## Directors’ Report Magdalen Road Studios September 2022-September 2023 Magdalen Road Studios was established in August 1999 with the aim of providing affordable studio space in Oxford. Magdalen Road Studios was registered as a charity in May 2011. Its objective is to promote the visual arts to the general public through direct engagement with artists in a studio setting. To achieve this objective 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. The Studios offer a programme of free exhibitions and art education for all ages and regularly welcomes the public to interact with artists and art work during open studio days and in the newly opened Magdalen Art Space which is used for exhibitions, workshops and talks. At the time of this report, there are 22 artists with varying practices occupying the studios who are 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. Currently this board comprises: Amanda Jewell (Chair) Tom Hunter (Deputy Chair and Treasurer) Stephen Snoddy Sean Hand Lucy Stopford (Artist Trustee) David Cumberbatch During the period covered by the report the Trustees met 6 times. The Studios’ accountant was Panthera Accounting, Wantage. The Magdalen Road Studios Year 2022-2023 The Studio Director Miff Crockford ceased to work for the charity in October 2022 having completed the renovation project she had been employed to oversee. After considering the charity’s finances, it was decided that savings had to be made and consequently that there was not the money to employ a Director in addition to a Studio Manager. The Studios are grateful to Miff for everything she achieved. The Studio Manager Louisa Johnson also left her role in October 2022 and was replaced by Annabelle Hondier in November 2022. Annabelle has been employed to work 5 hours per week at the Studios. She has been very instrumental in helping to re-establish the running of the Studios after a long period of disruption following Covid and then closure while major renovation took place. ## The Re-opening of the Studios Following a lengthy renovation project with the replacement of the entire roof in Unit B, insulation and reconfiguring work and a new heating and lighting system, the Studios reopened and we have enjoyed 100% Studio occupancy this year. Work has been undertaken largely by the Trustees to finish off the work and ensure Fire and Health and Safety compliance. A new fire alarm system was installed in Unit B in the autumn of 2022 and a new safety compliant lock was fitted to the main door. Fire extinguishers and signage have been added in both Units and thorough Fire Safety assessment has taken place. Following a donation of paint by Dulux, redecoration of the corridors and Magdalen Art Space has taken place. The floor was taken up and improved in Magdalen Art Space ready for exhibitions and workshops. The toilet has a new basin and has been repainted and the kitchen has been renovated and redecorated by Studios Members, Trustees and an external contractor. All Studios policies have been updated including a Social Media policy. Magdalen Art Space launched itself as an exhibitions venue in May 2023 with an exhibition by Studio Members and then as a Photo Oxford venue. The space was hired by three outside artists for Oxfordshire Art Weeks in late May 2023. There have many successful exhibitions and workshops in this space since then, including the Young Artist Competition which was run by the Oxford Art Society. The space is available free of charge to Studio Members for a week once a year and thereafter at a discounted rate. There is a different rate for external artists which is marginally more expensive but still subsidised in order to provide affordable exhibition space to artists in the community. Several charities have been able to hire the space at very discounted rates. In the autumn of 2022, Miff Crockford and Louisa Johnson used the space to take part in the Oxford Light Festival in collaboration with Pegasus Theatre. ## Studio Finances Following the renovation, the Studios arranged a £10, 000 overdraft facility with the Cooperative Bank to ease cash flow while the tail end of grants secured the previous year came in and to pay for essentials like the new Fire Alarm system. The revenue from Magdalen Art Space has been very helpful in reducing this overdraft and the Studio is now no longer dependent on this. January 2023 saw the start of sponsorship from Magdalen College School who paid the Studios £3,500 for a studio for the school’s Artist in Residence and the use of the Studios for workshops and exhibitions for their students. This has proved very successful and has continued at a rate of £5,000 per annum. In May 2023 the Trustees were compelled to increase Studio rents by 10% in line with a significant increase in the rent charged by our landlord Hailmac and big rises in energy costs. All artists have accepted this increase. The Studios continue to build