| Page | ||||
|---|---|---|---|---|
| Reference and administrative | details ofthe company, | its Trustees and advisers | ||
| Trustees' report |
2-6 | |||
| Independent auditor's |
report | on the financial statements | 7-10 | |
| Statement offinancial |
activities | |||
| Balance sheet | 12 | |||
| Statement ofcash flows | 13 | |||
| Notes to the financial | statements | 14-31 |
| Trustees | Mr R T A Medwell | |||
|---|---|---|---|---|
| Mr J McGuigan | ||||
| Mrs D Jones | ||||
| Mr G Fisher (resigned 28 September 2021) | ||||
| Mrs C Thompson | ||||
| Dr G Sharp | ||||
| Mrs M Kaur (appointed | 17June 2021) | |||
| Mr SStewart (appointed | 18 May 2021) | |||
| Company | registered | |||
| number | 07409629 | |||
| Charity registered | ||||
| number | 1140913 | |||
| Registered | office | Unit 4, Sandy Lane Business Park | ||
| Daimler Powerhouse | ||||
| Sandy Lane | ||||
| Coventry | ||||
| England | ||||
| CV1 4DQ | ||||
| Chief executive officer | Jane Hytch | |||
| Independent | auditor | Dains LLP | ||
| 15Colmore Row | ||||
| Birmingham | ||||
| B32BH |
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| funds | funds | funds | funds | ||
| Note | 2021f | 2021 | 2021 | 2020f | |
| Income from: | |||||
| Donations and legacies |
5,000 | 5,000 | 132,121 | ||
| Charitable activities |
128,374 | 2,274,873 | 2,403,247 | 1,056,671 | |
| Other trading activities |
11,500 | 11,500 | 10,404 | ||
| Total income | 139,874 | 2,279,873 | 2,419,747 | 1,199,196 | |
| Expenditure on: |
|||||
| Charitable activities |
62,450 | 402,897 | 465,347 | 920,492 | |
| Total expenditure | 62,450 | 402,897 | 465,347 | 920,492 | |
| Net movement in funds |
77,424 | 1,876,976 | 1,954,400 | 278,704 | |
| Reconciliation offunds: |
|||||
| Total funds brought forward |
29,952 | 910,409 | 940,361 | 661,657 | |
| Net movement in funds |
77,424 | 1,876,976 | 1,954,400 | 278,704 | |
| Total funds carried forward | 107,376 | 2,787,385 | 2,894,761 | 940,361 |
| 2021 | 2020 | ||||||
|---|---|---|---|---|---|---|---|
| Note | F | ||||||
| Fixed assets | |||||||
| Tangible assets | 11 | 1,985,409 | 184,678 | ||||
| Heritage assets | 12 | 645,000 | 645,000 | ||||
| 2,630,409 | 829,678 | ||||||
| Current assets | |||||||
| Debtors | 13 | 109,545 | 326,311 | ||||
| Cash at bank and | in hand | 346,630 | 246,625 | ||||
| 456,175 | 572,936 | ||||||
| Creditors: amounts | falling | due within one | |||||
| year | 14 | (191,823) | (410,253) | ||||
| Net current assets | 264,352 | 162,683 | |||||
| Total assets less | current | liabilities | 2,894,761 | 992,361 | |||
| Creditors: amounts | falling | due after more | |||||
| than one year | (52,000) | ||||||
| Total net assets | 2,894,761 | 940,361 | |||||
| Charity funds | |||||||
| Restricted funds |
16 | 2,787,385 | 910,409 | ||||
| Unrestricted funds |
16 | 107,376 | 29,952 | ||||
| Total funds | 2,894,761 | 940,361 |
| 2021f | 2020 E |
|||||
|---|---|---|---|---|---|---|
| Cash flows from operating | activities | |||||
| Net cash | used in operating |
activities | 1,905,751 | 345,709 | ||
| Cash flows from investing | activities | |||||
| Purchase | of tangible fixed assets |
(1,805„746) | (184,978) | |||
| Net cash | used in investing |
activities | (1,805,746) | (184,978) | ||
| Change | in cash and cash | equivalents | in | the year | 100,005 | 160,731 |
| Cash and | cash equivalents | at the beginning | ofthe year | 246,625 | 85,894 | |
| Cash and cash equivalents | at the end | of | the year | 346,630 | 246,625 |
| Unrestricted | Restricted | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2021 | 2021 | 2021 | |
| F | f. | ||
| Donations | 5,000 | 5,000 | |
| Unrestricted | Restricted | Total | |
| funds | funds | funds | |
| 2020 | 2020 | 2020 | |
| E | |||
| Donations | 16,750 | 115,371 | 132,121 |
