | ||||
| funds | funds | funds | ||||
| as restated | ||||||
| £ | £ | £ | ||||
| INCOMEAND ENDOWMENTS FROM | ||||||
| Charitable activities | ||||||
| Supporting artists in Southampton | 127,750 | 1,409,173 | 1,536,923 | |||
| Othertrading activities | 127,176 | - | 127,176 | |||
| Investment income | 172 | - | 172 | |||
| Total | 255,098 | 1,409,173 | 1,664,271 | |||
| EXPENDITURE ON | ||||||
| Charitable activities | ||||||
| Supporting artists in Southampton | 257,186 | 431,649 | 688,835 | |||
| NETINCOME/(EXPENDITURE) | (2,088) | 977,524 | 975,436 |
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NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2021
----- Start of picture text -----
||||||||
|---|---|---|---|---|---|---|
|11.|COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES-|continued|
|Unrestricted|Restricted|Total|
|funds|funds|funds|
|as|restated|
|£|£|£|
|Transfers|between|funds|1,025,134|(1,025,134)|-|
|Net|movement|in|funds|1,023,046|(47,610)|975,436|
|RECONCILIATION|OF|FUNDS|
|Total|funds|brought|forward|680,262|47,610|727,872|
|TOTAL|FUNDS|CARRIED|FORWARD|1,703,308|:|1,703,308|
|12,|PRIOR YEAR|ADJUSTMENTS|
----- End of picture text -----
Capitalisation of restoration and extension work
Due to the capital nature of the restoration and extension work on God's House Tower over the past two years, and a 25 year leasehold being granted by Southampton City Council to the charity to benefit from the building until at least 2041, it is appropriate to capitalise the expenditure.
The schedule of expenditure has been reviewed; £1,025,134 was capitalised for the year ended 2020 and £426,339 for the year ended 2019. Building improvements will be depreciated from the time God's House Tower was re-opened over the remainder of the lease term. Furniture & fittings and audiovisual equipment will be depreciated in line with the accounting policies for those categories of fixed assets.
The effect on the surplus is an increase to the surplus of £1,451,473. There is no tax effect due to the charitable status of the entity.
Restricted and unrestricted reserves
All income and expenditure was presented as restricted in the prior period, however the charity generated income which was unrestricted, and similarly incurred expenditure which was general in nature, not part of the restricted reserves. Income of £255,097 and expenditure of £257,186 has been reclassified to unrestricted in 2019-20.
The combined effect of these two adjustments on the brought forward balance has been the creation of an unrestricted reserve of £1,703,308.
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A SPACE: GROWING CREATIVE COMMUNITIES LTD (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2021
13. TANGIBLE FIXED ASSETS
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|Fixtures|
|Short|and|Computer|
|leasehold|fittings|equipment|Totals|
|£|£|£|£|
|COST|
|At|1|April|2020|1,341,532|12,842|113,301|1,467,675|
|Additions|34,039|10,991|78,304|123,334|
|At|31|March|2021|1,375,571|23,833|191,605|1,591,009|
|DEPRECIATION|
|At|1|April|2020|-|4,015|2,440|6,455|
|Charge|for|year|32,807|2,973|32,066|67,846|
|At|31|March|2021|32,807|6,988|34,506|74,301|
|NET BOOK|VALUE|
|At|31|March|2021|1,342,764|16,845|157,099|1,516,708|
|At|31|March|2020|1,341,532|8,827|110,861|1,461,220|
----- End of picture text -----
- DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|2021|2020|
|as|restated|
|£|£|
|VAT|5,481|-|
|Prepayments|and|accrued|income|21,693|-|
|27,174|-|
----- End of picture text -----
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
----- Start of picture text -----
||||||||
|---|---|---|---|---|---|---|
|2021|2020|
|as|restated|
|£|£|
|Social|security|and|other|taxes|1,112|1,979|
|Other|creditors|1,003|-|
|Accruals|and|deferred|income|8,790|3,226|
|10,905|5,205|
----- End of picture text -----
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NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2021
| 16. | MOVEMENTINFUNDS | |||||
|---|---|---|---|---|---|---|
| Net | Transfers | |||||
| movement | between | At | ||||
| At 1.4.20 | in funds | funds | 31.3.21 | |||
| £ | £ | £ | £ | |||
| Unrestricted funds | ||||||
| General fund | 1,703,308 | 150,641 | 389 | 1,854,338 | ||
