Reglstered number: 03817751 MAGDALEN ROAD STUDIOS DIRECTORS, REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Panthera Umlted Chartered Managernent Accountants The Manor Maln Street Grove Oxfordshire OX12 7JJ Magdalen Road Studios Directors. Report and Unaudited Financial Statements For The Year Ended 31 August 2021 Contents Page Company Infom)atlon Directors. Report Accountant's Report Profit and Loss Account Balance Sheet Notes to the Financial Statements The followlng pages do not forrn part of the statutory accounts.. Trading Profit and Loss Account Magdalen Road Studios Company Information For The Year Ended 31 August 2021 Directors Miss Daniella CLARK Miss Catalina RENJIFO Mlss Juliet Eccles Mr Tom Hunter Ms Amanda JEWELL Mr Stephen Snoddy Mr Peter Dickson Ms Miff Crockford Ms Fellx Lam Secretary Miss lessica Judges Company Number 03817751 Reglstered Offl¢e clo Panthera Accounting The Manor, Maln Street Grove, Wanta9e OX12 7JJ Attountants Panthera Limited Chartered Management Accountants The Manor Main Street Grove Oxfordshlre OX12 7JJ Page I Magdalen Road Studios Company No. 03817751 Dlrectors, Report For The Year Ended 31 August 2021 The director5 present their report and the financlal statements for the year ended 31 August 2021. statement of Dlre¢tors' Responsibllltles The directors afft responsible for preparing the Dtrectors, Report and the financial statements In accordance wlth appllcable law and regulations. Cornpany law requires the directors to prepare financial ststements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance wlth Unlted Klngdom Generally Accepted Accounting Practice {Unlted Kingdom Accounting Standards and applicable lawl. Under company law the directors must not approve the financial starements unless they are Satisfied that they glve a true and fabr vlew of the state of affalrs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to.. • select suitable accountlng pollcles and then apply them consistently,. make judgments and accounting estimates that are reasonable and prudent,. Prepa￿ the flnanclal statements on the going concerfi basis unless it is inappropriate to presume that the company will contlnue in bu51ness. The director5 are responsible for keeping adequate accountSng records that are sufficient to show and explaln the company's transactions and disclose with reasonable accuracy at any time the financial posltion of the company and enable them to ensure that the financlal statements ¢omply with the Companles Act 2006. They are also re5POn51ble for safeguarding the as5et5 of the company and hence for taking reasonable steps for the preventlon and detect(on of fraud and other Irregularftles. Directors The directors who held office du￿n9 Ihe year were as follows.. Mlss Danlella CLARK Miss Catalina RENJIFO Mlss Juliet Eccles Mr Totn Hunter M5 Arnanda JEWELL Mr Stephen Snocldy Mr Peter Dlckson Ms Miff Crockford Ms Felix Lam RESIGNED RESIGNED APPOINTED APPOINTED APPOINTED APPOINTED APPOINTED APPOINTED APPOINTED 0110512021 1810312021 1810912020 1810912020 0210312021 0610512021 1410512021 1810912020 RESIGNED 1810912020 RESIGNED RESIGNED Iy0412021 2410612021 1611212020 Small Company Rules This report has been prepared In accordance with the special provisions relating to companies subject to the Small companles regime within Part IS of the Companles Art 2006. On behalf of the board Ms Amanda JEWELL Director Date Page 2 Magdalen Road Studios Accountant's Report For The Year Ended 31 August 2021 In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Magdalen Road Studlos for the year enijed 31 August 2021 which comprise the Profit and Loss Account, the Balance Sheet, and the related notes from the company's accountlng records and from Informatlon and explanaUon5 you have glven us. A5 z practising member fimi of the Chartered Institute of Management Aecountants, we are subject to ts ethical and other professional requirernents whlch are detalled at http:l/www.clmaglobal.