Charlty R¢glstration No. 1140525 Comp•ny Re9istration No. 117371445 (England and Walosl ARTS AT THE OLD FIRE STATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 ARTS AT THE OLD FIRE STATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees J A Baldwin C Boon Dr A Fairweather-Tall G B J Gadney VJ R Graham L Herman WLWWMangua T D Rossington B R Theakslon K Valkeinen J Vandethyde (Apwnted 14 Septernber 20211 IAppointed 14 September 20211 Secretary R K Vallins Charity numb•r 1140525 Company number 07371445 Registered office 40 George Street Oxford OX12AQ Independent examiner RJ'ch8rdsons 30 Upper High Street Thame Oxfordshirè Oxg 3EZ ARTS AT THE OLD FIRE STATION CONTENTS Trustees. report Independent examinerfs report Statement of finanrial ath"vities 10 Balance sheet 11 Notes to Ihe financial statements 12-21 ARTS AT THE OLD FIRE STATION TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2021 The Truslees. who are also director5 01 the charity for the purposes of the Companies Act 2006, present their report with the financial stalements for the year ended 30 S8Ptèmber 2021. The accounts have been prepared in accordance with the acC￿￿ting potiues set out in note 1 lo the accounts and compty with the charitable companys Memorandum and Artides of Asso¢i3tion. ihe Companies Act 2006 and "Accounling and Reporting by Charities.. Statement of Recommended Practice applicable to tharities preparing Iheir accounts in accordance wth the Finanual Reporttng Standard applicable in the UK and Republic of Ireland IFRS 1021 las amended for accounbng periC￿S commencing from 1 January 20161 Objectives and activities The Objects of the Charty arè, for the public benefrt. to advxneè education in the arts in Oxford by the provision and management of an arts facility calw the Old Fire Stabon. Over the past year, we have reviewed the aiTns of the (YJmpa￿y. wrthin the ¢¢￿text of these purposes. Our mission is closely alt9ned to Arts C¢JJncil England's Let's Create Strategy. Oxford City Council's Corporate Priorities for the Cty and the 5trategie5 of the national Foundats'ons that support us. The Old Fire Station is a centre for creab.wty in Oxford housing two organisations". the homeless￿sS charity Crisis and Arts al the Old Fire stsb.on IAOFSI- Wè Sha￿ our building. AOFS encourages people from all backgrounds to understand and shape the world in whith we live Ihrough Stories, Creativity and ihe arts, and by conneGbng with others. ART IS FOR EVERYONE. EVERYONE HAS POTENTIAL. Produce and present across art fornis We want our reputation to be good qL131ity arL in person and online, which is aimed at adults, takes a risk, asks questions and entertain5. We want our audiences to have fun and be open to new ideas and different people. Help people to bè creatlvè We want people to be able to write, sing, draw. dewse. design. perforrn. move. make. imagine, play and create - physically and online ndividually other5 anij to a high standard. creats.vity includes artisii practice but also extends to technology and scienc£ and imaginative thinkn'ng. We want people to tell their own stori85 using the mediuvn that works best for Ihem. Support artists We want eady to mid-cAreer artists from all disryplines to have access lo the advice, networks and promolion they ngod to develop their pracbce as creatives and as facilitstors ol other people's ueativily. Include peopl• fa¢ing tough times because of disadvantage We share our buildin9 Wlth the homelessness tharity, Crisis. Through this partnership, we offer people who are homeless space to define themselves and choose their own labels by induding them in the running of the cent￿. We a150 seek to include others who arè socially isolated and dis3dv3ntaged_ We do not focus on homelessness. We focus on what people who face disadvantage can offer. Work with communities across Oxford With Crisi5, we offer a public space which is shared by very differtrnt people and helps to break Ibwn barriers and promote solidarity In Oxford. We also Work through parther5hips beyond our building wth different communitie5 around Oxford. ARTS AT THE OLD FIRE STATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 Wh Face th• Climate Emerg•ncy This me8ns wortoing wth others to educate ourselves about the emergency. tske practical steps lo reduc6 carbon emissions. use our creativity to help our communty face the thallengÈs ahead. Unlearn Discrimination This rne8ns working Wth others to educate oursefves about racism and other forms ol discrimination in ￿￿ural organisations (esperAally with regards to disability and dass), take practscal sleps to become MO￿ representsD"ve of diverse cotnmunTb'es. use our Greativily io explore diverse cullure and thallenge wJnorance or abuse. Be human frl•ndly This means working with others to educate oursefves about healthy organisational ojlture and deasion making take practical steps to develop honest supportwe relationships wthin our team, with our vojunleers, our partners and funders and with public use our ueativily to promote services founded on good quality relationships and leaming. 