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2021-08-31-accounts

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2021

THE SCHOOL OF ARTISAN FOOD

Lower Motor Yard Welbeck Nottinghamshire

www.schoolofartisanfood.org

THE SCHOOL OF ARTISAN FOOD I N D E X

Year ended 31 August 2021

Page
General information 2
Report of theTrustees 3 - 11
Independent Auditor’s report 12 - 14
Income and expenditure account 15
Statement of financial activities 16
Balance sheet 17
Statement of cash flows 18
Notes to the financial statements 19 - 30

1

THE SCHOOL OF ARTISAN FOOD G E N E R A L I N F O R M A T I O N

Year ended 31 August 2021

Trustees and Directors Judith Cobham-Lowe (resigned 29 January 2021)
Alison Swan Parente
Daniel Jessel
Susan Amaku
Nicholas Hatton (appointed as Chair of Trustees 29 January 2021)
Fran Warde
Trustee Joe Schneider
Secretary Sarah Andrew
Country of incorporation England and Wales
Registered office Lower Motor Yard
Welbeck
Worksop
Nottinghamshire
S80 3LR
Company number 06741463
Charitable status The School of Artisan Food is a company limited by guarantee which
was registered as a charity on 31 December 2010. Its charity number
is 1139632.
Auditors Dixon Wilson Audit Services LLP
22 Chancery Lane
London
WC2A 1LS
Bankers Handelsbanken
Nottingham Branch
Ground Floor
22a The Ropewalk
Nottingham
NG1 5DT

2

THE SCHOOL OF ARTISAN FOOD T R U S T E E S ’ R E P O R T

Year ended 31 August 2021

The Board of Trustees, all but one of whom are also directors for the purposes of company law, present their report for the year.

Reference and Administrative Information

The School of Artisan Food is a company limited by guarantee (registration number 06741463) with charitable status (registered charity number 1139632).

Reference and administrative information are set out on the previous page and form part of this report.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and 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).

Who we are and what we do

The School of Artisan Food (SAF) was founded in 2009 as a not for profit company. It became a registered charity on 31 December 2010. SAF is a unique, open-minded organisation, dedicated to teaching artisan food production skills. Artisan is a term used to describe food produced by nonindustrialised methods, often handed down through generations but now in danger of being lost. Tastes and processes, such as fermentation, are allowed to develop slowly and naturally, rather than curtailed for mass-production.

Located on the Welbeck Estate in Nottinghamshire, SAF offers the opportunity for people of all skill levels, regardless of their socioeconomic circumstances, to expand their knowledge and improve their employability and social mobility through a wide range of courses including: Bread making and Patisserie, Business and Entrepreneurship, Butchery and Charcuterie, Cheese making, Chocolate making, Ice Cream making, Foraging as well as Food Preserving.

For those wishing to become professional bakers, SAF offers a unique full-time Advanced Diploma which equips students with the essential baking skills and business knowledge needed to launch a successful artisan bakery, to work in the baking industry or to manage a bakery enterprise.

In September 2019 SAF enrolled students to the UK’s first FdSc Artisan Food Production degree, delivered in partnership with Nottingham Trent University.

As a charity, SAF works with voluntary organisations, schools, colleges and community groups to provide opportunities to inspire and teach artisan food production skills. SAF is committed to widening participation at every level and actively fundraises to provide bursaries to those who otherwise would be unable to access SAF’s courses.

SAF is a place where people come to learn, to share and to be inspired. SAF is proud to inspire individuals to use the skills they have learnt, to seek out and to support artisan producers and suppliers and to share their experience with others.

Our aims are to:

Achievement of these aims will further the legal purposes of the charity and the public benefit provided.

3

THE SCHOOL OF ARTISAN FOOD T R U S T E E S ’ R E P O R T ( c o n t i n u e d )

Year ended 31 August 2021

Our business-specific aims are to:

Achievement of these business-specific aims will ensure the ability of the charity to continue and to provide public benefit in the future, and will support the achievement of the charity’s main aims.

Our values

At SAF, students are taught by highly skilled and experienced tutors and artisan food producers who are able to share their artisan skills, knowledge and expertise; they are committed to ensuring that the next generation can learn from their experience. In recent years, most skills-based education in the food sector has focussed upon industrial production techniques, standardisation, shelf-life and price control.

It is only recently that government advisors, health professionals and an increasing number of public bodies have begun to realise the true cost of this in terms of health, cultural diversity and social cohesion. There is also increasing evidence that an ability to produce in smaller units contributes towards a more varied, resilient and sustainable food system. Emphasis on a farm-to-fork philosophy and local sourcing of seasonal, raw materials along with natural, slow fermentation processes are central to SAF’s vision for the promotion of health and well-being. SAF recognises cultural, economic and psychological barriers to healthy eating and engages in dialogue and debate about these issues.

4

THE SCHOOL OF ARTISAN FOOD T R U S T E E S ’ R E P O R T ( c o n t i n u e d )

Year ended 31 August 2021

Review of the year

The core activities of The School of Artisan Food are the full-time six-month Advanced Diploma in Artisan Bakery qualification, the FdSc Artisan Food Production foundation degree which launched in 2019 and a wide range of short courses and professional level courses.

The FdSc Artisan Food Production foundation degree is a two-year programme delivered by SAF in partnership with Nottingham Trent University.

Following the School’s closure due to the government Covid measures introduced in March 2020, the School was able to re-open its doors and welcome Advanced Diploma and FdSc students back to the School again in September 2020. The short course programme was badly impacted by government lockdown measures as SAF was unable to deliver the scheduled courses during lockdown periods.

