MAC.DALEN ROAD STUDIOS UNAUDITED FINANCtAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
MAGDALEN ROAD STUDIOS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
MANAGEMENT COMMITTEE
The Management Committee comprises the trustees in the year:
Nigel Bird Andrew Carter Daniella Clark James Otley Anne Jacobs Catalina Renjifo Clive Liddle
SECRETARY
Katie Taylor Lorna Denby
REGISTERED OFFICE
The Manor Main Street Grove Wantage Oxon OX12 7JJ
CHARITY REGISTRATION NUMBER
1142112
COMPANY REGISTRATION NUMBER
3817751
BANKERS
Co operative Bank P.O. Box 48, 1 Balloon Street, Manchester.
ACCOUNTANT
Panthera Limited
The Manor Main Street Grove Wantage OX12 7JJ
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MAGDALEN ROAD STUDIOS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
| CONTENTS | ||
|---|---|---|
| Pages | 3 | Report of the Management Committee |
| 6 | Independent Examiner's Report | |
| 7 | Statement of Financial Activities | |
| 8 | Balance Sheet | |
| 9 | Notes to the Financial Statements |
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MAGDALEN ROAD STUDIOS REPORT OF THE MANAGEMENT COMMITTEE
FOR THE YEAR ENDED 31 AUGUST 2020
The Management Committee presents its report and the financial statements of the company for the year ended 31 August 2020:
Aims and Objectives
Magdalen Road Studios was set up in August 1999 with the aim of providing affordable studio space in Oxford.
In May 2011, Magdalen Road Studios was registered as a charity the objectives of which are to promote the visual arts to the general public through direct engagement with artists in a studio setting. To achieve these objectives, the charity provides and manages affordable studios and exhibition space and creates opportunities for the public to participate in the visual arts within this setting.
Magdalen Road Studios offers a programme of arts education for all ages and regularly welcomes the public in to interact with artists and artwork or visit during 'open studio’ days. Studio artists and the public benefit from Magdalen Art Space, an on-site project space which is used for exhibitions, workshops and lectures. At the time of this report there are 22 artists with varying practices occupying 22 studios. Artists are also required to contribute to the life of the studios as a whole.
Board of Trustees
Magdalen Road Studios is overseen by a board of trustees, supported by a studio manager and the studio members themselves.
On the date that this report was approved, the Magdalen Road Studios Board of Trustees consisted of the following members:
Amanda Jewell Tom Hunter Stephen Snoddy
Artist Chris Oatley left his studio at MRS on 21st December 2019 and relinquished his role as Artist Trustee. Chris’s work in setting up and chairing meetings of studio artists has been greatly appreciated and his contribution to the Board of Trustees has been sadly missed.
Nigel Bird resigned from the Board of Trustees on 3rd December 2019. His resignation was reluctantly accepted by all the Trustees and they wished him well for his future plans. Nigel was warmly thanked for all his work as a trustee since 2012, particularly in keeping a professional eye on the charity’s finances.
Anne Jacobs resigned from the Board of Trustees in August 2020. Anne expressed regret that she no longer felt she had the personal capacity to continue in the role of Trustee, and artists and fellow Trustees thanked her for her time and commitment to MRS.
After 8 years as a Trustee, Andrew Carter resigned from the board on the 28th August 2020. Andrew outlined in his resignation statement that during his time as a trustee, he had tried to promote an ambition for the Studios shared by many studio members - that of a community of dedicated artists working together to create an atmosphere of professional support and trust. We thanked him for all his hard work and dedication in working towards that ambition.
During the period covered by this report, the Board of Trustees met on four occasions.
The MRS Articles of Association make provision for ‘a Board of Trustees of not more than eight’. It would therefore be possible to recruit five more board members from outside the organisation. The Trustees are currently processing the appointment of two external Trustees and seeking an Artist Trustee.
During the period covered by this report, the Studios’ accountant was Panthera Accounting, Wantage.