11 also means having funl Experiment and Llsten To make g￿8t art and to achievè change we have to experiment and play. This means taking risks, being prepa￿ to lail and being able to adapt and re$pond. It also means listening carefully lo those whom we work. reflecting deeply on what we do and how we ¢Jo it. and measuring impact pnmarily through sttyelling. Bulld financlal reslllence This means ensuring that we are here for the knng temi by diver5ifw.ng income stsams, securing core and project funding, developing the business, minimising expenditure whilst delivering our mission and maintaining approp￿81& levels of reserves. It also mÈ8ns ensuring that those we work Irè propety paid to h61p them becorne finanually resilient. W8 do all thi5 by focussing on-. good quality relationships listening and leaming encouraging creatiwty and risk-tsking offering a public space which 15 welcoming to all working collaboratively online. outside and elsewhere Oxford 15 globally renowned for stunning heritage and wlstarKling research. Oxford is aLs0 a place of di58dvantsge and Inequalrty. Oxford needs the Old Fire stab.on be￿￿se it is at￿?￿ openness, inclu*on. kthing forward and dNTerent thinkirvJ. The Old Fire Station acts as a bridge belween sectors. organisab.ons and people. When we opened the newly reluthshed Old Fire Ststion on Sth November 2011, OLtr total unrestricted funds were £27,334 and we had 3 employees. Ten years later we have totsl funds of £311.200 and 31 employees. This is significant growth. ARTS AT THE OLD FIRE STATION TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 A perforniing arts programm8 of thealre. music. dance. spoken word and comedy presented mainly in the Theatre but also in olher spaces wthin and wthout the building and online. Events are programmed cn a hire basis or on varying agreernents around lees. guarantees and box offi¢e splits. Work ranges from some of the best UK profèssional small-scale toUr￿ng, lo IOCAI semi-pfofessional and amaleur work. We also produce work and present regular Scratch nights and ne￿OrkIng opportun￿"eS for artists. Most events have an associated A visual arts programmè p￿sented mainty in ¢)ur Iwo Gallgries but a150 in other spaces (such as ihe Café, Ladder Gallery, online and outside). Exhibrtj'ons usually run for six weeks and have an associated séries of workshops for the public. The work ranges from earfy e4reer to establishèd artists, and includes work by professionals. students and wple facing tough times. Some attract hire income or grants. Some exlybitions include work for sale. A new walk4n spaeé replaang our s￿P to s*Jpport r￿re interac￿On wth community groups oppx)rtunilies for creatlve workshops. A range of bespoke offers to ¥upport artlsts w¢ih their creative. technical, marketing. fundraising. ne￿O￿(ing and busingss development needs. Spaces for hire ranging from regular weekty dan￿ dasses to perforniances. workshops. training. events, meetings, conferences and parties. Facilitation, consultancy, training and technical services are offered on a paid for basis OT as part of partnèrship arrangements. Self*roduced work. u5ualW 5UPPOrted by project fvnding, includes creative projects with peopl8 who alè facing tough times le.g. Hidden Spire. ICONI and new work le.g. Christmas shows). Major events such as Marmalade la soaal innovabon festival as a fringe to the Skoll Wodd Feruml and Offbeat la perfom)ing arts festival in partnership with oxfo￿ PLqyhouse}. Ongoing work wsth Crisis to enable people who are homeles5 to participate induding: Free tickets to see shows. A training schem* to gain transfeTable Skills in areas stjch as ¢xJstomer service, technical support, allministration. marketing. fundraising. finance, event organ15atson. ￿SU81 arts curation and stage management. Volunteering oppcKiunitres (mainly as Front of House ushersl. Creative opportunrties to Co-create work to a high standard to present in our theatre, gallery or elsewhere In the building Involvernenl in organisabonal deasions induding programming. recruitment, advocow and govemance. Storytelling projects which enable Individuals to describe what charrfjè has happened for them and how and then partiGipalive interpreiation of those stories lo assisi leaming and evaluation of impacl. Faciliiation of widar debate aboLrt systems change and placemaking through close working with our lunders and partner5. ARTS AT THE OLD FIRE STATION TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 Achievements and perforniance 11 has been an unusual year due to thè Cowil 19 pandemic. We conbnued lo prowde a series of online offers and then re-opened the buildin9 in June 2021. stand out moments over the year were.. Off-Piste festival of live shows (￿lIne at Chrisbnas Offbeat performing arts fesb"val- in partnership with Oxford Playhouse Photo Oxford exhibition proiected onto our buildiTh3 Oxford's Light Festival Hidden Spire - a thèatri(21 ¢0-creatk)n beiween Crisis eli8nts. members of the wider ¢ommunity and professional theatre makers A new film commissioned to ht9hlight Oxford Together- the mutual asd rk5ponse to Covid Lights Up- commisstoned new on4ine work by ltral artists Marmalade- our annual festsval of social innovatic We have fjlosed our shop and created a walk-in spa(* to support work with community groups and opportunities for creative w(¥kshops. We have taken over the management of the 01(J Fire Ststion ￿fe and entered a p8ther5hip wth Damascus Rose Kilchgn- an earty start-up of Syrtan refugee women making