2021-12-31-accounts - Sarabande

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Trustees		C Lowther	OBE		(Chairperson)
		G Jackson
		D Bradfield
		FAmfitheatrof
Charity number		1153464
Principal address		22 Hertford	Road
		London
		N1 5SH
Auditor		TC Group
		76 New Cavendish		Street
		London
		W1G 9TB
Solicitors		Baker McKenzie LLP
		100 New Bridge Street
		London
Bankers		C Hoare 8	Co
		37 Fleet Street
		London
		EC4P 4DQ
Investment	Advisors	MJ Hudson
		1 Frederick's Place
		London
		EC2R 8AE
Investment	Custodians	Canaccord	Genuity	Wealth	Management
		88Wood Street
		London
		EC2V 7QR

		Page
Trustees' report		1-18
Independent auditor's	report	19-22
Statement offinancial	activities	23
Statement offinancial	position	24-25
Statement ofcash flows		26
Notes to the financial	statements	27-45

Consolidated SOFA				Unrestricted	Endowment	Total	Total
				funds	funds	2021	2020
			Notes
Income and endowments		from
Donations, legacies and sponsorships				1,514,169		1,514,169	1,363,226
Product sales				90,023		90,023	102,876
Income from fundraising	and events			104,862		104,862
Investments				40,659		40,659	22,418
Other income				71,125		71,125	54,691
Total income and endowments				1,820,838		1,820,838	1,543,211
Ex enditure on:
Fundraising and event costs				15,517		15,517	2,550
Non - charitable trading costs				96,110		96,110	88,945
Cost of product sales				21,337		21,337	74,187
				132,964		132,964	165,682
Charitable activities				515,862		515,862	417,442
Total expenditure				648,826		648,826	583,124
Net gains on investments			14	963,859		963,859	530,047
Net income for the year/
Net movement in funds				2,135,871		2,135,871	1,490,134
Fund balances at 1 January		2021		13,410,207	10	13,410,217	11,920,083
Fund balances at 31 December 2021				15,546,078	10	15,546,088	13,410,217

					2021	2020
				Notes
CONSOLIDATED
Fixed assets
Intangible assets				15	244	1,455
Tangible assets				16	2,449,409	2,457,870
Investments				17	11,801,785	9,840,526
					14,251,438	12,299,851
Current assets
Stocks				19	30,000	9,906
Debtors				20	46,391	64,763
Cash at bank and	in	hand			1,530,950	1,253,796
					1,607,341	1,328,465
Creditors: amounts		falling	due within	21
one year					(312,691)	(218,099)
Net current assets					1,294,650	1,110,366
Total assets less	current liabilities				15,546,088	13,410,217
Capital funds
Endowment funds	-	general		23	10	10
Income funds
Unrestricted funds				24	15,546,078	13,410,207
					15,546,088	13,410,217
The accounts were		approved	by the Trustees on		...........................
G Ja					D Bradfield
Trustee					Trustee

					2021	2020
				Notes
COMPANY ONLY
Fixed assets
Intangible assets				15	76	1,243
Tangible assets				16	2,449,409	2,457,870
Investments				17	11,801,787	9,840,528
					14,251,272	12,299,641
Current assets
Stocks				19
Debtors				20	678,108	375,724
Cash at bank and	in	hand			754,594	893,203
					1,432,702	1,268,927
Creditors: amounts		falling	due within	21
one year					(127,542)	(146,516)
Net current assets					1,305,160	1,122,411
Total assets less	current liabilities				15,556,432	13,422,052
Capital funds
Endowment funds	-	general		23	10	10
Income funds
Unrestricted funds				24	15,556,422	13,422,042
					15,556,432	13,422,052
The accounts were		approved	by the Trustees on		.&&....O.?....2OZ2
G Jackson					D Bradtield
Trustee					Trustee

				2021	2020
			Notes	f	f
Cash flows from operating		activities
Cash generated from operations			29	2,203,380	1,513,302
Investing	activities
Purchase	of intangible assets				(220)
Purchase	oftangible fixed assets			(5,626)	(5,843)
Investments - net movement				(1,961,259)	(5,751,283)
Investment	income			40,659	22,418
Net cash	used in investing	activities		(1,926,226)	(5,734,928)
Net cash	used in financing	activities
Net increase/(decrease) in		cash and	cash
equivalents				277,154	(4,221,626)
Cash and	cash equivalents	at beginning	ofyear	1,253,796	5,475,422
Cash and	cash equivalents	at end of	year	1,530,950	1,253,796