on consolidating the finances after a challenging period and the Trustees are encouraged by the current trajectory. ## Directors’ Report Magdalen Road Studios September 2022-September 2023 Magdalen Road Studios was established in August 1999 with the aim of providing affordable studio space in Oxford. Magdalen Road Studios was registered as a charity in May 2011. Its objective is to promote the visual arts to the general public through direct engagement with artists in a studio setting. To achieve this objective 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. The Studios offer a programme of free exhibitions and art education for all ages and regularly welcomes the public to interact with artists and art work during open studio days and in the newly opened Magdalen Art Space which is used for exhibitions, workshops and talks. At the time of this report, there are 22 artists with varying practices occupying the studios who are 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. Currently this board comprises: Amanda Jewell (Chair) Tom Hunter (Deputy Chair and Treasurer) Stephen Snoddy Sean Hand Lucy Stopford (Artist Trustee) David Cumberbatch During the period covered by the report the Trustees met 6 times. The Studios’ accountant was Panthera Accounting, Wantage. The Magdalen Road Studios Year 2022-2023 The Studio Director Miff Crockford ceased to work for the charity in October 2022 having completed the renovation project she had been employed to oversee. After considering the charity’s finances, it was decided that savings had to be made and consequently that there was not the money to employ a Director in addition to a Studio Manager. The Studios are grateful to Miff for everything she achieved. The Studio Manager Louisa Johnson also left her role in October 2022 and was replaced by Annabelle Hondier in November 2022. Annabelle has been employed to work 5 hours per week at the Studios. She has been very instrumental in helping to re-establish the running of the Studios after a long period of disruption following Covid and then closure while major renovation took place. ## The Re-opening of the Studios Following a lengthy renovation project with the replacement of the entire roof in Unit B, insulation and reconfiguring work and a new heating and lighting system, the Studios reopened and we have enjoyed 100% Studio occupancy this year. Work has been undertaken largely by the Trustees to finish off the work and ensure Fire and Health and Safety compliance. A new fire alarm system was installed in Unit B in the autumn of 2022 and a new safety compliant lock was fitted to the main door. Fire extinguishers and signage have been added in both Units and thorough Fire Safety assessment has taken place. Following a donation of paint by Dulux, redecoration of the corridors and Magdalen Art Space has taken place. The floor was taken up and improved in Magdalen Art Space ready for exhibitions and workshops. The toilet has a new basin and has been repainted and the kitchen has been renovated and redecorated by Studios Members, Trustees and an external contractor. All Studios policies have been updated including a Social Media policy. Magdalen Art Space launched itself as an exhibitions venue in May 2023 with an exhibition by Studio Members and then as a Photo Oxford venue. The space was hired by three outside artists for Oxfordshire Art Weeks in late May 2023. There have many successful exhibitions and workshops in this space since then, including the Young Artist Competition which was run by the Oxford Art Society. The space is available free of charge to Studio Members for a week once a year and thereafter at a discounted rate. There is a different rate for external artists which is marginally more expensive but still subsidised in order to provide affordable exhibition space to artists in the community. Several charities have been able to hire the space at very discounted rates. In the autumn of 2022, Miff Crockford and Louisa Johnson used the space to take part in the Oxford Light Festival in collaboration with Pegasus Theatre. ## Studio Finances Following the renovation, the Studios arranged a £10, 000 overdraft facility with the Cooperative Bank to ease cash flow while the tail end of grants secured the previous year came in and to pay for essentials like the new Fire Alarm system. The revenue from Magdalen Art Space has been very helpful in reducing this overdraft and the Studio is now no longer dependent on this. January 2023 saw the start of sponsorship from Magdalen College School who paid the Studios £3,500 for a studio for the school’s Artist in Residence and the use of the Studios for workshops and exhibitions for their students. This has proved very successful and has continued at a rate of £5,000 per annum. In May 2023 the Trustees were compelled to increase Studio rents by 10% in line with a significant increase in the rent charged by our landlord Hailmac and big rises in energy costs. All artists have accepted this increase. The Studios continue to build on consolidating the finances after a challenging period and the Trustees are encouraged by the current trajectory. Reglstered number.. 