| Unrestricted | Restricted | Total |
|---|---|---|
| funds | funds | funds |
| 2020 | 2020 | 2020 |
| E | ||
| 16,750 | 115,371 | 132,121 |
| Unrestricted | Restricted | Total | ||
|---|---|---|---|---|
| funds | funds | funds | ||
| 2021 | 2021 | 2021 | ||
| E | ||||
| Grants | received | 128,374 | 2,274,873 | 2,403,247 |
| Unrestricted | Restricted | Total | ||||
|---|---|---|---|---|---|---|
| funds | funds | funds | ||||
| 2020 | 2020 | 2020 | ||||
| Grants | received | 42,333 | 1,014,338 | 1,056,671 | ||
| 5. | Income | from other trading | activities | |||
| Unrestricted | Total | |||||
| funds | funds | |||||
| 2021 | 2021 | |||||
| Events, | rent and other income | 11,500 | 11,500 | |||
| Unrestricted | Total | |||||
| funds | funds | |||||
| 2020 | 2020 | |||||
| F | ||||||
| Events, | rent and other income | 10,404 | 10,404 |
| Analysis |
of expenditure on charitable ac |
tivities | ||
|---|---|---|---|---|
| Summary | by fund type | |||
| Unrestricted | Restricted | Total | ||
| funds | funds | funds | ||
| 2021 | 2021 | 2021 | ||
| f, | ||||
| Charitable | activities | 62,450 | 402,897 | 465,347 |
| Unrestricted | Restricted | Total | ||
| funds | funds | funds | ||
| 2020 | 2020 | 2020 | ||
| E | ||||
| Charitable | activities | 56,192 | 864,300 | 920,492 |
| Total | |||||
|---|---|---|---|---|---|
| Staff costs | Depreciation | Other costs | funds | ||
| 2021 | 2021 | 2021 | 2021 | ||
| E | F | F | |||
| Charitable | activities | 82,000 | 5,015 | 378,332 | 465,347 |
| Total | |||||
| Staff costs | Depreciation | Other costs | funds | ||
| 2020 | 2020 | 2020 | 2020 | ||
| E | E | F | F | ||
| Charitable | activities | 80,701 | 3,882 | 835,909 | 920,492 |
| Activities | ||||
|---|---|---|---|---|
| undertaken | Support | Total | ||
| directly | costs | funds | ||
| 2021 | 2021 | 2021 | ||
| E | ||||
| Charitable | activities | 254,226 | 211,121 | 465,347 |
| Activities | ||||
| undertaken | Support | Total | ||
| directly | costs | funds | ||
| 2020 | 2020 | 2020 | ||
| P | ||||
| Charitable | activities | 715,222 | 205,270 | 920,492 |
| Analysis | ofdirect costs | |||
| Total | Total | |||
| funds | funds | |||
| 2021 | 2020 | |||
| F | ||||
| Project costs | 254,226 | 715,222 |
| Total | Total | |||
|---|---|---|---|---|
| funds | funds | |||
| 2021 | 2020 | |||
| Staff costs | 82,000 | 80,701 | ||
| Depreciation | 5,015 | 3,882 | ||
| Office costs | 18,837 | 14,235 | ||
| Financial management |
45,625 | 45,000 | ||
| Freelance support | staff | 31,896 | 3,553 | |
| Rent | 269 | 19,500 | ||
| Premises costs | 16,150 | 18,047 | ||
| Accountancy | fees | 1,200 | 2,510 | |
| Other support | fees | 3,457 | 6,958 | |
| Travelling | 339 | |||
| Loss on disposal of fixed asset | 2,554 | |||
| Bank charges | 472 | 1,991 | ||
| Governance | costs | 6,200 | 6,000 | |
| 211,121 | 205,270 |
| Audit | or's remuneration |
|||||
|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||
| Fees | payable to the company's | auditor | for | the audit ofthe company's | ||
| annual | accounts | 6,200 | 6,000 | |||
| Fees | payable to the company's | auditor | in | respect of: | ||
| All taxation advisory services |
not included | above | 2,010 | 2,760 |
| Staff costs | |||||
|---|---|---|---|---|---|
| 2021f | 2020 | ||||
| Wages and | salaries | 77,889 | 75,496 | ||
| Social security costs | 3,283 | 4,260 | |||
| Contribution | to defined | contribution | pension schemes | 828 | 945 |
| 82,000 | 80,701 |
| 2021 | 2020 |
|---|---|
| No. | No. |
| Long-term | |||
|---|---|---|---|
| leasehold | Office | ||
| property | equipment | Total | |
| E | E | E | |
| Cost or valuation | |||
| At 1 April 2020 | 166,029 | 24,204 | 190,233 |
| Additions | 1,802,991 | 2,755 | 1,805,746 |
| Transfers between classes |
(620) | 620 | |