A number of measures were introduced to limit the risk of Covid transmission including one way systems, limited use of shared facilities, separate lunch areas for different student cohorts and sanitiser stations throughout the School.

The Barbara Curtis Training room which was funded through LEADER, Tarmac-Entrust, Miele as well as a financial commitment from Barbara Curtis Charitable Trust (BCT) became operational in September 2020 and was officially opened on the 9th February 2021 in a ceremony attended by representatives of the BCT, LEADER, local council representatives, SAF Trustees, staff and students. The BCT continues to provide bursaries for Advanced Diploma students.

The decision by Welbeck Estates Company to write-off the £3,200,000 loan to SAF has been hugely beneficial and has made a significant impact on the balance sheet. £2,950,000 of the waiver was included in the prior year’s financial statements, with the remaining £250,000 included this year.

Charitable activities

Notable activities in the year included:

Advanced Diploma in Artisan Bakery

The Advanced Diploma course which was scheduled to start in April 2020 was postponed because of the coronavirus pandemic and national lockdown restrictions. Given the fact that the previous couple of years had shown a trend in recruiting smaller cohorts and with the risk of coronavirus impacts, it was agreed to only run one instance of the Advanced Diploma going forward, beginning in September 2020. This resulted in a larger cohort of 18 students which has proved to be a more viable option in delivering this course with maximum profitability.

SAF was able commence delivery of the Advanced Diploma in September 2020, however in January 2021, a third national lockdown forced SAF to close to full-time students, with a selection of classes being delivered virtually. Staff were furloughed where appropriate and all expenditure reduced accordingly.

Full-time students were able to return to complete studies from 8 March 2021 which impacted the course timetable and delayed the completion of the Advanced Diploma to May 2021.

5

THE SCHOOL OF ARTISAN FOOD T R U S T E E S ’ R E P O R T ( c o n t i n u e d )

Year ended 31 August 2021

FdSc Artisan Food Production

The School of Artisan Food welcomed its second cohort of students to enrol on the FdSc Artisan Food Production qualification in September 2020. 16 students enrolled in year one with 15 students progressing onto year two. All classes that had to be postponed in March 2020 due to Covid 19, were successfully delivered in September before the new term started.

Short courses

The Covid 19 pandemic continued to have an impact on SAF’s plans and business model. SAF was unable to host short courses from October 2020 (less than two months after re-opening) up until the 17th May 2021. This impacted badly on short course revenue forecasted for this year.

166 short courses were scheduled to run during the financial year. In total, only 78 of these were delivered in-person due to lockdown with a further 17 courses delivered online instead.

Bespoke and tailored training

SAF continued to develop its bespoke training and tailored venue hire services, up until the coronavirus lockdown prevented it from doing so.

A much smaller range of bespoke sessions were delivered as a result including the following:

Fundraising

The School is grateful to charitable trusts including The Barbara Curtis Charitable Trust, LEADER, AB Charitable Trust, Rothschild Foundation and The Whittaker Trust who have contributed towards student bursaries and other charitable activities.

SAF would particularly like to recognise the ongoing support from The Welbeck Estates Company Limited and from Bolsover Properties Limited.

Staffing Changes

From the start of this financial year, The Senior Leadership Team continued to be responsible for management of SAF, following the departure of the current MD. The Senior Leadership Team comprised of a Head of Studies, an Operations Director and a Sales and Marketing Director.

In response to the impact of coronavirus a staffing restructure was completed in July 2020, which consolidated a number of duties and staffing roles.

In June 2021, the Operations Director left the School to take up a new role and a number of duties and responsibilities were passed onto the Operations Manager. The Sales & Marketing Director also left the School in August 2021. Management of the School continued with the Head of Studies and Operations Manager temporarily until a suitable replacement could be found.

6

THE SCHOOL OF ARTISAN FOOD T R U S T E E S ’ R E P O R T ( c o n t i n u e d )

Year ended 31 August 2021

Future plans

The plan for the forthcoming year is to improve the financial position of SAF and to provide stability following the devastating impact coronavirus has had upon the organisation. The aim is to deliver a platform for long-term financial sustainability.

A new business plan was created however due to the continuing impacts of Covid 19 government restrictions, it has not been possible to deliver the number of short courses and professional courses that were part of this plan.

7

THE SCHOOL OF ARTISAN FOOD T R U S T E E S ’ R E P O R T ( c o n t i n u e d )

Year ended 31 August 2021

The Advanced Diploma in Artisan Bakery qualification continues to make up SAF’s core activity alongside the FdSc Artisan Food Production qualification.

New professional courses and new short courses are in development to add to the current portfolio.

SAF is also actively exploring opportunities to deliver grant funded programmes and activities focused on sustainable artisan food production methods showcasing the far-reaching health and well-being benefits of nutritious food in response to the pandemic.

Marketing and sales

Marketing and sales are integral to SAF achieving both its business and charitable objectives. A review of marketing and sales activity has resulted in a staff restructuring in order to support and to deliver SAF’s business targets. The Sales and Marketing Director is now supported by a Digital Sales and Marketing Assistant.

A root and branch re-design and development of the SAF website, www.schoolofartisanfood.org, is underway, to improve user experience with intuitive navigation and improved aesthetics. The underlying e-commerce platform and its reporting functionality is also being improved to deliver enhanced and efficient data and reporting. £38,000 in donations has been received for the website.

An active and growing social media presence provides an informal and accessible medium for SAF to share information about and engage with existing and new customers. The School continues to receive positive coverage in the local and national media.