fo)d for our customers. We have continued to devel¢w our storytèlling work- $uppryb"ng partneF5 acw$s Ihe tjty and beyond to use stories as a means lo evaluate impact. We joined with cultural partners across the ctty to explore ways of ensuring poople from ttle global majority who experience racism can be better ￿presented in our organisatKJns at all levels. We also helped cxèate a Green Arts Charter for the county and are wcffking in partnership to inuease environfflental responsibility. We continue to Iwk for ways for Crisis dients and others faung tcwjgh times to b8 part of the running of the arts centre though Ihis has been hampered by the pandemic. We Cc￿lInUe lo adwt the Oxford Living Wage a5 a minimum for all em￿oYeeS (applicable at the point in the year when salaries are reviewed). ARTS AT THE OLD FIRE STATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) ICONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 Looking forward Our pnority over the coming year wll be to ensu￿ the heatth and wellbeing of Staff and those we wo with and to rebuild our wre piogramme of activities in the building induding a newly Commissioned play by Mike 8artlett. In addition. we wll focus on the followng key areas of developmenl.. Making a bigger contributs.on to facing the dirvTrate emergency by reduung carbon emission5 and waste in the building and by encouraging debate. Development of a Iruly antsrfacist organisation a more diverse staff and volunteer team so that it belter reflects the wider cornmunity. Developing storytelling pro'ècls ￿th partners and offèring training and (￿SU￿ncY services Developing our skills and capacity to offer creats.ve opportLtnities and experiences online Working with community-based organisatsons to support (xeatiwty Development of Mamialade as a year-round plarfom for debate aiK)ut rna￿.ng Oxford a better pla￿- making a significant (x)ntributson to u)mmunity development and soual inclusion. Close working with local and national parlners to share ￿arnIng and improve pra¢U¢e in ¢￿8￿ng services ft)cussed on people rather than processes. A sixth Offbeat festival with gTowng audience5 An exhibition based on the Hidden Spire project wth high levels of engagement from Crisis clients. More engagement by Cnsis clients and others facing tough ts.mes as audience. voluntèèrs, trainéés and artists. A bigger presence in Gloucester Green lat the back of the Old Fire Station)- increasin9 a¢¢ess to art and Gulture and creating a destinats'on in Oxford. Improved signage around the building and a wami welcome lor the publi Better exiemal commijnirations so thal we are better Unders10￿ by the wider public. Growing support from donors. Securing and deepening partnerships. Flnanclal rèview In accordance wth the chartys Memorandum and Arb"des of Asso(iabon. all surplus8s are applied solely Iow8rd5 Ihe promotion of actIv￿e5 of the tharty. Turnover in the year was £760.821- less than Ihe pre￿Ou$ year1£851,8291. There w85 a small loss in year of £8,136 which results in a balance on unresiricted funds at the end ol the year of £311,200- 8 decrease on the previous year 1£319,3361. Trusteès had planned for a MO￿ significant 105s and regard these results as reasonable given the external environment. Rese¥ves remain on target. Several major national Fouftdations conlinue to support the charity induding Lankelly Chase Foundation, National Lottery Community Fund, Rothschild Foundation. Esméè Fairbaim Foundation and Lloyds Bank Foundation. Oxford Cr(y CouncAI has also conD"nue(I to support the Charity wth lunding and iTrkind contributions. Arts Council England IACEI has supwrted the Hidden Spire project Olfbeat festival. Skoll Foundation and Eswnée Fairbaim FtyJnd8tson continue to support Mannalade. A5 a result of the Covid Pandemic. Ihe charity Teceiveil further significani additional emergency funding from the Governments Cutture Recovery Fund (via Arts Council England), th8 Govemment's Job Retention Scheme and Oxford City Counol's Additi[￿81 Restrictions Fund. The Bounceback loan was repaid in full during the year. All of this support has helped tnitigate significanl losses in commercial income. During the la51 quarter of the year, cornmerci818ctivity re-started slowly. This induded the opening of a new café. As a start-up, Trustees Tecognise that the café will need some time lo eS￿blIsh riseif 8n¢J plan for it to break even by the end of year three of operats'ons. The charity has invested in an office move to improve wodvering unexpected expenditu￿ and funding known project deficAts where Trustees have identified a project 83 key to tharilable objetttives. The Tfuslees have considered the minimurn level of free feserves that are suffiaent to SUPFth the charivs operations. Relevant factOf5 indude projected financaal performance induding ￿5h flow requirements, the exient to which multi-year grant payments received relate to subsequent years, expenditure and an assessment of the risks lo the charrtls incomè streams. In addition, the Trustees have noted that Il Is now len years snce the Old Fire Station, 2 19th century Gothi¢ building, was fefurbi$hed. Significant expenditure 1£88,6351 was required to repair roof damage and deteriryating building fabric in 2018. That investn*nt alongside an improved regime of repair5 and maintenance