Donations, legacies and sponsorships
	2021	2020
Donations	300,453	221,226
Legacies receivable	1,105,316	1,000,000
Sponsorship	108,400	142,000
	1,514,169	1,363,226

		2021	2020
		E	F
Product	sales	90,023	102,876
		90,023	102,876

				2021	2020
	Other events			3,722
	Fundraising	event		101,140
				104,862
6	Investment	income
				2021	2020
					F
	Interest and	other investment	income	40,659	22,418
7	Other Income
				2021	2020
	Advertising			47,410	30,490
	Rental income			20,715	16,635
	Other income			3,000	7,566
				71,125	54,691

Other costs
			2021	2020
Fundraising	costs		13,659
Event costs			1,858	2,550
Fundraising	and	event costs	15,517	2,550
Non - charitable		trading costs	96,110	88,945
Cost of product		sales	21,337	74,187
			132,964	165,682

			Scholarships	Subsidised	Events and	Total	Total
				Studios	Workshops	2021	2020
Support costs
Staff costs			22,206	88,826	111,031	222,063	109,090
Depreciation			764	7,626	6,864	15,254	25,962
Premises expenses			3,757	60,121	11,272	75,150	56,333
Accounting and professional		fees	27,590	27,590	13,795	68,975	135,274
Office running	costs			11,105	4,760	15,865	21,435
Travel and events			2,331		2,331	4,662	6,951
Bank charges and exchange		movement	769	769	769	2,307	(2,140)
			57,417	196,037	150,822	404,276	352,905
Grant funding	ofactivities (see note 10)		111,586			111,586	64,537
			169,003	196,037	150,822	515,862	417,442
Analysed by	fund
Unrestricted	funds		169,003	196,037	150,822	515,862
			169,003	196,037	150,822	515,862
For the year	ended 31 December 2020
Unrestricted	funds		136,018	174,241	107,183		417,442
			136,018	174,241	107,183		417,442

	2021	2020f
Grants to institutions:
Central Saint Martins	63,765	65,355
Northumbria University		(818)
Slade School of Fine Art	41,821
	105,586	64,537
Awards to individuals	6,000
	111,586	64,537

13	Employees	Employees	Employees
	Number ofemployees
	The average	monthly	number		ofemployees		during the year	was:
										2021	2020
										Number	Number
	Administration
	Employment	costs								2021f	2020f
	Wages and salaries									231,059	117,567
	Social security costs									23,694	8,800
	Other pension	costs								6,496	1,974
										261,249	128,341
	The number	of employees			whose	annual	remuneration	was	F60,000 or
	more were:
										2021	2020
										Number	Number
	f140,000 - 6150,000									1
14	Net gains/(losses)		on	investments
									Total		Total
									2021		2020
											F
	Unrealised gains on		investments						889,917		561,883
	Realised gains/(losses)			on investments					73,942		(31,836)
									963,859		530,047

15	Intangible fixed assets
	Group	Trademarks
	Cost
	At 1 January 2021 and 31 December 2021	20,292
	Amortisation and impairment
	At 1 January 2021	18,837
	Amortisation charged for the year	1,211
	At 31 December 2021	20,048
	Carrying amount
	At 31 December 2021	244
	At 31 December 2020	1,455
	Intangible fixed assets
	Parent	Trademarks
	Cost
	At 1 January 2020 and 31 December 2020	20,072
	Amortisation and impairment
	At 1 January 2021	18,829
	Amortisation charged for the year	1,167
	At 31 December 2021	19,996
	Carrying amount
	At 31 December 2021	76
	At 31 December 2020	1,243

Tangible fixed assets
Group and Parent		Land and buildings	Plant and machinery	Fixtures, fittings &	Total
				equipment
Cost
At 1 January 2021		2,494,406	18,681	167,232	2,680,319
Additions				5,626	5,626
At 31 December 2021		2,494,406	18,681	172,858	2,685,945
Depreciation and impairment
At 1 January 2021		52,376	16,391	153,682	222,449
Depreciation charged	in the year	9,978	1,047	3,062	14,087
At 31 December 2021		62,354	17,438	156,744	236,536
Carrying amount
At 31 December 2021		2,432,052	1,243	16,114	2,449,409
At 31 December 2020		2,442,030	2,290	13,550	2,457,870

Fixed asset investments Group and Parent
	Listed	Unlisted	Cash in	Total
	investments f	investments f	portfoliof
Cost or valuation
At 1 January 2021	8,078,705	1,008,583	753,240	9,840,528
Additions	2,631,672			2,631,672
Disposals	(1,493,454)			(1,493,454)
Gains on disposal	73,942			73,942
Unrealised gains	889,917			889,917
Other movements	36,666		(177,486)	(140,820)
At 31 December 2021	10,217,448	1,008,583	575,754	11,801,785
Carrying amount
At 31 December 2021	10,217,448	1,008,583	575,754	11,801,785
At 31 December 2020	8,078,705	1,008,583	753,240	9,840,528