| At 31 March 2021 | 1,968,400 | 27,579 | 1,995,979 |
| Depreciation | |||
| At 1 April 2020 | 181 | 5,374 | 5,555 |
| Charge for the year | 124 | 4,891 | 5,015 |
| Transfers between classes |
(305) | 305 | |
| At 31 March 2021 | 10,570 | 10,570 | |
| Net book value | |||
| At 31 March 2021 | 1,968,400 | 17,009 | 1,985,409 |
| At 31 March 2020 | 165,848 | 18,830 | 184,678 |
| Godiva | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Puppet | Total | ||||||||||
| 2021 F |
2021f | ||||||||||
| Carrying | value | at | 1 | April | 2020 | and | 31 | March | 2021 | 645,000 | 645,000 |
| 2021 | 2020 | |||||||
|---|---|---|---|---|---|---|---|---|
| F | E | |||||||
| Due within one year | ||||||||
| Trade debtors | 4,817 | 39,508 | ||||||
| Other debtors | 82,154 | 29,226 | ||||||
| Prepayments | and accrued | income | 22,574 | 257,577 | ||||
| 109,545 | 326,311 | |||||||
| Creditors: Amounts | falling due | within one year | ||||||
| 2021 | 2020 | |||||||
| E | ||||||||
| Trade creditors | 20,473 | 205,711 | ||||||
| Other taxation | and | social security | 1,965 | 1,811 | ||||
| Other creditors | 82,529 | 140,294 | ||||||
| Accruals and | deferred | income | 86,856 | 62,437 | ||||
| 191,823 | 410,253 | |||||||
| 2021 | 2020 | |||||||
| E | F | |||||||
| Deferred income at |
1 | April | 2020 | 31,582 | 187,555 | |||
| Resources deferred | during | the year | 22,075 | 31,582 | ||||
| Amounts released |
from previous | periods | (31,582) | (187,555) | ||||
| 22,075 | 31,582 |
| 2021f | 2020f | ||
|---|---|---|---|
| Other | creditors | 52,000 |
| Balance at | ||||||||
|---|---|---|---|---|---|---|---|---|
| Balance at 1 | Transfers | 31 March | ||||||
| April 2020 | Income | Expenditure | in/out | 2021 | ||||
| E | F | E | K | |||||
| Unrestricted funds |
||||||||
| Designated funds |
||||||||
| Designated Funds |
15,500 | 49,500 | 65,000 | |||||
| General funds | ||||||||
| General Funds |
14,452 | 139,874 | (62,450) | (49,500) | 42,376 | |||
| Total Unrestricted | funds | 29,952 | 139,874 | (62,450) | 107,376 | |||
| Restricted funds | ||||||||
| Heritage Fixed Asset |
Fund | 645,000 | 645,000 | |||||
| Coventry City Council |
—Cultural | |||||||
| Capital Investment |
Programme | |||||||
| - Capital fund | 252,936 | 1,638,742 | (3,682) | (1,826,651) | 61,345 | |||
| Leasehold Improvements |
Fund | 1,968,400 | 1,968,400 | |||||
| Coventry City Council |
—Cultural | |||||||
| Capital Investment |
Programme | |||||||
| - Revenue fund |
12,473 | 202,309 | (73,033) | (141,749) | ||||
| Paul Hamlyn Foundation— |
||||||||
| Teach Make | 75,000 | (34,413) | 40,587 | |||||
| Arts Council England | —Bridge | 47,286 | (47,286) | |||||
| Arts Council England— | ||||||||
| Combustion | 9,036 | (9,036) | ||||||
| Arts Council England— | ||||||||
| Emergency | 35,000 | (35,000) | ||||||
| City of Culture | 78,500 | (78,500) | ||||||
| Arts Council England | and | Foyle | ||||||
| Foundation - Fit-out |
185„000 | (112,947) | 72,053 | |||||
| Other funds | 9,000 | (9,000) | ||||||
| 910,409 | 2,279,873 | (402,897) | 2,787,385 | |||||
| Total offunds | 940,361 | 2,419,747 | (465,347) | 2,894,761 |
| Statement offunds - prior year |
|||||
|---|---|---|---|---|---|
| Balance at | |||||
| Balance at | Transfers | 31 March | |||
| 1 April 2019 | Income | Expenditure | in/out f |
2020 | |
| Unrestricted funds |
|||||
| Designated funds |
|||||
| Designated Funds |
15,500 | 15,500 | |||
| General funds | |||||
| General Funds |
16,657 | 69,487 | (56,192) | (15,500) | 14,452 |
| Total Unrestricted funds |
16,657 | 69,487 | (56,192) | 29,952 | |
| Restricted funds | |||||
| Heritage Fixed Asset Fund |
645,000 | 645,000 | |||
| Paul Hamlyn Foundation- |
|||||
| Imagineerium Initiative |
39,711 | (39,711) | |||
| Arts Council England —Bridge | 345,282 | (345,282) | |||