each year means that Trustees do not anticipate a similar one-off cost. However, ihey have decaded to irtcrease the desi9nated reserve for futu￿ expenditure o major repairs from £30,000 to £40.OW wrth a t8ryet of reaching £50,000 over the coming period. Given the level of uncertainty generated by the Cowd pandemic and the growing ambition of Ihe organisalion, Trustees have considered Ihe financial liatmlities assouated wth the Risk Register, the short-terni risks lo income. and the running costs of the organisation for 3 months. Followng this review. the Tnjstees have dotefmined that the required level of lotsl resetves (free and designated) is a minimum of £260,000. At September 2021. the tharity's total hjnds Ireserves plus fixed assetsl were £311.200 and tts total r8S8rves Ifree and designated) were higher than the target at £265.175. Trustees exK*¢t to invest in the dèvèk)pment of the work of the organisakn'on over the coming ye8r. The reserve5 requirement afld undedying factor5 are (x)n5idered annualty.and the minimum reserves requirement is, therefore. expected to change over b"me. The Trustees plan to continue to focus on seeking extemal funding for core costs. in parb"¢ular muKi-year awards from signfficant Ivnders. In addition, income frorn individual donors, aFtistic productions and commwual activty wll be further developed (subject to govemment ¥estrictions assouated wrth the pandemic)￿lIst maintaining light control over expenditure. ARTS AT THE OLD FIRE STATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 Rl$k The Trustees have given consideration to the major risks to which the charity is exposèd and satisfied themselves that systems or procedures are established In order to manage those risks. No system of inlem81 wntrol can give absolute assurance against material misstat8ment or loss. However. Arts at the Old Fire Station believes ihat It has appropriate procedures and contro15 to adequately mib'gale ag8inst risks to which it is exposed. Systems indude.. plans and budge15 which are approved by the Trustees regular consideration by the Trustees of monthly managemenl acc¢wnts, vanance from budgets. non- financial perforrnance indicalof5 and benGhmarking reviews in depth review of financial perfom)ance and risk by the Finance and ALtdit Committ regular review of safeguarding policy and pradi close collaboralion with Ihe13ndlortJ and head tenant ￿ardIng building maintenance. safety and security identificatK)n and management of risks. The charity's approach to risk management includes the rdting of identrfied risks according to the likelihood and impact of the risk occurring. mitigats.ng controls have been identified and, where further action is required, deadlines and responsibilitses assigned. Those actiwD"es wth higher risk ratings are prioritised. The risk register is reviewed at least annually by the Board of Trusteès and more frequenuy during the Covid crisis. New iisk5 have been adde(t to the register in the light of this crisis. The main risks faryng Arts al the Old Fire Station have been identrfied as". ongoing business interruption due to government restriction3 health and safety of staff and others due to Covid failure to Fneet fundraising ￿ business income targets serious building maltunction loss of key staff Structure, govÈm4nGe and management Status Arts 21 the Old Fire Statson is a registered charity Ino. 114052518nd a c(xnpany limited by guarant8e Ino. 73714451 with its own constitution- the'memorandum and Arbcks ofAssociation'. The TTUStees ofArts at the Old Fire Station are responsible for overseeing the management and admtr115tration of the charity and have u￿lMate resrKJnsibility for the th3rtVs acliwlies. The Trustees are also the Directors of the cornpany. The irustees, who are also the directors for Ihe PLtrpose of company law, and vtho seNed during the ytsar and up to the date of s￿nal￿￿ of the finanual statements were: J A B8ldwin C Boon DT A Fairweaiher-Tall J Foster G B J Gadney V J R Graham L Hemian WLWWMangua M Ounsley T D Rossi￿gtOn B R Theakston K Valkeinen J Vanderhyde Dr C J Wright Resigned 1 June 2021 Appointed 14 September 2021 Resigned 1 June 2021 Appointed 14 September 2021 Resigned as VICA Chair and Treasurer April 2021 ARTS AT THE OLD FIRE STATION TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) ICONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 Dirgctors Arts at the Old Fire Station IAOFSI has a Board of Truslees on which there can l)e a minimurn ofthree 8nd a maximum of twelve Trustees. They ar8 appointed on the basis of ihe experbse and experience that they can bring to the running and developmenl of Ihe company. New Trnstees are identified through both professional and other contacts and by advertisement. Each year one third of Trustees retsre by rotstion {those longest semngl bul each is able to pul themselves forward for re-elects.on rf they ￿Sh. In addition, Paula Redway, Cultural and Community Dèvelopment Manager at Oxford City coun￿1, attends most me8ting5 as an observer. Christophar Wright has resigned as a Trustee but continues to attend as an obsètver. Bèa ThÈakston, a Manager at Crisis. has joined the Board in a ￿O￿al c2paiity. A(FS is a sub-tenant of Crisis in Oxford. No rental costs were charged as the costs are covered by a grant