The Magdalen Road Studios Year 2019-20
Studio Management
Lorna Denby became the Studio Manager during August 2019 and stepped down from her role in September 2020 to focus on her consultancy management career. Lorna worked tirelessly on behalf of the studios with undiminished energy and commitment. The covid 19 pandemic took a great toll on the studios, and the trustees are extremely grateful for Lorna’s dedication and hard work, particularly during this time.
Artist trustee Catalina Renjifo was responsible for the oversight of Health & Safety.
Finances
At the end of the previous financial year, Trustee Nigel Bird conducted a review of the Studios’ finances. The review concluded that the day to day running costs had risen to a level that made it necessary to raise the amount paid by artists for their licence to occupy. The Board of Trustees subsequently raised all rents by 14% on 1st November 2019.
Following an analysis of the Studio finances by Richard Osmond, several threats to the financial viability of the studios due to the coronavirus pandemic were identified. By July 2020, there were 6 vacant studios. There was no prospect of advertising, conducting viewings and securing new occupants for these studios during the lockdown and so the studios experienced a substantial loss of incoming rent. The Trustees recognised that some of the studio artists would find it difficult to maintain their rent payments and they were encouraged to seek government income support. Our landlord, Phil Williams, demonstrated his support for MRS by discounting the building rent by 25% for the period April to August 2020.
In July 2020, the Studios received two covid support grants from Oxford City Council, totalling a sum of £35,000. One grant of £25,000 was from the local authority's "Retail, Hospitality and Leisure Grant Fund" allocation and a grant of £10,000 was from the local authority's "Small Business Grant Fund" allocation.
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Studio Activities
Meeting the charity objectives
As a registered charity, Magdalen Road Studios receives an 80% discount on the business rates the organisation would otherwise be charged.
The Trustees continue to review the role and purpose of the studios, focussing particularly on achieving an appropriate balance between enabling the work of individual artists and supporting more collaborative, studio-wide activities. The occupation of a studio at Magdalen Road Studios includes the benefit of access to an exhibition and project space – and also the obligation to contribute to the work of the studios. In particular, the Trustees are responsible for observing that the objectives of the Magdalen Road Studios charity are met. These have been met again this year by the provision of a number of artistic and educational activities.
Development of Magdalen Road Studios
Magdalen Art Space (MAS)
Funded in part by the ongoing partnership with Oxford City (FE) College, MAS continues to be an important on-site facility. As noted above, MAS provides benefits to studio artists and outside artists, as well as the public, in the Magdalen Road neighbourhood and beyond.
The administration of MAS is undertaken by the Studio Manager, in consultation with the Gallery Group, a committee of studio artists. Creative ways continue to evolve to use MAS for the benefit of the Studios, its artists and the wider public.
The Covid - 19 Pandemic
Due to the pandemic, we were unable to generate an income from the MAS for much of 2020. Artists worked together to produce online exhibitions, featured artist pages on the website, facebook live events and continued to promote their work and the studios through social media.
In March 2020, the UK went into a national lockdown, due to the outbreak of the coronavirus. Difficulties continued for the remainder of the year with the implementation of restrictions for the safe use of the studio buildings against a backdrop of changing Government guidelines. We are very grateful to all artists, whether or not they used their studios during these months, for supporting MRS by maintaining their regular rental payments. The Trustees continue to work within Government guidelines to bring MRS safely through this challenging time.
MAS events and activities 2019-20
2019
September 7th -15th: Jo Kidner work in progress
October 3rd: Artist Salon, open art crit
October 7th - 13th: Madi Acharya-Baskerville, I wish my hair was as long as yours , Exhibition of current work, artist talk and performance Sunday 13 October: Private View and Sitar recital of CommUnity at Wolfson College on from 12-4pm
October 17th - 27th Marion Piper: READER , exhibition of 100 artworks on paper made for MAS Tuesday 26 Nov 2019 to Sunday 5 Jan 2020, Catalina Renjifo, Turn of the Yea r, Cornerstone Arts Centre, Didcot November 22th - 24th: MetronCollaborative, Chemical Landscapes (Annabel Ralphs and Diane Jones-Parry)
2020
February: Catalina Renjifo, She Performs The Body , Glass Tank, Oxford April: Jo Kidner, International virtual residency, Cel del Nord.