03817751 MAGDALEN ROAD STUDIOS DIRECTORS. REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 P3nthera Limited Chartered Management Accountants The Manor Main Street Grove Oxfordshire OX12 7JJ Magdalen Road Studlos Contents Page Company Information Oirector5' Report Accountant's Report Profit and Loss Account Balance Sheet Notes to the Financial Statements The following 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 2023 Dlrectors Mr Tom Hunter Ms Amanda Jewell Mr Stephen Snoddy Mrs Lucy Stopford Mr David Cumberbatch Company Number 03817751 Reglstered Office clo Panthera Accounting The Manor, Main Street Grove, Wantage Oxon OX12 7JJ A¢¢ountant$ Panthera Limited Chartered Management Accountants The Manor Main Street Grove Oxfordshire OX12 71] Page I Magdalen Road Studios Company No. 03817751 Dlre¢tors' Report For The Year Ended 31 August 2023 The directors present their report and the financial staternent5 for the year ended 31 August 2023. Dlrectors The directors who held offlce during the year were as follows.. Mr Tom Hunter Ms Amanda Jewell Mr Stephen Snoddv Mrs Lucy Stopford Mr David Cumoerbatch Statement of Directors. Responsibilities The directors are responslble for preparlng the Directors, Report and the flnanci81 statements In accordance wlth applic8ble law and regulation5. Cornpany law require5 the dirertor5 to prepare financial statetnents for each financial year. Under that law the dirertors have elected to prepare the financial statements In attordance wlth United Kingdom Generally Accepted Accounting Practite (United Kingdom Accounting Standards and applicable lawl. Under company law the directors must nol approve the financial statements unless they are satlsfied thot they give a true and fair view of the state of affairs of the company and of the pmfit or loss of the company for that period. In preparing the financial statements the directors are required to.. select suitable accounting policies and then apply them consistently,. rnake judgments and accounting e5timate5 that are reasonable and prudent,. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in busines5. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with ￿aSOnable accuracy at any tirne the financial position of the company and enable them to ensure that the financial statements cornply with the Companie5 Act 2006. They are also re5pon5ible for safeguarding the 3ssets of the company and hence for t3klng reasonable steps for the preventlon and detectlon of fraud and other The directors are responsible for the maintenance and integrity of the corporate and financial infOr￿atIOn included on the company's website. Legislation In the United Kingdom governing the preparation and dissemination of financial statements may differ frorn legislation In other Jurisdictions. Small Company Rule$ This report has been prepared in accordance with the special provisions relating to companles subject to the small companies regime within Part 15 of the Companies Act 2006. On behalf of the t>oard Ms Amanda Jewell Dlrector Oate Page 2 Magdalen Road Studlos Accountant's Report For The Year Ended 31 August 2023 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 Studi05 for the year ended 31 August 2023 which cornprise the Profit and Loss Account, the Balance Sheet, and the re13ted notes from the comp3ny's accounting records and from information and explanations you have given us. As a practising member flrm or the Chartered In#itute of Management Accountants, we are subject to its ethlcal and other professional reqU1￿MentS which are detailed at http.'l/www.cimaglobal.com. This report is made solely to the directors of Magdalen Road Studios in accordance with our terrns of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Magdalen Road Studios and state those matters that have agreed to state to the directors of Magdalen Road Studios in this report in accordance with the requirements of the Chartered Institute of Managernent Accountants as detailed at http.'