from Oxford City Council to Crisis. Crisis and AOFS provide seryices to eath other on a fvll cost recovery basis. li is the intention of the Board to re¢Juit mcKe Trustees from divelse bad(ground4. Structure The Board of Trustees mel four times during the year. Day-tr￿daY resrK)nsibility ts delegated to paid staff wth support from sub committees of the Board which indude Co￿pted members. These suWTOUPS are Finance and Audit Committee. F¢Jndraising Committee. Equtty Equaltty Diversity and Intlusion Commilteè, and Creativity and Cornms Ccffimittee. Strategicjpolicy de(isions are tsken by the Board. The Executive Director is Jeremy Spafford, and the Deputy Directof is Rebecca Vallins. A new Sentor Management Team is bein9 created to indude Heads of Devek)pmenUFundraising, IndusionLearning, Cre8tivtylCommunieaiions, ResourceslOpeTations and Cmmer(x81 DevelopmenUAdministr8ti0n. The Irustees. report was approved by the Boar(l of Trustees. T D R05sington TTUStee ARTS AT THE OLD FIRE STATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ARTS AT THE OLD FIRE STATION I report to the trustees on my examinab.on of the finanoal 5tatemenls of Arts at the Old Fire stats.on (the charitablè company) for the year $nded 30 Seplember 2021. Responsibilities and basis of report As the tnJstee5 of the charitable company land also ils d1￿CtOrS for the purrws of company lawl you are responsible for the preparalion of the finanual statemenls in accordance the requirements of the Companies Act 2006 Ilhe 2006 Act). Having satisfied mysew that the finanaal statements of the tharitsble company are not required to be audited under Part 16 of the 2006 Act and are eligible lor independenl examinab'on. I feport in respe¢i of my examinabon of the charilable tt>mp8ny's finanaal statements carried out under sectK)n 145 of the Charities Act 2011 (the 2011 Acll. In carrying out my examination I have followed all the applicable th￿CtiOnS given by the Charity Commission under section 14515Xbl of th8 2011 ACL Independent •xaminges statement Since the charitsbl8 company's gross income exceeded £250.000 your examiner must be a member of a body li51ed in section 145 of the 2011 Act. I confimi thal l am qu8lrfied to undertake the examination because l am a member of the Instrtute of Chartered Ae(xxJntants in Englaftd and Wales. whith is one of the listed boL1ies. I have completed my examination. I confimi thai no matters have come to my attantion in connection with the examinats'on giving me Gause to believe that in any material respect". accounb.ng records were not kept in respect of the tharitsble company as required by section 386 of the 2006 Act", or the financial stalements do not accord with thosè re(xJrds: or the financial stalements do not compty wth the acwunts.ng requirements of section 396 of the 2006 Act other than any réquirement that the accounts give a true and fair view which is not a matter considered as part ol an independent examination; the financial statements have not been prepared in accordance ￿ the methods and principles of the Statement of Re¢omtTrended Practice for ac¢ounting and repo￿n9 by chartbes applic2blè to Charities preparing their accounts in a¢¢ord8nce ￿th the Finanual Reporb'ng Stsndard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other m8tters in connection wth the examination to which attention should be (trawn in this ￿port in order to enable a proper understanding of the financial statements to be reached. JeTnirna King FCA Richardsons 30 Upper High Street Thame Oxfordshire OX9 3EZ Dated.. 8..Mai.fjh 2022 ARTS AT THE OLD FIRE STATION STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2021 Unrestricted Designated Restrlcted funds funds fvnd Total Total 2021 2021 2021 2021 2020 Not•s Donations and legacies Oih8r Irading activities Investments 486,681 57,259 796 216,085 702,766 57.259 796 697,699 153.169 Total incom• 544.736 21fj.085 760,821 851,829 Generating income 50.593 78,784 129,377 107,238 Charitable 8clivibes S02.279 137,301 639.580 572,705 Total resources txpended 552.872 216,085 768.957 679.943 Net {outgolngifincoming resources before transfers (8.136) {8,1361 171,886 Gross tran￿er5 between lunds 110.000) 10.(XK) Not18xpenditureVin¢ome for the yearf Nat mov•m•nt In lund3 {18.136) {8.1361 171,886 Fund balan￿S at 1 October 2020 289.336 319.336 147.450 Fund balan¢o$ at 30 September 2021 271.2(KJ 40.0(X) 311.200 319.336 The statement of finanaal activities indudes all gains and losses recognisèd in the ye8r. All income and expenditure derive frcffi ￿￿tinUing aclivilies. The statement of financial aciNitses also complies wtih the requirements an ycome and expenditure account under the Companies Act 2(￿. 