¢om. Thls report is made solely to the dlrectors of Nagdalen Road Studlos in èccordance with our term5 of engagement. Our work has been undertaken solely to prepare for your apprnval the financial statements of Magdalen Road Studios and state those Matters that we have agreed to state to the direttors of Magdalen Road Studios in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permltted by law, we do not accept or assume responsibility to anyone other than the company and Its director for our work or for thls report. It 15 your duty to ensure that Magdalen Road Studlos has kept adequate acco*JntSng records and to prepare statutory finandal statements that give a true and falr vlew of the assets, liabillties, financlal posltlon and proflt of Magdalen Road Stu¢Jios. You conslder that Magdalen Road stsjdios is exempt from the statutory audit requirernent for the year. We have not been instructed to carry out an audlt or a revlew of the flnanclal statements of Magdalen Road Studios. For thls reason, we have not verified the accuracy or completeness of the accounting records or Informatlon and explanatlons you have given to us and we do not, the￿f0￿, express any oplnion on the statutory flnancial statements. Signèd Date Panthera Lrmited Chartered Management Accountants The Manor Maln Street Gmve Oxfordshire OX12 7JJ Page 3 Magdalen Road Studios Profit and Loss Account For The Year Ended 31 August 2021 2021 2020 Notes TURNOVER 112,319 103,218 GROSS PROFIT 112,319 103,218 Dlstribution casts Administrdtive expense5 (29,1071 169.0671 18,1751 (60,615) OPERATING PROFJT AND PROFIT FOR THE FINANCIAL YEAR 14,145 34,428 The notes on pages 6 to 7 form part of these financial statements. Page 4 Magdalen Road Studios Balance Sheet As at 31 August 2021 2021 2020 Notes FIXED ASSETS Tanglble Assets 335 446 335 446 CURRENT ASSETS Debtors Cash at bank and in hand 2,000 58,422 2,000 43,476 60,422 45,476 Credltors: Amounts Falllng Due Within One Ye)r (6,4961 {5,8061 NET CURRÈKf ASSETS {LIABILITIES) 53,926 39,670 TOTAL A5$￿s LESS CURRENT LIABILITIES 54,261 40,116 NET ASSETS 54,261 40,116 Profit and Loss Account 54,261 40,116 SHAREHOLDERS. FUNDS 54,261 40,116 For the year endlng 31 August 2021 the company was entitled to exemption from audit under sectlon 477 of thÈ Companie5 Act 2006 relating to small companles. The members have not rrfuired the company to obtaln an audit In accordance with section 476 of the Companies Aet 2006. The dlrectors acknowledge their responslbllltyes for complyln9 Wlth the requirements of the Act with respect to accounting records and the preparat(on of aetounts. These accounts have been prepared in accordance wlth the provislons appllcable to Companies subjett to the small companles. ￿giMe. On behalf of the board Ms Amanda JEWELL Dlrector Date The notes on page5 6 to ? form part of these financlal statement5. Page 5 Magdalen Road Studios Notes to the Flnanclal Statements For The Year Ended 31 August 2021 l. Accounting Pollcles 1.1. Basis of Preparation of Flnandal St?tements The financial statements are prepared under the hlstodcal cost convention and in accordance with the FRS 102 Section IA Small Entities - The Finaneial Reporting Standard appllcable In the UK and Republlc of Ireland and the Companies Act 2006. 1.2. Turnover rnover is measured at the falr value of the consideratlon ￿ceiVed or recelvable, net of discounts and value added taxes. Turnover includes revenue earned frorn the sale of goods and form the rendering of services. Turnover is reduced for estimzted customer retums, rebates and other sitrtilar allowances. Sèle of goods Tumover form the sale of goods Is reco9nlsed when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the polnt that the customer has slgned for the delivery of the good5. Rendering of servl¢es Turnover from the renderlng of servlces is recognised by ￿ferenCe to the stage of completlon of the contract. The stage of completion of o contract is measured by comparing the costs Èncurred for work performed to date Lo the total estimated cOnt￿tt Costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated rellably. 