| God's House Tower Sinking Fund | - | - | 55,272 | 55,272 | ||
| 1,703,308 | 150,641 | 55,661 | 1,909,610 | |||
| Restricted funds | ||||||
| God's House Tower Refurbishment | - | 55,661 | (55,661) | - | ||
| TOTAL FUNDS | 1,703,308 | 206,302 | - | 1,909,610 | ||
| Net movement in funds, included in the above are as follows: | ||||||
| Incoming | Resources | Movement | ||||
| resources | expended | in funds | ||||
| £ | £ | £ | ||||
| Unrestricted funds | ||||||
| General fund | 539,995 | (389,354) | 150,641 | |||
| Restricted funds | ||||||
| God's House Tower Refurbishment | 55,661 | - | 55,661 | |||
| Esmée Fairbairn Foundation Fund | 36,090 | (36,090) | - | |||
| 91,751 | (36,090) | 55,661 | ||||
| TOTALFUNDS | 631,746 | (425,444) | 206,302 | |||
| Comparatives for movement in funds | ||||||
| Net | Transfers | |||||
| movement | between | At | ||||
| At | 1.4.19 | in funds | funds | 31.3.20 | ||
| £ | £ | £ | £ | |||
| Unrestricted funds | ||||||
| General fund | 680,262 | (2,088) | 1,025,134 | 1,703,308 | ||
| Restricted funds | ||||||
| God's House Tower Refurbishment | - | 1,025,134 | (1,025,134) | - | ||
| Esmée Fairbairn Foundation Fund | 47,610 | (47,610) | - | - | ||
| 47,610 | 977,524 | (1,025,134) | - | |||
| TOTALFUNDS | 727,872 | 975,436 | - | 1,703,308 |
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A SPACE: GROWING CREATIVE COMMUNITIES LTD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2021
16. MOVEMENT IN FUNDS- continued
Comparative net movement in funds, included in the above are as follows:
----- Start of picture text -----
||||||||
|---|---|---|---|---|---|---|
|Incoming|Resources|Movement|
|resources|expended|in|funds|
|£|£|£|
|Unrestricted|funds|
|General|fund|255,098|(257,186)|(2,088)|
|Restricted|funds|
|God's|House|Tower|Refurbishment|1,373,973|(348,839)|1,025,134|
|Esmée|Fairbairn Foundation Fund|35,200|(82,810)|(47,610)|
|1,409,173|(431,649)|977,524|
|TOTAL FUNDS|1,664,271|(688,835)|975,436|
----- End of picture text -----
God's House Tower Refurbishment - This fund represents grants received from the National Heritage Lottery Fund, Southampton City Council and the Barker Mill Foundation for the refurbishment and fit out of God's House Tower. Further costs for the God's House Tower project have been funded from general funds.
Esmeée Fairbairn Foundation Fund - This fund represents monies donated by the Esmée Fairbairn Foundation for a Programme Manager and participation programme costs for the redeveloped God's House Tower.
God's House Tower Sinking Fund - This fund represents monies set aside for the future upkeep and maintenance of God's House Tower. A transfer of £55,272 was made from general funds to set up the fund.
Transfer between reserves - A transfer from the God's House Tower Refurbishment restricted fund to the General fund of £55,661 (2020: £1,025,134). This is a transfer of the value of assets capitalised for which restricted income was received, but once the assets are purchased they are available for use by the charity and are not themselves restricted.
RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2021 (2020: None).
- MEMBERS' LIABILITY
The liability of each member, in the event of winding up, is limited to £1 each. There were 9 members at 31 March 2021 (2020: 10).
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NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2021
19. CHARITIES COMMISSION AUDIT DISPENSATION
An audit dispensation was granted in the prior period for A Space : Growing Creative Communities under Regulation 34(3) (b) of the Charities (Accounts and Reports) Regulations 2008.
This dispensation was for the financial year ended 31 March 2020 only, and allowed an independent examination in place of an audit for that year.
The dispensation was given based upon the information provided by the trustees that the charity was small charitable company not subject to the audit requirements of Part 15 of the Companies Act 2006.
The exceptional circumstances outlined mean that an audit would be disproportionate; and there are no constitutional or other requirements on the charity which require an audit.
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