May-September: Jo Kidner, Stowe National Trust Park, River of Styx. Jo was awarded a commission to create a participatory installation work in collaboration with poet Dan Simpson and Mind. Due to the pandemic this event did not take place May: Jo Kidner, ‘Art from the Heart’ a virtual exhibition to raise money for the NHS through Zulieka Oxford. September, 2020: Richard Matthews Colourful Abstract Exhibition, Selected Group Show (Not virtual), Hansford & Sons Gallery, Milton Keynes. October: MRS, 'A Dangerous Field': Women, Artists and the Photographic Image, MRS Online exhibition for Photo Oxford Festival
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Studio Activities
Delayed events from 2019-2020 due to the pandemic
April: Jo Kidner, Fusion arts, Datarama, ‘one cell at a time’ creative engagement programme inspired by the human cell atlas
Other Studio Activities 2019-20
Francis O’Neill continued to run his successful life drawing and portrait classes until March 2020 when classes were regrettably closed or curtailed due to the pandemic.
This report has been prepared in accordance with The Charities Statement of Recommended Practice (SORP) published 1st April 2013 and in accordance with the special provisions of Part Vll of the Companies Act 1985 relating to small entities. Approved by the trustees and signed on their behalf on ___
Signed
Catalina Renjifo Director and Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES ON THE UNAUDITED FINANCIAL STATEMENTS OF MAGDALEN ROAD STUDIOS FOR THE YEAR ENDED 31 AUGUST 2020
I report on the accounts of the company for the year ended 31 August 2020, which are set out on pages 7 to 9.
Respective responsibilities of trustees and examiner
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The charity's gross income exceeded £25,000 and I am qualified to undertake the examination by being a qualified member of Chartered Institute of Management Accountants.
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Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility
to:
- examine the accounts under section 145 of the 2011 Act;
- to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- to state whether particular matters have come to my attention.
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Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
Independent examiner's statement
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In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with section 386 of the Companies Act 2006; and
- to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act
2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
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Victoria Wagg ACMA CGMA
Panthera Accounting
Chartered Management Accountants
The Manor
Main Street
Grove
Wantage
Oxon
OX12 7JJ
18-May-21
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MAGDALEN ROAD STUDIOS
STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure)
FOR THE YEAR ENDED 31 AUGUST 2020
| Notes Incoming resources from generated funds Total Incoming Resources Resources Expended Net Incoming Resources Interest receivable and similar income 4 Surplus/(Deficit) for the year |
2020 2019 Unrestricted Unrestricted Funds Funds £ £ 103,218 73,982 |
|---|---|
| 103,218 73,982 68,790 71,189 |
|
| 34,428 2,793 0 0 |
|
| 34,428 2,793 |
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MAGDALEN ROAD STUDIOS
Company Registered Number 03817751
BALANCE SHEET
AT 31 AUGUST 2020
| Note Tangible Assets Debtors 5 Cash at bank and in hand CREDITORS: Amounts falling due within one year 6 NET CURRENT ASSETS/(LIABILITIES) NET ASSETS/(LIABILITIES) Accumulated Funds/(deficit) 8 TOTAL FUNDS CURRENT ASSETS FIXED ASSETS UNRESTRICTED FUNDS |
2020 2019 £ £ 446 596 2,000 2,453 43,476 6,938 |
|---|---|
| 45,476 9,391 5,806 4,299 |
|
| 39,670 5,092 |
|
| £40,116 £5,688 |
|
| 40,116 5,688 |
|
| £40,116 £5,688 |
In approving these financial statements as directors of the company we hereby confirm the following:
For the year in question the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
1) The members have not required the company to obtain an audit for its accounts for the year in question in accordance with section 476,
2) The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The accounts were approved by the management committee on _______
Catalina Renjifo, Director and Trustee
The notes on page 9 form part of these financial statements
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MAGDALEN ROAD STUDIOS NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2020
ACCOUNTING POLICIES
1 Basis of accounting
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings Reducing balance at 25%
2 INCOMING RESOURCES
Incoming Resources and the surplus for the year is attributable to rent received for studios, commissions on auction sales, artweeks and donations.
