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2020-09-30-accounts

ARTSPACE LIFESPACE FINANCIAL STATEMENTS 30 SEPTEMBER 2020

Charity Number 1168150

ARTSPACE LIFESPACE

FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2020

Contents Pages
Reference & Administrative Information 1
Report of the Trustees 2 - 10
Independent Examiner’s Report 11
Statement of Financial Activities 12
Balance sheet 13
Notes forming part of the financial statements 14 - 22

ARTSPACE LIFESPACE

REFERENCE & ADMINISTRATIVE INFORMATION

YEAR ENDED 30 SEPTEMBER 2020

Trustees

Andrew Evans Anthony Elliott (appointed 21 April 2020) Kara de los Reyes James Francis Ryan Corkery (Treasurer) Wim Penhaul

Principal Office

The Island Nelson Street Bristol BS1 2BE

Independent Examiner

Joshua Kingston BSc ACA Burton Sweet Limited Chartered Accountants The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR

Bankers

HSBC

Contacts

The Island Nelson Street Bristol BS1 2BE Telephone 078289 49387

Email: info@artspacelifespace.com Web: www.artspacelifespace.com

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ARTSPACE LIFESPACE

TRUSTEES’ REPORT

YEAR ENDED 30 SEPTEMBER 2020

Objectives and activities

Artspace Lifespace’s mission is to provide access, space, logistics and support for a vibrant creative community in Bristol and beyond. The charity aims to provide resources and facilities that enable sustainable, creative communities. We do this through acquisition, provision and maintenance of a diverse portfolio of quality facilities, where artists can make, collaborate and present works and where communities can access affordable arts within their locality.

Our organisation’s purposes are to promote art for the benefit of the public by the establishment and maintenance of facilities for artists from a variety of artistic practices to create works, to collaborate, and to present and perform those works for the public.

We secure interesting, unusual and often difficult buildings in which we build workshops, studio spaces, offices, galleries, cafés, performance and training facilities.

Up until 2019 our focus was on meanwhile space. However our longest running meanwhile space The Island first opened to the public in 2008. The spaces we take on are made accessible to the local community for use as vibrant creative hubs. We manage the contracts and act as a broker between the property managers and local art communities, engaging with community groups and audiences, creating affordable spaces for artists to produce work.

We also offer support and advice services to artists and community on how to deliver their own projects and create links between projects. We create networks with other organisations within Bristol and in the UK and beyond to deliver projects together and create work. We also provide a support network for artists, holding open studios annually as well as a year-round programme of events and exhibitions. We advocate adaptive reuse of buildings and work on developing policies, procedures and administrative systems that enable every project to realise its full potential.

Achievements and performance

The Trustees confirm they have complied with their duty to have regard to the public benefit guidance published by the Charity Commission (in accordance with the Charities Act 2011) and referred to it when reviewing the Charity's aims and objectives, and planning its activities.

Artspace Lifespace prides itself on running on a predominantly self-funded model but three months of reserves suddenly became inadequate in April 2020 with no knowledge as to when we could reopen. We are hugely grateful to the #HereForCulture programme which enabled us to ride out the financial crisis of 2019/2020 and the recognition that our organisation is important to Bristol’s grassroots arts ecology. Emergency funding from Arts Council England, Bristol City Council and receiving the Department for Digital, Culture, Media and Sport’s Cultural Recovery Fund has given us the financial support and confidence to plan for 2021.

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ARTSPACE LIFESPACE

TRUSTEES’ REPORT

YEAR ENDED 30 SEPTEMBER 2020

The main achievements of the charity

SUPPORT FOR ARTISTS

Affordable Space Providers

Artspace Lifespace supports artists by providing affordable studio space, residencies and affordable space to make, develop and showcase their work. We also work with communities to help them find viable uses for buildings and engage with both the heritage of the buildings we occupy and offer opportunities for them to engage in creative activities.

Professional Support for Artists

We have supported our studio holders during the Covid-19 crisis by providing more marketing support and updates on funding opportunities. We also arranged online training via zoom on Funding for Creative Practitioners and Collectives delivered by Laura, our Development Officer and Lucie, Creative Producer & Project Coordinator. We offered rent waivers for shielding and vulnerable tenants who were unable to return to the Island.