Report of the Trustees

The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the charity’s Memorandum and Articles of Association and UK Generally Accepted Accounting Practice. This Trustees’ report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

Governance and management

SAF is governed by its Memorandum and Articles of Association. Its Trustees meet quarterly and more frequently if required. Day to day management is undertaken by a core team which is comprised of a Head of Studies, an Operations Director and a Sales and Marketing Director.

Alison Swan Parente, founder of SAF and previous Chair, serves in the role of Trustee and Principal Fundraiser.

Recruitment and appointment of Trustees

The directors of the company are also charity Trustees for the purposes of charity law, with one exception (see page 2). Under the requirements of the Memorandum and Articles of Association members of the Board are elected to serve for twelve months after which a minimum of one-third of the board must be re-elected at each Annual General Meeting.

8

THE SCHOOL OF ARTISAN FOOD T R U S T E E S ’ R E P O R T ( c o n t i n u e d )

Year ended 31 August 2021

Trustee induction and training

Potential Trustees meet with the Managing Director and Chair of Trustees for a discussion about SAF’s work and the interaction between the staff and Trustees. They are invited to join a full Board meeting and to meet with other Trustees. Once Trustees have been invited to join the Board, they are provided with a full information pack and monthly updates from the Managing Director comprising management accounts and details of the activity of the school. Trustees also receive monthly updates from the Chair on staffing, finance, courses and current issues. Regular meetings are held between the Chair of Trustees and Managing Director, and all Trustees are invited regularly to events and presentations.

Risk management

The Trustees have examined the major risks to which SAF is exposed and confirm that strategic planning and systems have been established to mitigate against these risks. Procedures are also in place to ensure compliance with health and safety regulations for staff, students and visitors to the school. These have all been revised in the light of COVID-19 and are being kept continually under review.

The risk register has been substantially overhauled and will continue to be periodically reviewed by Trustees. The risk register identifies that financial sustainability is the major risk to the charity. In particular, SAF is dependent on the continued financial support of The Welbeck Estates Company Limited, which has made substantial loans available. An additional risk is that revenue targets are not met, and in response to underperformance in this area SAF has restructured its Advanced Diploma to reduce the length and the price of the course in order to improve access to a broader range of students.

Non-financial risks arising from health and safety, fire and food hygiene are managed by ensuring accreditations are up to date and that robust policies and procedures are in place. Regular awareness training for staff is scheduled throughout the year.

Public Benefit statement

The Trustees, having regard to the Public Benefit guidance published by the Charity Commission in accordance with section 17 of the Charities Act 2011, consider that the purpose and activities of the company satisfy the requirements of the public benefit test set out in section 4 of the same Act. In particular, the School:

9

THE SCHOOL OF ARTISAN FOOD T R U S T E E S ’ R E P O R T ( c o n t i n u e d )

Year ended 31 August 2021

Financial review

Incoming resources of £1,466,469 (2020 - £4,202,821 as restated) were generated during the year and there was expenditure of £1,252,897 (2020 - £1,214,926 as restated) resulting in a surplus for the year of £213,572 (2020 - £2,987,895 as restated). Details appear in the subsequent financial statements.

At the end of the reporting period, the charity reported a funds surplus of £265,296 (2020 – £51,724 as restated), of which £121,586 (2020 – £49,098 as restated) was restricted and £143,710 (2020 – £2,626 as restated) was unrestricted.

The Trustees have assessed the charity’s ability to continue as a going concern for at least 12 months from the date these accounts were approved. They have concluded that the charity has the ability to continue and as such the accounts are prepared on a going concern basis. This conclusion is based on available resources and committed future donations. The Trustees have made plans to deal with the current situation as much as it is possible, as summarised in the Trustees Report, and believe the charity has sufficient cash resources to meet all its liabilities falling due within 12 months of the date these accounts were approved.

Prior period adjustments

Adjustments were made in the year to some brought forward balances and prior period comparative figures in the financial statements. In prior years, the charity considered the provision of short courses to be a taxable supply at standard rate for the purposes of VAT. This meant that VAT was charged on the sale of these courses and paid to HMRC, and that VAT was reclaimed from HMRC on the basis of partial exemption calculations. However, following correspondence with HMRC, the Trustees now believe that these courses are exempt sources of income for the purposes of VAT and that incorrect amounts of VAT were both paid to and reclaimed from HMRC for a number of years. As a result, certain comparative figures have been restated. Further details are shown in note 20 to the financial statements.

Reserves

Reserves are split between three funds:

10

THE SCHOOL OF ARTISAN FOOD T R U S T E E S ’ R E P O R T ( c o n t i n u e d )

Year ended 31 August 2021

Responsibilities of the Trustees

The Trustees (all but one of whom are also the directors of the company from a company law perspective) are responsible for preparing the Trustees’ Report and financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare the financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each Trustee is aware, there is no relevant information that has not been disclosed to the Company’s auditors and each Trustee believes that all steps necessary have been taken that ought to have been taken to make them aware of any relevant audit information and to establish that the Company’s auditors have been made aware of that information.

Auditors

All of the current Trustees have taken all the steps that they ought to have taken to make themselves aware of any information needed by the company’s auditors for the purpose of their audit and to establish that the auditors are aware of that information. The Trustees are not aware of any relevant audit information of which the auditors are unaware.

