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2022-08-31-accounts

MAGDALEN ROAD STUDIOS UNAUDITED FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

MAGDALEN ROAD STUDIOS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

MANAGEMENT COMMITTEE

The Management Committee comprises the trustees in the year: Tom Hunter Amanda Jewell Stephen Snoddy Lucy Stopford David Cumberbatch

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

Page 1

MAGDALEN ROAD STUDIOS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

CONTENTS
Pages 3 Report of the Management Committee
5 Independent Examiner's Report
6 Statement of Financial Activities
7 Balance Sheet
8 Notes to the Financial Statements

Page 2

MAGDALEN ROAD STUDIOS REPORT OF THE MANAGEMENT COMMITTEE FOR THE YEAR ENDED 31 AUGUST 2022

The Management Committee presents its report and the financial statements of the company for the year ended 31 August 2022:

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 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 Lucy Stopford

David Cumberbatch

Miff Crockford resigned from her role as Trustee and was officially appointed Studio Director on 13th April 2021. This role also included a brief to project manage the renovations and reopening of the Studios. Her hard work here is appreciated.

After a brief period as Chair of Trustees, Peter Dickson decided to step down as Chair and as a Trustee. Peter worked very hard to resolve several Studio issues arising from Covid and Lockdown and was instrumental in much of the renovation and building works. WE are also grateful to Peter for his work on Studios policy and on the Licence to Occupy and Articles of Association documents.

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 not more than eight". It would therefore be possible to recruit additional members from outside the organisation, which the Trustees are hoping to do. They are currently looking for a Trustee with financial or fundraising expertise.

The Magdalen Road Studios Year 2021-22

Studio Management

Jessie Judges resigned from her role as Studio Manager in June 2022 in order to start a full time role in Admissions at St Hugh's College, Oxford. The Studios thank Jessie for her excellent work and wish her every success in her new career. Louisa Johnson took on the role of Studio Manager from Jessie.

Finances

MRS Refurbishment Project:

Successful grant application awards from: Oxfordshire County Council grant £67,338.47. Low Carbon Hub award £10,000 CAF award £1,000

Loan (cash flow) Hailmac: £20,000, now repaid

Page 3

Studio Activities

Meeting the charity objectives

In later September 2021, the board of Trustees began work on updating the The Articles of Association, (last amended in 2014) so as to ensure that each current studio artist is able to apply for membership and that a formal record is kept. It was further agreed that the Trustees will review each Artist Licence to Occupy on an annual basis. This is planned to take place at the end of the financial year in March.

The following clauses in the articles of association were amended as follows:

  1. Reword Clause 12 (3) to read: "Membership is terminated if any sum due from member, other than fees for the Licence to Occupy, is not paid in full within 6 months of it falling due."

  2. Add an additional clause: "Termination of a Licence to Occupy will automatically result in termination of membership of the charity for the Licencee."

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 would be a particular disruption to the artists in Unit B, as they would be 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 was able to complete the following work on the Studios, paid for by grant awards:

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, there were ups and downs and delays, but the Studios were able to reopen to artists in the late spring of 2022.

We are immensely gratefule to all our funders for their support, particularly landlords Phil and Steve at Hailmac for their agreement to the works, their generous contribution and for their cash flow support throughout the project.

The Studios were delighted to welcome 10 new Studio members and are delighted to have 100% studio occupancy.

In June 2022 the Studios and Magdalen College School agreed a partnership whereby the school sponsors the Studios £5,000 per annum in return for use of a studio by the school's Artist in Residence, 8 workshops a year for their pupils and 2 exhibitions in the Magdalen Art Space.

Miff Crockford continued to develop Studio outreach and relationships between local charity Asylum Welcome, Pegasus Theatre and the Oxford Light Festival.

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

Amanda Jewell

Director and Trustee

Page 4

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES ON THE UNAUDITED FINANCIAL STATEMENTS OF MAGDALEN ROAD STUDIOS FOR THE YEAR ENDED 31 AUGUST 2022

I report on the accounts of the company for the year ended 31 August 2022, which are set out on pages 6 to 8.