“I just wanted to say thank you for sharing all the opportunities and commissions on the tenants' group - we've found out about so many amazing opportunities through your posts, and have applied for 6 or 7, four of which we've got! We have just been selected for the Old City commissions, and are so excited as it's right up our street (so to speak)!” Feedback from Studio Holders Sophie & Rob - Graftworks

Free Residency Space

In 2019/20 Artspace formalised our residency offer: ArtSpace ResiSpace - How can we help?

“Artspace Lifespace was a lifesaver for @airgiantsHQ, giving us access to the space we needed when we were just getting started. And what a glorious space it was, too!” Richard Sewell, Airgiants

Artspace Lifespace offers artists residency opportunities to develop specific or open-ended projects and to test works in progress. This opportunity is open to artists working across art forms from Bristol and beyond. Despite restrictions we were still able to offer residency programmes across all of our projects.

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ARTSPACE LIFESPACE

TRUSTEES’ REPORT

YEAR ENDED 30 SEPTEMBER 2020

Artist Bursaries / Commissions

In April 2020 our lease on 6 West Street expired and Old Market said a sad final farewell to SPACE Gallery. In acknowledgement of the creativity that flows through Bristol and makes projects like SPACE possible, we awarded three paid residencies to practitioners working in the areas of visual arts, performance and community. Each artist/artist group spent two weeks at SPACE (in the ‘before’ times of 2020) to further, reflect upon or begin new work.

In 2019 we commissioned two artists to create original pieces for us.

Rtiiika

Rising arts artist whose work you may have seen across the city as part of the amazing #WhoseFuture campaign created a unique and playful mural for us in our Bridewell Street entrance at The Island.

“As part of our plans to make The Island more inviting we decided to commission a mural in our Bridewell Street entrance corridor to make it more representative of an arts centre rather than a police station. The entranceway is used by dance students, artists and members of the public of all ages so it needed to feel welcoming and inclusive.

Having seen Rtiika's artwork around Bristol we felt it fitted the fun and inviting aesthetic we were looking for. We're delighted with the results, her work has made the area feel colourful, cleaner and improved the wayfinding for visitors”. Jane Hartoch - Centre Manager, The Island.

Rose Popay

We commissioned artist Rose Popay who runs our Crafting Communities classes to create a map celebrating our current and past projects.

COMMUNITY CONNECTORS

In 2020 when the community could not use our spaces, we took looked at what resources we could bring to the community. We invited applications from individuals and informal groups for a project that clearly identifies how a cargo bike can help support them becoming more sustainable and grow their service. The cargo bike residency for 2020 was awarded to Fixx bikes in Hengrove and commenced in September 2020 to use the bike to deliver meals to the vulnerable in their ward which they have been doing throughout COVID.

NETWORK CONNECTORS

Our Company Manager sits on the DIY Arts Network committee and headed up the Cultural Spaces workgroup. Following an identified need, Artspace Lifespace applied for our first Arts Council England Grant and Heritage Lottery Grants to run a programme of events in 2019/20.

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ARTSPACE LIFESPACE

TRUSTEES’ REPORT

YEAR ENDED 30 SEPTEMBER 2020

The People’s Mansion and Futur Ville

In early 2019 we obtained funding for our Futur Ville programme from Arts Council England and The Heritage Fund. Futur Ville launched on June 1st 2019 as a 5-month programme of arts activity culminating in a two-day summit with international, national and local speakers exploring the complex relationship between artists, creative communities, urban regeneration and cultural policies through talks, panel discussions and group workshops.

The Futur Ville Report 2020

Support for Other Organisations

In 2019 the mayors team at city hall and Bristol City Council Arts Team extended our license and awarded us a grant to continue to operate the Vestibules as gallery spaces. The Vestibules is evolving into an exhibition space highlighting socially engaged and community art in the city. One of the last events in Bristol on Saturday 7th March before Lockdown was International Women’s Day at City Hall and The Vestibules. To mark International Women’s Day 2020 we commissioned CATO Press to create an image dedicated to the women and children who helped ensure the success of one of the most important strikes in American history. The Vestibules and Rosanna Morris released limited edition prints of our Bread and Roses collective relief print. In total we raised £3000. All profits from the print were donated to The Smallwood Trust which provide grants to organisations and individuals and work with selected partners to help women overcome financial adversity and to improve their social and emotional well-being.