Approved by the Board of Trustees on 2022 and signed on its behalf by:

Nicholas Hatton Chair of Trustees

11

THE SCHOOL OF ARTISAN FOOD I N D E P E N D E N T A U D I T O R ’ S R E P O R T

Year ended 31 August 2021

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE SCHOOL OF ARTISAN FOOD

Opinion

We have audited the financial statements of The School of Artisan Food (the ‘charitable company’) for the year ended 31 August 2021 which comprise the income and expenditure account, the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is 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 Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other information

The other information comprises the information included in the Trustees’ annual report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

12

THE SCHOOL OF ARTISAN FOOD I N D E P E N D E N T A U D I T O R ’ S R E P O R T ( c o n t i n u e d )

Year ended 31 August 2021

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the Trustees’ Annual Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement set out on page 11, the Trustees (all but one of whom are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

13

THE SCHOOL OF ARTISAN FOOD I N D EP E N D F N T AU D ITO R S R E PO R T I con t i n u e d I Year ended 31 August 2021 Irregularibes, induding fraud, are InStan￿S of non-compliance with laws and regul3tion5. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detetting irregularibes, including fraud is detailed below.. We gained an understanding of the legal and regulatory framework applicable to the charitable company by con5idering¢ amongst other things, the sector in which it operates, and collsidered the risk of acts by the charitable company that were contr3ry to applicable laws and regulations, including fraud. We designed audit proKedures to respond tti the assessed level of risk, but recognised that the risk of not detecting a material misstatement due to fraud 15 higher than the risk of not detecting one resulting from erior, a5 fraud may involve deliberate concealment by, for example, forgery or intentr.onal misrepresentations, or through collu510n. We focused on laws and regu5ations which could give rise to a material misstatemerit in the financial statements, including, but not lirnited to, UK Company Law, UK tax legislation and UK Charity Law. Our tests included agreeing the financial ststement disdosures to underlying supporting documentation and enquiries with management. As in all our audits, we also addressed the risk of management override of internal controls, induding testing jOLJrnal5 and evaluating whether there was eviden￿ of bias by management that represented a risk of material misstatement due to fraud. There are inherent limitstions in the audit procedures described above and, the further removed non- Complian￿ with laws and regulations is from the events and tran￿rtiOns reflected in the financial statements, the less likely we would become aware tsf it. We did nol identify any key audit matters relating to irregularibes, including fraud. A further descripb'on of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council s website at: www.frc.org.uklauditorsrespon&bilities. This desuiption fom part of our auditors report. Use of our report This report is made solely to the charitable company'5 members, as a bcxly, in accordan￿ with Chapter 3 of Part 16 of the Companies Att 2006. Our audit work ha5 been undertaken so that we might stste to the charitable companls members those matters we are required to stste to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not ac￿pt or assume reswn&bility to anyone other than the charitsble company and the charitable companys members as a body, for our audit work, for this report, or for the opinions we have formed. Gregory Smye-Rumsby {Senlor strtutory auditor) For and on behalf of Dixon Wilson Audit Se￿1￿ LLP, Statutory Auditor 22 Chan￿ry Lane London WC2A ILS Dats.. 26 August 2022 14

THE SCHOOL OF ARTISAN FOOD I N C O M E A N D E X P E N D I T U R E A C C O U N T

Year ended 31 August 2021

Note
Surplus on short courses
Surplus/(deficit) on diploma courses
Surplus on foundation degree course
Deficit on catering
Surplus on courses and other
charitable activities
Miscellaneous income
(Loss)/profit on disposal of fixed assets
Bank interest
Regular income
General expenditure
Regular income less general expenditure
Deficit on operations
Donations and grants
4
Net incoming resource for the year(page 16)
General fund
Restricted fund
Total surplus for the year(page 16)
2021
£
£
139,713
46,158
143,258
(3,840)

325,289
5,781
(2,406)
96

3,471
(869,763)

(866,292)

(541,003)
754,575

213,572

141,084
72,488

213,572
 (As restated)
2020
£
£
115,426
(20,324)
76,381
(30,137)

141,346
23,202
5,833
248

29,283
(851,390)

(822,107)

(680,761)
3,668,656

2,987,895

2,651,318
336,577

2,987,895		 (As restated)
2020
£
£
115,426
(20,324)
76,381
(30,137)

141,346
23,202
5,833
248

29,283
(851,390)

(822,107)

(680,761)
3,668,656

2,987,895

2,651,318
336,577

2,987,895




15

THE SCHOOL OF ARTISAN FOOD

S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S

Year ended 31 August 2021

General fund
Note
(unrestricted)
£
Income:
Donations and legacies
4
Donations
418,944
Grants
61,848

480,792

Income from charitable activities
Short courses
236,055
Diploma courses
5
231,931
Foundation degree course
234,438
Catering
5,999

708,423

Other income
Miscellaneous income
5,781
(Loss)/profit on disposal of fixed asset
(2,406)
Bank interest
96

3,471

Total income
1,192,686

Expenditure:
Expenditure on charitable activities
6
(1,219,736)

Net income and net movement
in funds for the year
(27,050)
Transfer to general fund
168,134
Reconciliation of funds:
Total funds brought forward at 1 September
2020 (as restated)
2,626

Total funds carried forward at 31 August 2021
143,710
 Restricted
donations
Bursary fund
fund
(restricted)
£
£
223,013
50,770
-
-


223,013
50,770


-
-
-
-
-
-
-
-


-
-


-
-
-
-
-
-


-
-


223,013
50,770

(33,161)
-

189,852
50,770
(117,364)
(50,770)
49,098
-


121,586
-
 (As restated)
Total
Total
2021
2020
£
£
692,727
3,556,599
61,848
112,057


754,575
3,668,656


236,055
223,115
231,931
156,919
234,438
116,250
5,999
8,598


708,423
504,882


5,781
23,202
(2,406)
5,833
96
248


3,471
29,283


1,466,469
4,202,821

(1,252,897)
(1,214,926)