10- ARTS AT THE OLD FIRE STATION BALANCE SHEET AS AT 30 SEPTEMBER 2021 2021 2020 Not•s Fixed assets Tangible assets Current assets Stocks Debtor5 Cash at bank and in hand 10 45,848 24.938 11 12 7.579 37.352 494.448 11.555 72,896 467,148 539.379 557.599 Creditors: amounts falling due within one year 14 1274,0271 1207,2011 Net ujrrent assets 265,352 344,398 Total assets less current liabilities 311.200 369,336 Cr8dttor5- amounts falling due after more than one year 15 {50.0001 N8t assets 311.200 319,336 Ine¢me funds Designated funds Unrestricted fvnds 30,000 289.336 271,200 311,200 319,336 The company is ￿tilled lo the exemption from the au¢Jii reqU1￿ment o)ntained in section 477 of the Companies Acl 2006, for the year ended 30 September 2021. The directors acknowledge their responsibilib.es for complwng with the requirements of Ihe Companies Act 2006 with respect to accounting ¥eGords and the preparation of finan(aal stsiements. The members have not fequired the company to obtain an audtt of its finanual ststernenls for the year in question in accordance with section 476_ These financial statement5 have been prepared in atxor(lance with the provisions applicable to companies subject to the small companies Tegiine. The financial st8tement5 were approved by the Trv5tees on ... . TDRO Trust sin9ton Company Registration No. 07371445 11 ARTS AT THE OLD FIRE STATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 Accounting pollcjes Charlty Information Arts al the Old Fire st8b.on is a private limited by guarantee inwrporaled in England and Wates. The reglstered office is 40 Ge(Mge Street. Oxford. OX1 2AQ. 1.1 Accounting conv•ntlon The accounts have been prepared in accordance wilh the tharitable wmpanls Memorandum of Artides, the Companies Act 2006 and "Ac￿ntIng and Reporb"ng by Charitses.. Statement of Recommended Practice applicable to charities PTeparing their accounts in accordance ￿th the Finanual Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" las amended for accounting periods ommencing from l January 2016). The charitsble wmpany is a Public Benefit Entity 85 defined by FRS 102. The charitable compttny has taken advantage of the provisions in the SORP for tharibes applying FRS 102 Update Bulletsn 1 not to prepare a Statement of Cash Flows. The finan¢ial statements a￿ prepa￿d in sterting. which is the fvnctional currency of the charitable company. Monetary amount5 in these finanaal statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. modified to include the revaluab'on of freehold pro[*￿e$ and lo include investment properties arm* certain financial instruments at tsir v81ue. The prinapal accounting ￿l￿e5 adopted aro set out below. 1.2 Going coneem At the time of approving the finanual slaternents. the tnjslees have a reasonable expectation that the charitable company has adequate iesources to contsnu8 in operational existenix for the foreseeable luture. Thus Ihe tbiJstees conb"nu6 to adopt the going o)ncem basis of a¢u>unting in preparing tho finanry81 statements. 1.3 Charltabl• funds Unrestricted fvjnds a￿ available for LEse ai the dis(xetion of the trustees in furtherance of thwr charitable ct)jectives. De￿gnated fvnds comprise fijnds vthith have been set asth at the discretion (rf th8 tnjslees for specific purposes. Restr¥cteil funds are subjecl to speufic conditions by d￿OrS a$ to how they may be used. The purposes and uses of the restricted ftjnds are set tXJI in the notes to the finanaal slalements. 1.4 Incomlng resour Income is recognised when the charitsble company is legalty entsued to it after any perforn)ance ¢cnditions have been meL the amounts Can be measU￿d reliabty. and 1¢ is prOba￿e thal income will be iec£ived. Cash donations are recognised on receipl. Other donations are recognised On￿ the charit8ble company has been notified of the donation. unless perforniance conditions requir8 deferral of the amounl. Income tax recoverable in rektson to dOna￿onS recewed under Gift or deeds of covenant is rècognised at the time of the donab"tY). Legaues are rec(wJnised on retsipt or otherwse rf the tharttable company has been notrfied of an impending distribution, the amount is known. and receipl is expected. If the amount is not known, the legacy is trealed as a conlingent asset. 12- ARTS AT THE OLD FIRE STATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 Accounting pollcles Icantlnuedl Turnover is rneasufed at Ihe fair value of the consideration re￿iVed or receivable and represents amounts reG8ivable for goods and services prowdeil in the nornial course of business. net of discounts, VAT and other sales related taxes. 1.5 R•sources expended Liabilib'es are rec(NJnised as expenditure as soon as there is legal or ¢onstructive obligation committing the charity to the expenditure. it is probable that a transfer of ecA)nomic benefits will be required in seitlemenl and Ihe amount of the obligation Gan be measU￿d ￿liablY. Expenditure is accounted for on an accruals basis and has been dassified under headings that aggregate all cosl related to the Gharity. Where costs can not be d1￿CtlY attributed to particular heading they have been allocated to 8ctiwties on a bags consistent with the use ol resources. 1.6 Tangibl¢ fixed assets Tangible fixed assets are initsally measured at cost and subsequently measured at cost or valuation. net of depreciation and any impaimient losses. Depreciation is recognised $0 8$ to vnite off the cost or valuation of 8SS8ts kss their residual values over theiT useful lives on the following bases: Leasehold improvements Theatre and shop equipment Fixtures and fitbng5 Cofflputer5 10% straight line basis 33% straight line ba51S 25% straighl line basis 33% straighl line basis The gain or loss arising on the disposal of an asset 15 determined as the drfference between the sale proceeds and the carrying value of the asset. and is recognised in the statement of finanoal acts'vities. 