1.3. Tangible Fixed Assets and Depre¢latlon Tanglble flxed assets are measured at C05t less accumulated depreclatlon and any accumulated rmpairrnent Ios5e5. Deprecsation is provided at t3tes calculated to write off the c05t of the fixed assets, less their estimated re51dual value, over their expected useful Ilves on the followlng bases.. Fixtures & Vittings 25% Reducing Balarb 2. Average Number of employees Average number of employees, including directors, during the year was.. NIL12020.. NIL) 3. Tanglble Assets Flxtures & Flttlngs As at I September 2020 1,885 As at 31 August 2021 1,885 Depreciation As at I Septernber 2020 Provided during the perlod 1,439 iii As at 31 August 2021 1,550 Net Book Value A5 at 31 August 2021 335 As at I September 2020 446 Page 6 Magdalen Road Studios Notes to the Financial Statements (continued) For The Year Ended 31 August 2021 4. Debtors 2021 2020 Due within one year Other debtors 2,000 2,000 2,000 2.000 5. Credltors: Amounts Falling Due WIthln One Year 2021 2020 Rental Deposits Held Other credltors (Current Ilabilities - creditor5 < l year) 5,902 594 5,240 566 6,496 S,806 6. General Informatlon Magdalen Road Studios Is a private company. limited by shares, Incorporated In Englanty & Wales, registered nurnber 03817751. The registered office Is c/0 Panthera Accovntingt The Manor, Maln Street, Grnve, Wantage, Oxon, OX12 7JJ. Page 7 Magdalen Road Studios Tradlng Profit and Loss Account For The Year Ended 31 August 2021 2021 2020 TURNOVER F14 Studio hlre other EXhIbi￿On Cost Pald By Artist Artist's Rent Associate member5 Donations, drlnks, cakes Electrlaty & gas paid by artlsts MAS Funding Grants and subsidies received 225 135 634 63,401 433 64,784 477 92 2,500 35,000 47,846 112,319 103,218 GROSS PROFIT 112,319 103,218 Distribution Costs Admlnistration and 5UPPOrt costs 29,107 8,175 (29,107) 18,1751 Admlnlstratlve Expenses Health and safety costs Rent 1,015 57,036 142 466 51,326 1,664 3,266 125 479 Rates Light and heat RepaSrs and maintenance Insurance Printing, postage and stationery Exhibitions Market research costs Telecommunlcatlons and data costs Accountancy fees Professional fees Subscriptlons Depreciation of fixtures and fittings Sundry expenses 1,713 1,866 1.029 45 193 1,193 567 834 20 149 178 1,214 595 2,534 65 112 1,561 (69.067) (60,61SI OPERATING PROFIT AND PROFtY FOR THE FINANCIAL YEAR 14,14S 34,428 Page B 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 an 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 17 artists with varying practices occupying the 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, a Studio Director, 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 Sean Hand In 2020, in response to the significant workload falling on voluntary Trustees, the associated high turnover in Trustees, and a workload beyond that capable of being supported solely by the Studio Manager, a decision was made to appoint two Trustees as consultants to take an in-depth review of the MRS buildings and the strategic direction of the organisation. These were Miff Crockford and Daniella Clark. Miff undertook this work for 21 weeks from her appointment in early October 2020 to 23rd February 2021. Daniella for 10 weeks from October to December 2020. Miff additionally assumed Daniella’s responsibilities from December 2020. Felix Lam stepped down from her role as Trustee in November 2020, and her work in preparing scaled plans of the Studio building B was much appreciated and invaluable in the refurbishment proposals for MRS. Daniella Clark stepped down from her role as Trustee on 28th April 2021 after 11 Years at MRS and she will be missed. During this time, we also saw the resignation of Artist Trustee Catalina Renjifo 31st March 2021, and subsequently the resignation of fellow Artist Trustee Juliet Eccles on 11th April 2021. Both worked hard to guide the development of the studios during this particularly tough year and their time and efforts have been greatly appreciated. Annie Sloan regrettably resigned her role as Trustee on 22nd June due to work pressures, but pledged her support for future Community Engagement work. Miff Crockford resigned from her role as Trustee and was officially appointed as Studio Director on 13th April 2021. Her tireless and continued work towards the renovations of the Studios and development of the strategy and operational structure of the organisation are invaluable and greatly valued by all. During the period covered by this report, the Board of Trustees met on nine occasions and the Studios’ accountant was Panthera Accounting, Wantage. The MRS Articles of Association make provision for ‘a Board of Trustees of not more than eight’. It would therefore be possible to recruit additional members from outside the organisation, which the Trustees are hoping to do, and they are currently updating the invitation letter for Artist Trustees and looking at recruiting from within the