/lwww.cimaglobal.com. To the fullest extent permitted by law, we ¢0 not accept or assume responsibility to anyone other than rhe company and Its dlrertor for our work or for this report. It Is your duty to ensure that Magdalen Road Studios has kept adequate accounting records and to p￿pare statutory financial statements that give a true and fair view of the assets, liabillties, financial position and profit of Magdalen Road Studlos. You consider that Magdalen Road Studios is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Magdalen Road Studios. For this reason, have not verified the accuracy or cornpleteness of the accounting records or information and explanations you have given to U5 and we do not, therefore, expre55 any opinion on the Statutory financial statement5. Slgned Oate Panthera Limited Chartered Management Accountants The Manor Main Street Grove Oxfordshire OX12 7JJ Page 3 Magdalen Road Studlos Profit and Loss Account For The Year Ended 31 August 2023 2023 2022 Notes TURNOVER 89.684 122.127 GROSS PROFIT 89,684 122,127 Distrlbution costs Adminlstratlve expenses 112,2151 171,9341 126,7261 1164,0631 OPERATING PROFIT/(LOSS) 5,535 14151 168,6621 1211 Interest payable and similar charges PROFXTI(LOSS) FOR THE FINANCIAL YEAR 5,120 168,6831 The notes on pages 6 to 7 form part of these financial statements. Page 4 Magdalen Road Studios Balance Sheet As At 31 August 2023 2023 2022 Notes FIXED ASSETS Tangible A55et5 188 251 188 251 CURRENT ASSETS Debtors 2,000 2,000 2,000 2,000 Creditors: Amounts Falllng Due Wlthln One Year 111,4901 116.6731 NET CURRENT ASSETS (LIABILITIES) 19,4901 114,6731 TOTAL ASSETS LESS CURRENT LIABILITIES 19,3021 114,4221 NET LIABILITIES 19,3021 114,4221 Pmfit and Loss Account 19,3021 114.4221 SHAREHOLDERS. FUNDS 19,3021 114,4221 For the year ending 31 August 2023 the comp3ny was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companie5. The members have not requlred the company to obtaln an audit in accordance with section 476 of rhe Companles Act 2006. 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 srnall companies, ￿gime. On behalf of the board Ms Amanda Jewell Director Date The notes on pages 6 to 7 form p3rt of these fin3nci31 statements. Page 5 Magdalen Road Studios Notes to the Financial Statements For The Year Ended 31 August 2023 l. General Information Magdalen Road Studios 15 a private companyi limited by shares, incorpoftted in England & Wale5, registered number 03817751. The registered office is clo Panthera Accounting, The Manor, Main Street, Grove, Wantage, Oxon, OX12 711. 2. Accountlng Pollcles 2. 1. Basis of Preparation of Financial Statements The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section IA Small Entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. 2.2. Turnover Turnover is measured at the fair value of the consideration ￿ceiVed or receivable, net of discounts and value added taxes. Turnover includes revenue earned fmm the sale of goods and form the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Sale of good$ Turnover form the sale of goods Is recognised when the signific3nt risks and rewards of ownership of the goods has tTrn5ferred to the buyer. This 15 usually at the point that the customer has signed for the delivery of the goods. Rendering of services Turnover from the renderlng of servlces Is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only fftcognised to the extent of recoverable expenses when the outcome of a contracl cannot be estimated reliably. 2.3. Tangible Fixed Assets and Depreciation Tangible fixed assets are measured at cost less accumulated depreciation and any accutnulated irnpairment losses. Dep￿clarion is provided at rates calculated to write off the cost of the fixed assets, less their estimated resldual value, over their expected useful lives on the following bases.. Fixtures & Fittings 25¥0 Reducing Balance 3. Average Number of Employees Average number of employees, including ￿1￿ctorS, during the year was.. NIL 12022.. NILI 4. Tanglble Assets Fixtures & Flttlngs Cost As at I September 2022 1,885 As at 31 August 2023 1,885 Depreciation A5 at I September 2022 Provided during the period 1.634 63 As at 31 August 2023 1,697 Net Book Value As 8t 31 August 2023 188 As at I September 2022 251 Page 6 Magdalen Road Studios Notes to the Financial Statements (continued) For The Year Ended 31 August 2023 Debtors 2023 2022 Due within one year Other debtors 2,000 2,000 6. Creditors.. Amounts Falling Due Within One Year 2023 2022 Bank loans and overdrafts Rental Deposits Held Other creditor5 Icurrent liabilities creditors < I yearl 1,959 8,937 594 7,656 8,422 595 11,490 16,673 Page 7 Magdalen Road Studios Trading Profit and Loss Account For The Year Ended 31 August 2023 2023 2022 TURNOVER F14 Studio hire Other Artist's Rent Associate membe Electricity & gas paid by artists Grants and subsidies received 1,350 5,457 72,147 55 425 43.734 55 10,250 78,338 89,684 89,684 122.127 122.127 GROSS PROFIT Distribution Costs Administration and support costs 12,215 26.726 112,2151 126,7261 Administrative Expenses Health and safety costs Rent 2,765 55,385 1,078 4,728 183 45,759 1,228 2,100 94,387 560 150 1,483 594 16,037 317 Rares Light and heat Repairs and maintenance Insurance Market research cost5 Telecomtnunications and data costs Accountancy fees Pmfessional fees Subscriptions Depreciation of fixtures and fittings Sundry expenses 255 1,506 630 63 5,524 84 1.181 171,9341 1164,0631 OPERATING PROFIT/(LOSS) 5,535 168,6621 Interest payable •nd similar ch•rye$ Bank interest payable 415 21 14151 1211 PRQFIT/(LOSS) FOR THE FINANCIAL YEAR 5,120 168,6831 Page 8