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.

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;

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

In connection with my examination, no matter has come to my attention:

Victoria Wagg ACMA CGMA Panthera Accounting Chartered Management Accountants The Manor Main Street Grove Wantage Oxon OX12 7JJ 24-May-23

Page 5

MAGDALEN ROAD STUDIOS

STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure) FOR THE YEAR ENDED 31 AUGUST 2022

Notes
Incoming resources from generated funds
Total Incoming Resources
Resources Expended
Net Incoming Resources
Interest payable and similar charges
4
(Deficit)/Surplus for the year		 2022
2021
Unrestricted
Unrestricted
Funds
Funds
£
£
122,127
112,319
122,127
112,319
190,789
98,174
-68,662
14,145
21
0
-68,683
14,145

Page 6

MAGDALEN ROAD STUDIOS

Company Registered Number 03817751

BALANCE SHEET

AT 31 AUGUST 2022

Note
Tangible Assets
Debtors
5
Cash at bank and in hand
CREDITORS: Amounts falling due within one year
6
NET CURRENT (LIABILITIES)/ASSETS
NET (LIABILITIES)/ASSETS
Accumulated (Deficit)/Funds
8
TOTAL FUNDS
UNRESTRICTED FUNDS
CURRENT ASSETS
FIXED ASSETS		 2022
2021
£
£
251
335
2,000
2,000
-
58,422
2,000
60,422
16,673
6,496
-14,673
53,926
-£14,422
£54,261
-14,422
54,261
-£14,422
£54,261

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 _______

Amanda Jewell, Director and Trustee

The notes on page 8 form part of these financial statements

Page 7

MAGDALEN ROAD STUDIOS NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022

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 PAYABLE AND SIMILAR CHARFES
Bank interest payable
5 DEBTORS
Other debtors
6
Bank Loans & Overdrafts
Rental Deposits
Other creditors
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR		 2022
2021
£
£
190,789
98,174
£190,789
£98,174
2022
2021
£
£
21
0
£21
£0
2022
2021
£
£
2,000
2,000
£2,000
£2,000
2022
2021
£
£
7,656
-
8,422
5,902
595
594
£16,673
£6,496

7 COMPANY STATUS

Magdalen Road Studios is a Company Limited by Guarantee and does not have a Share Capital.

8 ACCUMULATED (DEFICIT)/FUNDS

At 1 September 2021
Deficit for the year
At 31 August 2022		 Accumulated
(Deficit)/
Funds
£
54,261
-68,683
-14,422

Page 8

MAGDALEN ROAD STUDIOS PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2022

Income received
Depreciation
Administrative expenses
Net surplus for the year
Retained profits brought_forward
Accumulated (deficit)/surplus
carried_forward
Less:		 2022
2021
£
£
£
£
122,127
112,319
122,127
112,319
84
112
190,705
98,062
190,789
98,174
-68,662
14,145
54,261
40,116
-£14,401
£54,261

This page does not form part of the Company's financial statements and is prepared for the information of the Directors only.

Page 9

MAGDALEN ROAD STUDIOS PROFIT AND LOSS ACCOUNT SUMMARIES FOR THE YEAR ENDED 31 AUGUST 2022

Donations
Other
Fundraising - Cafe
Associate member fees
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
Insurance
Internet Costs
Professional Fees
Sundry expenses
Depreciation of Fixtures and fittings
Grant -Immediate Territory Overspend
Fire safety and security costs
Subcriptions
Administrative expenses:
Income received		 2021
£
-
-
-
55
43,734
-
-
-
78,338
122,127
150
45,759
1,228
2,100
94,387
26,726
594
560
1,483
16,037
1,181
84
183
317
190,789		 2020
£
-
634
5
433
63,401
-
-
-
47,846
112,319
178
57,036
142
1,713
1,866
29,107
595
7
1,029
1,214
2,534
1,561
112
-
1,015
65
£98,174

This page does not form part of the Company's financial statements and is prepared for the information of the Directors only.

Page 10