213,572
2,987,895
-
-
51,724
(2,936,171)


265,296
51,724
 (As restated)
Total
Total
2021
2020
£
£
692,727
3,556,599
61,848
112,057


754,575
3,668,656


236,055
223,115
231,931
156,919
234,438
116,250
5,999
8,598


708,423
504,882


5,781
23,202
(2,406)
5,833
96
248


3,471
29,283


1,466,469
4,202,821

(1,252,897)
(1,214,926)

213,572
2,987,895
-
-
51,724
(2,936,171)


265,296
51,724
3,668,656
223,115
156,919
116,250
8,598
504,882
23,202
5,833
248
29,283
4,202,821
(1,214,926)
2,987,895
-
(2,936,171)
51,724

16

Company number: 06741463

THE SCHOOL OF ARTISAN FOOD B A L A N C E S H E E T

At 31 August 2021

Note
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due
within one year
13
Net current liabilities
Creditors: amounts falling due
after one year
14
Net assets
Accumulated surplus(page 16)
Unrestricted funds
General fund
Restricted funds
Restricted fund
Total
18		 (As restated)
2021
2020
£
£
802,121
819,860
35,390
139,830
190,892
215,850


226,282
355,680
(364,919)
(442,225)


(138,637)
(86,545)
(398,188)
(681,591)


265,296
51,724


143,710
2,626
121,586
49,098


265,296
51,724

 (As restated)
2021
2020
£
£
802,121
819,860
35,390
139,830
190,892
215,850


226,282
355,680
(364,919)
(442,225)


(138,637)
(86,545)
(398,188)
(681,591)


265,296
51,724


143,710
2,626
121,586
49,098


265,296
51,724


These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime in Part 15 of the Companies Act 2006.

The accounts on pages 15 to 30 were approved by the board of Trustees on 2022 and were signed on its behalf by:

Nicholas Hatton Chair of Trustees

17

THE SCHOOL OF ARTISAN FOOD S T A T E M E N T O F C A S H F L O W S

Year ended 31 August 2021


Note
Cash flows from operating activities:
Net cash from operating activities
15
Cash flows from investing activities:
Proceeds from the sale of property, plant and equipment
Purchase of property, plant and equipment
Net cash used in investing activities
Cash flows from financing activities:
Increase in long term loans
Bank interest payable
Net cash from financing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the reporting period		 (As restated)
2021
2020
£
£
48,616
141,899
-
5,833
(73,670)
(321,795)


(73,670)
(315,962)
-
325,000
96
248


96
325,248
(24,958)
151,185
215,850
64,665


190,892
215,850

18

THE SCHOOL OF ARTISAN FOOD N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 August 2021

1. General information

The School of Artisan Food is a company limited by guarantee with charitable status and incorporated in England and Wales.

The address of its registered office is:

Lower Motor Yard Welbeck Worksop Nottinghamshire S80 3LR

2. Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with the Charities Accounting Statement of Recommended Practice (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The charity constitutes a public benefit entity as defined by FRS 102.

The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.

The financial statements are presented in sterling which is the financial currency of the charity and rounded to the nearest pound.

Basic financial instruments

Basic financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets or financial liabilities. Financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Tangible fixed assets

Fixed assets are stated at their purchase price, together with any incidental expenses of acquisition, less accumulated depreciation. Provision for depreciation is made so as to write off the cost of tangible fixed assets on a straight line basis over the expected useful economic life of the assets concerned. The principal annual rates used for this purpose are:

traight line basis over the expected
d for this purpose are:		 useful economic l
Leasehold property improvements - over 25 years
Plant and equipment - over 5 years
Office equipment - over 3 years
Fixtures and fittings - over 5 years
Motor vehicles - over 5 years

Impairments

Impairment reviews are carried out on tangible fixed assets where there are indications that the recoverable amount of the asset is below its net book value.

Government grants

Where government grants in respect of the purchase of tangible fixed assets have conditions attached outside the control of the charity, the grants have been recognised as deferred income when received. This is amortised at rates calculated to write off the deferred grant income evenly over the expected useful life of the assets purchased. Other government grants, including the COVID-19 business support grants and furlough claims, have been recognised as income in the period to which they relate.

19

THE SCHOOL OF ARTISAN FOOD N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )

Year ended 31 August 2021

2. Accounting policies (continued)

Income and expenditure

Income is credited and expenditure is recognised on an accruals basis, with the exception of donation and legacy income. Course fees are credited to income in the period in which the courses are provided. Diploma course income is recognised net of bursaries as these are given to diploma students in the form of a reduction in course fees. Foundation degree income is credited to income over the duration of the course provided. Donation income is recognised when there is entitlement to the funds and receipt is probable.

Gift Aid recovered on donations and bursaries is treated as part of that gift and as an addition to the same fund as the initial donation or bursary unless the donor has specified otherwise.

Donated goods are recognised as donation income when the charity has control over the donated goods and has satisfied any performance related conditions attached to the donation. Income associated with donated goods is measured as the fair value of the goods received.

Donated facilities and services are recognised as donation income once the charity has received the service and has satisfied any performance related conditions attached to the donation. Income associated with donated facilities and services is measured as the amount the charity would pay on the open market for an alternative item that would provide an equivalent benefit.

Allocation of expenses

Charitable expenditure comprises those costs incurred by the charity 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 charity.

Concessionary loans

Concessionary loans received by the charity and falling due for repayment after more than one year are initially recognised as the amounts received with the carrying amount adjusted in subsequent years to reflect repayments and accrued interest, where applicable. Waivers of concessionary loans are recognised as unrestricted donations when the donor releases the obligation on the charity to repay the loan.