Details ofthe Charitable Inco	Details ofthe Charitable Inco	Details ofthe Charitable Inco	rporated Organisatio	rporated Organisatio	n's sub	sidiaries at 31 D	ecember 2021 are a	s follows:
Name of undertaking			Registered		Nature	ofbusiness	Class of	% Held
			office				shares held	Direct
Suture Inc	Limited		United	Kingdom	Trading	Company	Ordinary	100.00
Sarabande	Trading	Limited	United	Kingdom	Trading	Company	Ordinary	100.00

	Name of undertaking	Name of undertaking	Name of undertaking	Profit/(Loss)	Capital and
					Reserves
				E
	Suture Inc	Limited		1,493	(10,342)
	Sarabande	Trading	Limited		1
19	Stocks
	Group					2021	2020
	Finished goods and goods for resale					30,000	9,906
	Stocks
	Parent					2021	2020
	Finished goods and goods for resale
20	Debtors
						2021	2020
	Group
	Amounts	falling due within one		year:
	Trade debtors					16,050	44,044
	Other debtors and		accrued income			17,701	16,847
	Prepayments					12,640	3,872
						46,391	64,763


20	Debtors			(Continued)
			2021	2020
	Parent
	Amounts falling due within	one year:
	Trade debtors			18,000
	Amounts due from subsidiary	undertakings	648,167	337,005
	Other debtors and accrued income		17,301	16,847
	Prepayments		12,640	3,872
			678,108	375,724
21	Creditors: amounts falling	due within one year
	Group		2021	2020
			F	F
	Other taxation and social security		85,002	86,896
	Trade creditors		30,952	9,910
	Other creditors and deferred	income	140,332	58,416
	Accruals		56,405	62,877
			312,691	218,099
	Parent		2021	2020
	Other taxation and social security		63,349	71,518
	Trade creditors		24,271	3,301
	Other creditors and deferred	income	4,938	30,531
	Accruals		34,984	41,166
			127,542	146,516

				Movement	in funds
			Balance at 1	Incoming	Resources	Balance at 31
			January	resources	expended	December
			2021			2021
Permanent		endowments
Original	settlement		10			10
			10			10

Analysis ofnet assets between funds
Group		Unrestricted	Endowment	Total
		funds	funds
Fund balances at 31 December 2021 are represented	by:
Intangible fixed assets		244		244
Tangible assets		2,449,409		2,449,409
Investments		11,801,785		11,801,785
Current assets/(liabilities)		1,294,640	10	1,294,650
		15,546,078	10	15,546,088
Group		Unrestricted	Endowment	Total
		funds	funds
Fund balances at 31 December 2020 are represented	by:
Intangible fixed assets		1,455		1,455
Tangible assets		2,457,870		2,457,870
Investments		9,840,526		9,840,526
Current assets/(liabilities)		1,110,356	10	1,110,366
		13,410,207	10	13,410,217
Parent		Unrestricted	Endowment	Total
		funds	funds
Fund balances at 31 December 2021 are represented	by:
Intangible fixed assets		76		76
Tangible assets		2,449,409		2,449,409
Investments		11,801,787		11,801,787
Current assets/(liabilities)		1,305,160	10	1,305,170
		15,556,432	10	15,556,442
Parent		Unrestricted	Endowment	Total
		funds	funds
Fund balances at 31 December 2020 are represented	by:
Intangible fixed assets		1,243		1,243
Tangible assets		2,457,870		2,457,870
Investments		9,840,528		9,840,528
Current assets/(liabilities)		1,122,401	10	1,122,411
		13,422,042	10	13,422,052

29	Cash generated from	operations				2021	2020
	Surplus for the year					2,135,871	1,490,134
	Adjustments for:
	Investment income recognised in statement			offinancial	activities	(40,659)	(22,418)
	Amortisation and impairment of intangible			assets		1,211	2,986
	Depreciation and impairment oftangible		fixed assets			14,087	22,984
	Movements in working	capital:
	(Increase) in stocks					(20,094)	(696)
	Decrease in debtors					18,372	28,800
	Increase/(decrease) in	creditors				94,592	(8,488)
	Cash generated from	operations				2,203,380	1,513,302
30	Analysis ofchanges	in net funds
	The Charitable Incorporated Organisation			had no debt	during the year.