The Inclusion Project

Halt Harassment

In 2019 our Inclusion Officer Ngaio Aniya launched the Halt Harassment project to emphasise that harassment is a societal problem that needs a citywide framework in place to tackle exclusionary behaviour.

SUPPORTING EQUAL PAY AND A REAL LIVING WAGE

In 2020 we amended our pay policy ensuring that our staff get paid the Real National Living Wage and that self-employed staff are entitled to the same sickness and holiday benefits as PAYE staff upon passing their probation. Our remuneration policy is that the highest paid member of staff should not get paid more than three times that of the lowest paid member of staff though exceptions are made for artist commissions and contractors.

STAFF PAY

13,000 hours of paid employment supporting 12 long term staff and 6 casual staff.

We continued to contract self-employed workers and provided financial support to our zerohours contract staff who were unable to work during Covid-19. We also updated our sick

5

ARTSPACE LIFESPACE

TRUSTEES’ REPORT

YEAR ENDED 30 SEPTEMBER 2020

leave policy to support self-employed and zero-hours contract staff acknowledging some of the new risks involved.

In June 2020 the Board approved that where the NJC scale is lower than the £9.30ph Real National living wage we would pay the higher of the two. We also monitor other local organisations to ensure our pay rates are comparable for similar roles.

At Artspace Lifespace, no member of staff currently earns more than double that of the lowest paid member of staff. Since 2017, we have been working towards decreasing the gap in pay between the lowest and the highest paid members of staff and our pay policy stipulates than no member of staff can earn more than three times that of another.

Financial Review

We started the 2019/2020 year in a strong position, albeit following the charity’s first year of negative net movement in unrestricted funds. Our reserves still stood at higher than our policy and we were hopeful of an equitable resolution to our lease negotiations at our main site of operations. Six months into the year the pandemic struck, and the organisation planned for the worst. Our strong reserves position still meant a forecasted cessation of the charity towards the end of 2020 without support or a quick resolution to the crisis gripping the world. Thanks to the careful management of finances by staff, government support, and retaining the majority of our rental income the worst-case scenario of our projections did not come about.

As would be expected, our adhoc room hire income dropped significantly (down 58% from £124,681 to £51,772) and Rental income actually increased between the two financial years (up 4% from £107,507 to £111,971). Our drop in income was supplemented through unrestricted grants from Bristol City Council and Arts Council England, as well as grants from the Coronavirus Job Retention Scheme to support staff. Due to measures taken during the pandemic our overall unrestricted expenditure on operation of the charity dropped (down 7% from £251,275 to £233,433). Overall the activities have meant an increase in unrestricted reserves by 43% from £76,328 to £109,133.

The charity is grateful for its donors and supporters over the past year, including emergency funding received during the covid pandemic. Major donors were:

Nick Sutton Donation: £400 on 4/3/2020

Thank you to Circus Training Space Members and Henry Twist Nicola Pretlove who donated their Circus Training Space membership fee to The Island while we were closed between March and June 2020.

North Somerset Council - Business Rates Relief

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ARTSPACE LIFESPACE

TRUSTEES’ REPORT

YEAR ENDED 30 SEPTEMBER 2020

Bristol City Council - Business Rates Relief and for waiving our rent at Ashton Court Mansion in light of the coronavirus pandemic until June 2021.

FUNDERS 2019-2020

Awards for All - Crafting Communities 2019-2020 programme

Bristol City Council Arts Team & Mayoral Office - Contribution to operating costs of The Vestibules

Bristol City Council Imagination 2018-2020 Imagination Fund - for Development and Marketing work

Bristol City Council 2020-2022 Imagination Fund - For Development & Inclusion Work

For the Futur Ville Programme

Arts Council
England		 5 month FVprogramme £15,000
Heritage Fund The People's Mansion £10,000
Historic England 2019 Schools ArchaeologyDigArt Workshops and Tours £2,000
Historic England 2020 Schools Archaeology Dig Art Workshops and Tours
(postponed to 2022. Income held and carried over)		 £1,800
Bristol Community
Buildings Federation		 Filmingof the Futur Ville Programme £1,167

Arts Council England - £15,000 Arts Council England project grant towards our partner project with We are from Dust to bring sculptures to Ashton Court and create an outdoor exhibition in a park setting during the pandemic.