Funds

Unrestricted funds represent sums held by the charity for charitable purposes that are not subject to any restrictions as to how the funds can be used.

Restricted funds represent sums given to the charity subject to restrictions as to how the funds can be used.

Going concern

The Trustees have assessed the charity’s ability to continue as a going concern for at least 12 months from the date these accounts were approved. They have concluded that the charity has the ability to continue and as such the accounts are prepared on a going concern basis. This conclusion is based on available resources and committed future donations. The Trustees have made plans to deal with the current situation as much as it is possible, as summarised in the Trustees Report, and believe the charity has sufficient cash resources to meet all its liabilities falling due within 12 months of the date these accounts were approved.

20

THE SCHOOL OF ARTISAN FOOD N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )

Year ended 31 August 2021

3. Prior period financial activities by fund

(As restated) (As restated)
General fund Restricted Bursary fund Total
(unrestricted) donations (restricted) 2020
£ £ £ £
Income:
Donations and legacies
Donations 3,210,682 332,017 13,900 3,556,599
Grants 112,057 - - 112,057
Income from charitable activities
Short courses 223,115 - - 223,115
Diploma courses 156,919 - - 156,919
Foundation degree course 116,250 - - 116,250
Catering 8,598 - - 8,598
Other income
Miscellaneous income 23,202 - - 23,202
Profit on disposal of fixed asset 5,833 - - 5,833
Bank interest 248
 -
 -
 248
Total income 3,856,904 332,017 13,900 4,202,821
Expenditure:
Expenditure on charitable activities (1,205,586)
 (9,340)
 -
 (1,214,926)
Net income and net movement
in funds for the year 2,651,318 322,677 13,900 2,987,895
Transfer to general fund 303,704 (289,804) (13,900) -
Reconciliation of funds:
Total funds brought forward
at 1 September 2019 (as restated) (2,952,396)
 16,225
 -
 (2,936,171)
Total funds carried forward
at 31 August 2020 (as restated) 2,626
 49,098
 -
 51,724

21

THE SCHOOL OF ARTISAN FOOD N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )

Year ended 31 August 2021

4.
Donations and grants
Unrestricted donations
Over £10,000
Under £10,000
Total unrestricted donations
Restricted donations
Barbara Curtis Legacy
LEADER
Goldman Sachs
Tarmac
Under £10,000
Total restricted donations
Grants
Release of fixed asset grant
Furlough claims
Total unrestricted donations
Total donations and grant		 Loan
waiver
£
250,000
-

250,000
 Donated
goods and
Cash
facilities
donations
£
£
142,378
25,000
1,562
4


143,940
25,004


Restricted
Bursary
donations
fund
£
£
207,121
50,770
-
-
-
-
10,692
-
5,200
-


223,013
50,770

 Total
2021
£
417,378
1,566

418,944

Total
2021
£
257,891
-
-
10,692
5,200

273,783

2021
£
34,036
27,812

61,848

754,575
 Total
2020
£
3,194,622
16,060

3,210,682

Total
2020
£
208,779
92,225
38,213
-
6,700

345,917

2020
£
34,036
78,021

112,057

3,668,656

Bursaries are provided to subsidise the costs of the diploma courses for a select number of students each year. In 2021 the number of students benefitting from a bursary was 7 (2020 - 2). The bursaries provided to students in 2021 totalled £61,037 (2020 - £18,900). Of this, £50,770 can be seen in the accounts as a transfer from the restricted bursary fund to the general fund. The remaining £10,267 is provided by the general fund.

Donation income includes £1,562 (2020 - £16,298) in relation to donated goods in the form of plant and equipment. There are no unfulfilled conditions attached to the resources donated.

Donation income includes £142,378 (2020 - £98,024) in relation to donated facilities and services in the form of the use of offices and premises (see note 9). There are no unfulfilled conditions attached to the services donated.

5. Diploma courses

Diploma course income consists of:

Gross tuition fees
Student accommodation
Less: total bursaries		 2021
£
251,360
41,608
(61,037)

231,931
 2020
£
145,685
30,134
(18,900)

156,919

22

THE SCHOOL OF ARTISAN FOOD N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )

Year ended 31 August 2021

6. Resources expended

Charitable
Charitable
Charitable
Basis of
activities
activities
activities
allocation
(unrestricted)
(restricted) (governance)
Costs directly allocated to activities
£
£
£
Short course consumables
Direct
96,342
-
-
Diploma course consumables
Direct
126,838
1,011
-
Foundation degree course consumables
Direct
91,180
-
-
Accommodation costs
Direct
57,924
-
-
Catering costs
Direct
9,839
-
-
Support costs allocated to activities
Accountancy fees
Direct
-
-
4,883
Audit fees
Direct
-
-
19,200
Staff costs
Staff time
299,563
-
-
Staff training
Staff time
889
-
-
Premises
Floor area
254,730
-
-
Marketing
Usage
20,492
-
-
Travel and subsistence
Usage
377
-
-
Legal and professional
Usage
12,669
5,200
-
Depreciation
Usage
90,565
-
-
Bank charges
Transactions
10,707
-
-
Office costs
Staff time
29,742
26,950
-
Bad debt write off
Direct
28,257
-
-
Irrecoverable VAT
Direct
65,539
-
-



1,195,653
33,161
24,083


 (As restated)
2021
2020
Total
Total
£
£
96,342
107,689
127,849
146,429
91,180
39,869
57,924
30,814
9,839
38,735
4,883
3,307
19,200
12,000
299,563
339,220
889
1,045
254,730
178,505
20,492
28,674
377
6,382
17,869
32,003
90,565
76,214
10,707
9,424
56,692
36,733
28,257
79,575
65,539
48,308