| Arts Council England— | |||||
| Combustion R8D |
39,964 | (39,964) | |||
| Coventry City Council —Cultural |
|||||
| Capital Investment Programme - Capital fund (Fixed Assets) |
252,936 | 252,936 | |||
| Coventry City Council —Cultural |
|||||
| Capital Investment Programme - Revenue fund |
219,800 | (207,327) | 12,473 | ||
| Heart of England —Arts Cafes | 647 | (647) | |||
| Other funders —Bridge | 223,869 | (223,869) | |||
| Other funders - Milesians | 7,500 | (7,500) | |||
| 645,000 | 1,129,709 | (864,300) | 910,409 | ||
| Total offunds | 661,657 | 1,199,196 | (920,492) | 940,361 |
| Summary | offunds -current ye |
ar | ||||
|---|---|---|---|---|---|---|
| Balance at | ||||||
| Balance at 1 | Transfers | 31 March | ||||
| April 2020 | Income | Expenditure | in/out | 2021 | ||
| F | f. | f. | ||||
| Designated | funds | 15,500 | 49,500 | 65,000 | ||
| General funds | 14,452 | 139,874 | (62,450) | (49,500) | 42,376 | |
| Restricted | funds | 910,409 | 2,279,873 | (402,897) | 2,787,385 | |
| 940,361 | 2,419,747 | (465,347) | 2,894,761 | |||
| Summary | offunds - prior year | |||||
| Balance at | ||||||
| Balance at | Transfers | 31 March | ||||
| 1 April 2019 | Income | Expenditure | in/out | 2020 | ||
| f. | E | E | E | |||
| Designated | funds | 15,500 | 15,500 | |||
| General funds | 16,657 | 69,487 | (56,192) | (15,500) | 14,452 | |
| Restricted | funds | 645,000 | 1,129,709 | (864,300) | 910,409 | |
| 661,657 | 1,199,196 | (920,492) | 940,361 |
| Analysis | of net assets between funds -cur |
rent year | ||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | ||
| funds | funds | funds | ||
| 2021 | 2021 | 2021 | ||
| E | E | |||
| Tangible | fixed assets | 17,009 | 1,968,400 | 1,985,409 |
| Heritage | assets | 645,000 | 645,000 | |
| Current | assets | 264,595 | 191,580 | 456,175 |
| Creditors | due within one year | (174,228) | (17,595) | (191,823) |
| Total | 107,376 | 2,787,385 | 2,894,761 |
| Analysis | of net assets between funds - prior y |
ear | ||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | ||
| funds | funds | funds | ||
| 2020 | 2020 | 2020 | ||
| F | ||||
| Tangible | fixed assets | 19,269 | 'I65,409 | 184,678 |
| Heritage | assets | 645,000 | 645,000 | |
| Current | assets | 242,863 | 330,073 | 572,936 |
| Creditors | due within one year | (180,180) | (230,073) | (410,253) |
| Creditors | due in more than one year | (52,000) | (52,000) | |
| 29,952 | 910,409 | 940,361 |
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Net income for the | year (as per Statement | of Financial Activities) | 1,954,400 | 278,704 | |
| Adjustments for: |
|||||
| Depreciation charges |
5,015 | 3,882 | |||
| Loss on the sale offixed assets | 2,554 | ||||
| Decrease/(increase) | in debtors | 216,766 | (148,343) | ||
| Increase/(decrease) | in creditors | (270,430) | 208,912 | ||
| Net cash provided | by operating | activities | 1,905,751 | 345,709 | |
| Analysis ofcash and cash equivalents | |||||
| 2021 | 2020 | ||||
| f. | |||||
| Cash in hand | 346,630 | 246,625 | |||
| Total cash and cash equivalents | 346,630 | 246,625 |
| At 1 April | At 31 March | ||||
|---|---|---|---|---|---|
| 2020 | Cash flows | 2021 | |||
| E | f | ||||
| F | |||||
| Cash | at bank and | in hand | 246,625 | 100,005 | 346,630 |
| Debt | due within 1 |
year | (140,000) | 58,000 | (82,000) |
| Debt | due after 1 year | (52,000) | 52,000 | ||
| 54,625 | 210,005 | 264,630 |
| At 31 Mar cancellable |
ch 2021 the company had commitments to make fu operating leases as follows: |
ture minimum lease payments |
under non- |
|---|---|---|---|
| 2021 | 2020 | ||
| Not later than 1 year |
14,400 | 14,400 | |
| Later than | 1 year and not later than 5 years | 130,400 | 130,400 |
| Later than | 5 years | 456,000 | 489,000 |
| 600,800 | 633,800 |