| 3 NET OPERATING EXPENSES Administrative expenses 4 INTEREST RECEIVABLE AND SIMILAR INCOME Bank interest receivable 5 DEBTORS Other debtors 6 Rental Deposits Other creditors CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 2019 £ £ 68,641 70,990 |
|---|---|
| £68,641 £70,990 |
|
| 2020 2019 £ £ 0 0 |
|
| £0 £0 |
|
| 2020 2019 £ £ 2,000 2,453 |
|
| £2,000 £2,453 |
|
| 2020 2019 £ £ 5,240 3,759 566 540 |
|
| £5,806 £4,299 |
7 COMPANY STATUS
Magdalen Road Studios is a Company Limited by Guarantee and does not have a Share Capital.
8 ACCUMULATED FUNDS/(DEFICIT)
| At 1 September 2019 Surplus for the year At 31 August 2020 |
Accumulated Funds/ (Deficit) £ 5,688 34,428 |
|---|---|
| 40,116 |
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MAGDALEN ROAD STUDIOS PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2020
| Income received Depreciation Administrative expenses Net surplus for the year Retained profits brought_forward Accumulated surplus carried_forward Less: |
2020 2019 £ £ £ £ 103,218 73,982 103,218 73,982 149 199 68,641 70,924 68,790 71,123 34,428 2,859 10,384 7,525 £44,812 £10,384 |
2020 2019 £ £ £ £ 103,218 73,982 103,218 73,982 149 199 68,641 70,924 68,790 71,123 34,428 2,859 10,384 7,525 £44,812 £10,384 |
|---|---|---|
| 2,859 7,525 |
||
| £10,384 |
This page does not form part of the Company's financial statements and is prepared for the information of the Directors only.
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MAGDALEN ROAD STUDIOS PROFIT AND LOSS ACCOUNT SUMMARIES FOR THE YEAR ENDED 31 AUGUST 2020
| Donations Other Fundraising - Cafe Associate member fees MAS Funding MAS Exhibtion / Sales Bank interest receivable Exhibition Cost Paid By Artist Exhibition Costs paid by members Rent and Buildings Insurance received Electricity and Gas reimbursed Sales before Commission Commission Grants Marketing Costs Rent and parking Rates Electricity and Gas Repairs and Maintenance Administration Fees Accountancy Stationery MAS Exhibition Costs MAS Exhibition Commission to Artists Postage and stationery Insurance Internet Costs Professional Fees Sundry expenses Depreciation of Fixtures and fittings Grant -Immediate Territory Overspend Fire safety and security costs Subcriptions Vehicle running cost Administrative expenses: Income received |
2020 £ - 135 - 477 2,500 225 - 5 - 64,784 92 - - 35,000 103,218 193 51,326 1,664 3,266 125 8,175 567 4 45 - - 479 1,193 834 284 149 - 466 20 - 68,790 |
2019 £ 3,113 170 - 425 - 650 - 50 - 66,062 447 - 65 3,000 |
|---|---|---|
| 73,982 | ||
| 215 55,370 2,810 2,499 - 7,178 25 10 45 - - 279 1,159 707 200 199 - 463 30 - |
||
| £71,189 |
This page does not form part of the Company's financial statements and is prepared for the information of the Directors only.
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