1,252,897
1,214,926

 (As restated)
2021
2020
Total
Total
£
£
96,342
107,689
127,849
146,429
91,180
39,869
57,924
30,814
9,839
38,735
4,883
3,307
19,200
12,000
299,563
339,220
889
1,045
254,730
178,505
20,492
28,674
377
6,382
17,869
32,003
90,565
76,214
10,707
9,424
56,692
36,733
28,257
79,575
65,539
48,308


1,252,897
1,214,926
1,214,926

23

THE SCHOOL OF ARTISAN FOOD N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )

Year ended 31 August 2021

7.
Net incoming resources for the year
This is stated after charging:
Depreciation
Auditors’ remuneration		 2021
£
90,565
19,200
 2020
£
76,214
12,000
8.
Staff costs and remuneration of key management personnel
Salaries and wages
Social security costs
Other pension costs
Total		 2021
£
333,918
24,702
8,210

366,830
 2020
£
422,372
29,546
11,179

463,097

The Trustees consider the key management personnel to comprise the Trustees and the Senior Leadership team. The total employment benefits including employer pension contributions of the Senior Leadership team were £127,755 (2020 - £204,223).

There were no employees whose total employee benefits for the reporting period exceeded £60,000.

The average number of employees during the year on the basis of full time equivalents was 10 (2020 - 14).

9. Trustee remuneration and related party transactions

During the year the following transactions took place with Trustees:-

Trustee Alison Swan Parente made donations to the charity totalling £5,200 (2020 - £nil) during the year and the charity made sales of £nil (2020 - £820) to her. At the balance sheet date, the total amount due from Alison Swan Parente was £120 (2020 - £nil).

Trustees were reimbursed £nil (2020 – two trustees reimbursed £2,034) during the year in respect of travel expenses incurred.

No Trustees received any remuneration during the year (2020 – no Trustees).

During the year the following transactions took place with entities related to Trustees:-

The Welbeck Estates Company Limited

(Trustee Alison Swan Parente is the wife of William Parente who is a director of the above-named company).

The charity paid rent to the company of £17,898 during the year (2020 – £10,761). The company provided IT, management and property repair services to the charity of £65,751 (2020 - £50,929). The charity made sales to this company of £78 (2020 - £2,802) in the year. During the year the deemed donation relating to the rent-free period on the charity’s premises totalled £142,378 (2020 - £98,024).

The company previously provided funding by way of a loan. The loan was unsecured, interest free and due to be repaid on 30 September 2021. On 23 February 2021, the Welbeck Estates Company Limited agreed to waive the remaining £250,000 owed by the charity. At the balance sheet date, the total amount due to The Welbeck Estates Company Limited was £15,547 (2020 - £253,213).

(continued)

24

THE SCHOOL OF ARTISAN FOOD N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )

Year ended 31 August 2021

9. Trustee remuneration and related party transactions (continued)

The Welbeck Bakehouse Limited

(Trustee Alison Swan Parente is a director and the controlling shareholder of The Welbeck Bakehouse Limited.)

The charity purchased goods from this company of £996 (2020 – £149). The charity made sales to this company of £1,553 (2020 - £nil) in the year. The charity recharged IT, pension, utility and staff costs to this company of £24,812 (2020 - £25,688). At the balance sheet date, the total amount due from The Welbeck Bakehouse Limited was £5,784 (2020 - £5,640).

Bolsover Properties Limited

(Trustee Alison Swan Parente is the wife of William Parente who is a director of the company. Trustee Daisy Parente is also a director of the company.)

Bolsover Properties Limited made donations of £nil in the year (2020 - £100,000) to the charity.

Other entities based at Welbeck

The charity made sales of £nil (2020 - £915) and purchases of £1,137 (2020 - £2,045) to/from entities based on the Welbeck Estate. The amount due to these entities at the year-end was £70 (2020 - £nil).

Woodhall Planning & Conservation Limited

(Trustee Susan Amaku is a director of Woodhall Planning & Conservation Limited).

The charity paid £nil (2020 - £16,218) to Woodhall Planning & Conservation Limited for services associated with the development of the Barbara Curtis Training Room. At the balance sheet date, the total amount due to Woodhall Planning & Conservation Limited was £nil (2020 - £nil). Susan Amaku and Woodhall Planning & Conservation Ltd are experts in the conservation and restoration of historic buildings. The services were engaged on terms more favourable to the charity than were available from other commercial providers and, given Susan’s involvement in previous development at the School, the trustees were comfortable that the engagement of Woodhall Planning & Conservation Limited represented best value for money. Susan Amaku did not take part in any discussion associated with the decision to engage Woodhall Planning & Conservation Limited.

10. Taxation

The School of Artisan Food is exempt from tax on income and gains falling within section 11 of the Corporation Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent these are applied to charitable objects. No tax charges have arisen in the charity.