Studios, to ensure artist representation. ## **The Magdalen Road Studios Year 2020-21** ## _**Studio Management**_ Jessie Judges took the role of Studio Manager in late September 2020, following the departure of Lorna Denby. ## _**Finances**_ ## MRS Refurbishment Project: Project total of Grant Funding Application to OxLep: £161,105 Successful OxLep award: £67,339. ## Matchfunding: Hailmac: £36,296. OxFutures: £10,000. MRS £21,043 Additional commissioning: Berman Studios: £3935 Assent Building Control £1000 CDM (Construction Design Management) was provided on a pro-Bono basis by CLPM and further support was pledged by our Landlords, Hailmac, through a 3 month rent free period, which the Trustees would pass on to the studio artists in Unit B. It was decided to implement this over the months of September/October/ November. ## _**Meeting the charity objectives:**_ A decision was taken to focus on the renovation of the MRS buildings in order to bring them up to a standard ‘fit for purpose’ for artists to work in, and to create a new events and gallery space at the heart of Unit B to enable an enhanced program of community engagement in fulfilment of the charitable objectives of the organisation. The schedule of major building works was a particular disruption to the artists in Unit B, as they were required to vacate the building during the removal of the old asbestos roof and the replacement of the new one, and some activities were put on hold. However, the creation of the new central communal space with grand entrance doors is intended to renew the charity’s commitment to public engagement and extend a warm welcome to increased activities for the community. ## **Renovation Project** Led by Studio Director, Miff Crockford, Magdalen Road Studios were successful in funding applications for refurbishment grant monies for the renovation of Unit B and Unit D. After two competitive rounds of application, MRS was successful in being awarded significant grant funding by OxLep under their ‘Build Back Greener’ scheme, with a requirement for 50/50 match funding for the project. Match funding was raised from various sources, including Oxford City Council’s Business Rate Support & Restart Grants; OxFutures’ through their Green Energy Efficiency Grant, and from our Landlords, Phil & Steve Williams of Hailmac. We are immensely grateful to all our funders for their support, particularly to Phil and Steve for their agreement to the works, their generous contribution and for their cash flow support throughout the project. Alongside architects, Zoe and Alan Berman, Miff took forward plans to: - Replace the old asbestos roof on Unit B, with a new insulated one incorporating skylights to increase levels of natural daylight in the building. - Upgrade the electrical systems in Units B and D with LED lighting installations throughout and additional sockets in newly constructed studio spaces. - Instal sensor activated radiant heating systems in both units - Considerable wall insulation measures in Unit B. - The construction of a new ‘fire corridor’ in Unit B. - Reconfigure the partition walls in Unit B to ensure each studio space has privacy with individual doors. - Create allowance for 9 out of 15 studios in Unit B to accommodate wheelchair access. - Create a new and welcoming entrance area, opening directly into a new events/ gallery space at the heart of the building. Specialist roofing contractors with expertise in handling asbestos were commissioned, along with electricians, ‘green’ heating supply experts and interior contractors. A Health & Safety Inspector was appointed, and CDM was very generously supplied on a pro-Bono basis by CLPM. As with any project, particularly one of such ambitious scale, we expected to experience ups, downs and set-backs, but after much preparation and groundwork, the building project finally got underway in late August. **MAS events and activities 2020-21:** ## **2020** 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 2021 All artists participating in "Magdalen Road Studios Artweeks Online Exhibition", Oxford. Digital Curator was Luke McLaughlin "ORNITHOLOGIE: Madi Acharya-Baskerville, Sonia Boué", Magdalen Road Studios, Oxford. Digital Curator was Luke McLaughlin "Static Momentum: Sean Synnuck" Magdalen Road Studios, Oxford. Digital Curator was Luke McLaughlin