1.7 Impalmient of flxed a$$et$ At ea¢h rewrbng end date. the chantsble company review5 the caryng amounts of its tangible assets to determine wheiher there is any indicatson that those assets have suffered an impaimient loss. If any such ndicaiion exists, Ihe Tecoverable amouni ol the asset is estsmated In order ￿ deiemiine the exteni of the impairment1055 lif any). 1.8 Stocks Stocks are stated at the lower of cost and estimateil selling price less costs to complete and sell. Cost compfises dirèct materials and. where applIca￿e. diTect labour costs and those overheads that have been incurred in bringing the Stocks to their present locab.on and condition. Items helé for distribution at no or nominal C4)nsideration are measured the lower of replacement cost and cost. Net realisable value is the esb"mat8(I selling price less all estimated c4)sts of completion and costs to bè incurred in markeb"ng, selling and distribLsith. 1.9 Cash and cash equivalents Cash and cash equivalents indude cash in hand. deposits held at call banks. other short-term liquid investments wrth original maturib'es of three rnonths or less. and bank overdrafts_ Bank overdrafts are shovm within borr¢)wings in current liabilities. 13- ARTS AT THE OLD FIRE STATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 Accounting pollcie {Continu•dl Basic financial assets Basic finanaal assets, vthith indude debtcws aThJ cash and bank balances. are initially measured at transaction price induding transa¢tii)n costs and are subsequenlly camed at amortised cost usin9 the eff8Ctive interest method unless the arrangement constitules a finanung transaction, where the transaction is measured al the Present value of the f￿Vre T￿lp￿ discounted at a market rdte of int8r8St. Finanual assets dassified as receivable within one year are not amortised. Basic financial liablllties Basic financial liabilities. induding uedit(Ks bank loans are initially re¢ogni5ed at transaction price unless the arrangement consblutes a finanong transaction, where the d&t instrument is measured at the present value of the fjJtUTe payments dis￿Urbted at a market rate of interesL Financial liab'lities dasstfied as payable within one year are not amortised. Debt instruments a￿ subsequently carried 81 amortised cost, using the effectwe interest rate method. Trade C￿ltOrS are oblig8trons to pay fcff grx)ds or semces that have been acquired in the ordinary course of operations from supplier5. Amounts payable are dassified as current fiatslities if payrnent is due within one year or less. If not. they are presente(l as n0n-cu￿ent liabilities. Trade creditors are recognised initially al Iransacb'on price and subsequendy mèasured al amorti5ed cost using the effective interest rnethod. Dèr•eagnition of financial liabilities Financial liabilib.es are derecognised vthen the charilable cc+npan￿S cortractual obligations expire or arè discharged ￿ Can￿lled. 1.10 Taxation The charity is an exempt charity within the meaning of sthedule 3 of the Cl)arib"es Act 2011. 1.11 Employee benefits The G05t of any unused holiday entitlement is recognised in the period ￿ which the en4)loyee's services are received. Termin8tion beneffts are rec(rynised immeiJi8tely as an expense when the charitsble company ss demonstrably committed lo terminate the ￿m￿0Yrna￿t of an ern￿oYee or ID prowde lemiinatlon benefits. 1.12 Retlrement ben¢flts Payments to defined ￿ntrIbUll0n rets"rement benefft stheme5 are tharged as an expense as they fall due. 1.13 Govfrrnm¢nt grants Govemment grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant condilions will be met and the grants wll bg received. A grant that speafies Fknance conditions is re(a)gnise(l in in¢x)me when the pwforn7an￿ conditions a￿ rnet. Where a grant does not speufy perfom)ance conditions it is recognised in income when the proceeds a￿ received or receivab￿. A gianl T￿l¥ed before the recognitson criteria are satssfied Is recognised a5 a liabilty. 14- ARTS AT THE OLD FIRE STATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 Crltl¢al accounting •stimat•s and judgements In the application of the charitable companys accryjnting poliues, the trustees are required to make judgements. estimates and assumptions about the carrwng amount of assets and liabilities that are not readily apparent from other sources. The esb"mates and 8ssoryated assumptions are based on hislorical experience and olher factors that are considered to be relevant. Actual results may drffer from these estimates. The estimates and Underf￿ng assumpb.ons are Tewewed on an ongoir¢g basis. Revision5 to accounting estimates are Tecognised in the period in which the estimate is ￿VISed where the rewsion affeds only that period, or in Ihe period of the revision and luture periods where the remsion affects tr￿th current and fvture periods. Donations and legacles Unre5trithd Restricted funds funds Total Total 2021 2021 2021 2020 Donations and gifts Governments grants (Job Retenlion Stheme) 473,638 13,043 216.085 689,723 13,043 607,215 90,484 486,681 216,085 702,766 697,699 For the year ended 30 September 2020 511,741 185.958 697.699 Donatlons and gifts Arts Council England The National Lottery Cornmvnity Fund Skoll Foundats'on Esm&tr Fairbaim Foundation Lankelly Chase Foundation Rothschild Foundab"on Oxford City Council Lloyds