25

THE SCHOOL OF ARTISAN FOOD N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )

Year ended 31 August 2021

11. Fixed assets

Short
leasehold
Fixtures
property
Plant and
Office
and
improvements equipment equipment
fittings
£
£
£
£
Cost
Brought forward (as restated)
1,535,965
382,652
55,346
99,231
Additions
49,198
21,255
4,030
749
Disposals
(2,406)
-
-
-




At 31 August 2021
1,582,757
403,907
59,376
99,980




Depreciation
Brought forward
778,102
324,240
54,000
96,992
Charge for the year
62,088
25,011
1,535
1,931




At 31 August 2021
840,190
349,251
55,535
98,923




Net book value
At 31 August 2021
742,567
54,656
3,841
1,057




At 31 August 2020 (as restated)
757,863
58,412
1,346
2,239



 Total
£
2,073,194
75,232
(2,406)

2,146,020

1,253,334
90,565

1,343,899

802,121

819,860

12. Debtors: amounts falling due within one year

Trade debtors
Other debtors
Prepayments		 (As
2021
£
-
13,369
22,021

35,390
 restated)
2020
£
4,142
12,398
123,290

139,830
 restated)
2020
£
4,142
12,398
123,290

139,830
13.
Creditors: amounts falling due within one year
Trade creditors
Accruals and other creditors
Other taxes including Social Security
Deferred income		 2021
£
84,394
83,481
24,951
172,093

364,919
2020
£
136,853
92,786
34,610
177,976

442,225

26

THE SCHOOL OF ARTISAN FOOD N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )

Year ended 31 August 2021

14.
Creditors: amounts falling due after one year
Other creditors
Deferred income		 2021
£
-
398,188

398,188
 2020
£
250,000
431,591

681,591

Other creditors include £nil (2020 - £250,000) owed to The Welbeck Estates Company. During the year the remaining £250,000 was waived. See note 9 for the terms of this loan.

15.
Reconciliation of net income to net cash flow
from operating activities

Note
Net income for the reporting period
Adjustments for:
Amortisation
Depreciation
11
Profit on sale of fixed assets
Non cash rent expense
Decrease in debtors
(Decrease)/increase in creditors
Release of fixed asset grant
4
Donated goods and facilities
4
Accrued PPE additions
Loan waiver
4
Bank interest receivable
Net cash from operating activities		 (As restated)
2021
2020
£
£
213,572
2,987,895
34,036
34,036
90,565
76,214
2,406
(5,833)
142,378
98,024
104,440
25,092
(110,709)
83,778
(34,036)
(34,036)
(143,940)
(114,322)
-
(58,701)
(250,000) (2,950,000)
(96)
(248)


48,616
141,899

16. Analysis of changes in net debt

At
1 September
2020
£
Cash and cash equivalents
Cash
215,850

215,850
Borrowings
Debt due within one year
(3,213)
Debt due after more than one year
(250,000)

(253,213)

Total net debt
(37,363)
 At
Cash
Non-cash 31 August
flows
changes
2021
£
£
£
(24,958)
-
190,892



(24,958)
-
190,892
(12,602)
-
(15,815)
-
250,000
-



(12,602)
250,000
(15,815)



(37,560)
250,000
175,077

27

THE SCHOOL OF ARTISAN FOOD N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )

Year ended 31 August 2021

17.
Analysis of net assets between funds
Tangible fixed assets
Current assets
Current liabilities
Long term liabilities
Net assets at 31 August 2021		 General
Restricted
fund
funds
£
£
802,121
-
104,696
121,586
(364,919)
-
(398,188)
-


143,710
121,586

 Total
£
802,121
226,282
(364,919)
(398,188)

265,296

18. Movement of funds

(As restated)
At
1 September
Incoming
Outgoing
2020
resources
resources
Restricted funds
£
£
Donations
49,098
223,013
(33,161)
Bursary fund
-
50,770
-



Total restricted
49,098
273,783
(33,161)
Unrestricted funds
General fund
2,626
1,192,686
(1,219,736)



Total funds
51,724
1,466,469
(1,252,897)
 Transfers
£
(117,364)
(50,770)

(168,134)
168,134

-		 At
31 August
2021
£
121,586
-

121,586
143,710

265,296

28

THE SCHOOL OF ARTISAN FOOD N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )

Year ended 31 August 2021

19. Financial assets and liabilities

The charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. These are initially recognised at transaction value and subsequently measured at their amortised cost.

Financial assets
Trade debtors
Other debtors
Financial liabilities
Trade creditors
Other creditors
Accruals		 2021
£
-
13,369

13,369

2021
£
84,394
-
83,481

167,875
 2020
£
4,142
12,398

16,540

2020
£
136,853
250,000
92,786

479,639

29

THE SCHOOL OF ARTISAN FOOD N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )

Year ended 31 August 2021

20. Prior period adjustments

In prior years, the charity considered the provision of short courses to be a taxable supply at standard rate for the purposes of VAT. This meant that VAT was charged on the sale of these courses and paid to HMRC, and that VAT was reclaimed from HMRC on the basis of partial exemption calculations. However, following correspondence with HMRC, the Trustees now believe that these courses are exempt sources of income for the purposes of VAT and that incorrect amounts of VAT were both paid to and reclaimed from HMRC for a number of years. As a result, the comparative figures have been restated as shown below.

Year ended 31 August 2020 Year ended 31 August 2020 At 1 September 2019 At 1 September 2019
Original As restated Original As restated
£ £ £ £
Income and expenditure account
Surplus on short courses 72,627 115,426
General expenditure (782,747)
(851,390)
Statement of financial activities
Income from charitable activities: Short courses 180,316 223,115
Expenditure on charitable activities (1,146,283)
(1,214,926)
Total funds brought forward at 1 September 2019 (3,016,971)
(2,936,171)		 (2,735,759) (2,694,386)
Total funds carried forward at 31 August 2020 (3,232)
51,724		 (3,016,971) (2,936,171)
Balance sheet
Fixed assets: Tangible assets 764,904 819,860 498,619 499,167
Current assets: Debtors 139,830 139,830 84,783 126,156
Accumulated (deficit)/surplus:
Unrestricted funds: General fund (52,330)
2,626		 (3,033,196) (2,991,823)

30