Bank Foundat'on Paul Hamlyn Foundation Julia & Hans Rausing Trust Donations Other 125.923 34.202 100.700 18.494 7.500 6,875 160.125 100.700 18.494 7.500 56,675 57,595 97,756 9,342 75,000 54,394 42,000 33,134 29,611 85,000 50,(#XS 53.134 4,657 33.270 57.791 33,270 157.154 81,507 5,920 157,154 81,507 16,507 79,506 43,877 10.587 473.638 216,085 689,723 607.215 15- ARTS AT THE OLD FIRE STATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 Other trading activit1•$ Unrestrlcted Unrestricted funds funds 2021 2020 Produci Sales Venue and eqvipment hire Consuliancy in¢ome Technical semces rickel sales 21.428 14,566 10.322 780 10.163 62,507 84,748 6,730 1,290 12,1061 Other trading acts"￿ties 57,259 153,169 Inv¢stm*nts Unre5trFCted Unrestn'cted funds funds 2021 2020 lnie￿sE receivable 796 961 Generating income Unrestricted Restricted funds funds Total Unrestricted Restricted fvnds ft￿dS Total 2021 2021 2021 2020 2020 Hospitality Advert15ing 2.215 14.333 2,215 14.333 3,735 3.766 3.735 3.766 Fundraising and publicity 16,548 16.548 7.SJ1 7,501 Cost of Sales 34.045 78.784 112.829 43.477 56.260 99,737 50,593 78.784 129.377 50.978 56,260 107,238 16- ARTS AT THE OLD FIRE STATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 Ch•rltabl¢ a¢llvill¢s 2021 2020 Staff costs Equipment hire Bank charges and loan interest Consultancy, artist and prof8ssional fegs Depreciation Licences and insurance Premises Prints'ng. postage and 5tsbonery Repairs and mainlenance Bookkeeping Telephone and IT expenses Travel and subsistence Subscriptions 485,085 6,576 2,797 8.083 11,693 3.467 5fj.519 2.492 14.599 14,284 24,730 6,585 2.670 466,103 1,492 3,649 6,558 9,910 3,297 33.352 8,675 12,0531 11,985 22,429 2,021 5,287 639.580 572,705 639,580 572.705 Analysls by fund Unrestricted funds Restricted Ivnds 502,279 137,301 443,007 129,698 639.580 572,705 Trustees None of the trustees lor any persons conneded wlh them) received any remuneralion or benefits from the charitable company during the year. for pertorming their duties as Irustees and difectors12020.' £Nill. They are entiued to claim legits.mate expenses incurred on behaw of the charitable company. Trustees, expenses of £93 were paid fty the year ended 30 Septemt)er 2021 12020.. £Nill. 17- ARTS AT THE OLD FIRE STATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 Employ The average monthty number of employees during the year was: 2021 Number 2020 Number Permanent slaff Casual staff 18 19 Total 24 26 Employment Costs 2021 2020 Wages and salaries Social security costs Other wages costs 445,498 35,526 4.061 434.805 29,500 1,798 485.085 466,103 There were no empk)yees whose annual remunerab'on Wds mcKe than £6a.000. 10 Tanglble fixed asstts Lt•s¢h￿ Theave and Ffjxwrns and Compute $hop fftting5 e4UiFwrnnt Totsl Cost At 1 October 2020 Additions Disposals 20.765 4.992 24,910 1,145 (7,0001 20,266 7,077 65,941 39.602 17,0001 26.388 At 30 September 2021 26.388 25,757 19,055 27.343 98,543 Depreciation and impaimient At 1 Octobef 2020 Dgpr8ci3tion charged in the year 10,731 6,889 12,305 1,791 17,967 2,101 41,003 11,692 911 AI 30 September 2021 911 17,620 14,096 20.068 52.695 Carying amount At 30 September 2021 25.477 8.137 4,959 7.275 45,848 At 30 Septernber 2020 10.034 11605 2,299 24.938 18- ARTS AT THE OLD FIRE STATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 11 Stocks 2021 2020 Finished goc¢Js and goods for resale 7,579 11.555 12 Debtors 2021 2020 Amounts falllng du¢ wlthln one y••r. Trade debtcfs other debtors Prepayrnents and accrued income 9.123 6.376 21.853 53,874 7,452 11,570 37,352 72,896 13 Loans and overdrafts 2021 2020 Bank ban5 50,000 Payable after one year 50.OQO 19- ARTS AT THE OLD FIRE STATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 14 Creditors.. amounts falling dtse within one y•ar 2021 2020 Trade ¢￿ditorS Other ￿edItOrS Accruals and defeThed income 42,215 12,046 219,766 16,388 11,091 179,722 274,027 207,201 Included in deferrèd incorne were the folk)w4ng grants: 2021 2020 Crisis Skylight Arts Council England Lankelty Chase Skoll Founcjation Backstage Tnjst Other grants 13.137 51,781 25,000 13,137 72,537 20,676 18,494 46,357 43.553 29,616 179,828 154,460 15 Creditors: amounts falling due after mor• th•n one year 2021 2020 Bank klans 13 50,000 16 Rel1￿MOnt benefit schemes Defined contribution sch•m•s The tharitable company operates 8 define(I contribUb"￿ pension scheme for all qualrfying employees. The assets of the scheme ar8 hgld separatgly from those of the (*aritabl¢ company in an indep8ndenUy adrninistered fvnd. The charge to profil or loss in respect of defined contribution sthèmes was £13,11812020'. £10.8831. -20- ARTS AT THE OLD FIRE STATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 17 Analysis of net assets between lund$ Unrestricted Deslgnatèd Restricted 2021 2021 2021 Total 2021 Totsl 2020 Fund balances at 30 September 2021 are represented by.. Tangible assets Current 8558ts1lliabiliti8s} Long temi1iab*lrties 45.848 225.352 45.848 265,352 24,938 344,398 150.0001 40.¢JJO 271.200 40.￿ 311,200 319,336 18 Related party tr•nsaetions There were no dIsdosab￿ related paty transaclions during the year12020.' none). Remuneration of key management personnel Thè r8munerAtson of key m8nagefflent pèrsonllel 1$ as follows. 2021 2020 Aggregate compensati 47,858 46,539 21