Governing document

The Charity is a charitable incorporated organisation, registered on 11 July, 2016. It’s charitable objects are to promote art for the benefit of the public by the establishment and maintenance of facilities for artists from a variety of artistic practices to create works, to collaborate, and to present and perform those works for the public.

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ARTSPACE LIFESPACE

TRUSTEES’ REPORT

YEAR ENDED 30 SEPTEMBER 2020

Recruitment and appointment of new Trustees

We carry out an open recruitment process with trustee recruitment adverts on our website, social media (twitter & linked in) and through sites such as Theatre Bristol and VOSCUR. We invite trustees to observe the board for a minimum of two full board meetings before they are elected on the board. Prior to 2020 we only voted new trustees in at the AGM but in light of the coronavirus pandemic this was amended by consensus of the full board at Board Meetings. In 2020 Anthony Elliot joined the Board and treasurer Ryan Corkery announced his intention to step down in 2021 following the 2019-20 accounts being finalised and the appointment of a new treasurer.

Reserves policy

The most considerable risk to our business model in ‘before Covid’ times was when leases of our buildings come to an end, particularly for our main income generating project. With the temporary nature of our projects, we require reserves to set up and get a new income generating project running that will be self-sustaining and profitable.

The Company Manager and Board Member with Financial expertise have reviewed the last years financial activity to establish the level of reserves and taken the following expenditure into account when setting the reserve limit: Employed Wages, Duty Managers, Consultants, Accountants and Other Personnel, Staff Training, Telephone, Computer and Internet, Subscriptions and Publications, Rent, Building Costs, Cleaner and Cleaning supplies, Electricity, Gas, Insurance, Fire Safety , Pest Control, Repair and Maintenance, Small Tolls and Equipment, Waste Disposal, Water and Sewerage Costs.

In early 2020 due to the Coronavirus Pandemic we lowered our minimum reserves held to £23,861 with adjustments made for restricted funds as they came in. We applied for the Cultural Recovery Grant through ACE to help us get through the next six months without depleting our reserves.

At 30 September 2020 our free reserves stood at £98,907,(2019: £65,666) comprising our total unrestricted funds less carrying value of assets. At the start of the pandemic we had to take practical decisions regarding our reserves policy in order to justify continuing operations short-term as the government and other bodies decided on support and rescue packages. As we have been fortunate enough to receive support from the government, Arts Council England, as well as our service users and tenants, we have been able to quickly rebuild our reserves to the level we would expect in normal times. Our reserves policy proved resilient over this time and carried out its purpose of keeping the charity afloat during uncertainty.

Unfortunately during the pandemic we saw a huge rent increase. We had been working towards a more secure tenancy and a rent increase was part of this, still the consequences of the pandemic resulted in our landlord pushing for a higher than expected amount. The knockon effect of this is that our post-pandemic reserve requirements will also be higher in order to satisfy our policy to cover 6 months of rent, based on our current policy we will be working towards reserves of £116,700 as of February 2021 when our new lease came in to affect. We are satisfied that our reserves as at the end of September 2020 reflected our policy at that time, and that we will be able to cover our updated reserves going forward.

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ARTSPACE LIFESPACE

TRUSTEES’ REPORT

YEAR ENDED 30 SEPTEMBER 2020

Going concern

To date, Artspace Lifespace has operated on an income funded model. We operate from quite difficult buildings through a reduced rent or free rent basis and the income we generate from hires and letting studio spaces provides us with an income. We receive funding for carrying out specific activities to enhance our arts offer but not for operational costs. However the coronavirus pandemic will decimate our income in the 2019/2020 and 2020/2021 financial years. We are therefore reliant on government funding to see us through the crisis.

In January 2021, our rent at The Island raises dramatically, putting our self-funded model in jeopardy. The charity is quite new to managing grant funding for core costs. The grant reporting requirements will be more onerous for Artspace Lifespace and we will need to bring in outside advisors to assist with this process in 20/21 financial year.

Despite these concerns, the trustees are confident that the charity will be able to continue for at least the next twelve months from the date of this report.

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ARTSPACE LIFESPACE

TRUSTEES’ REPORT

YEAR ENDED 30 SEPTEMBER 2020

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to:

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed/constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees on 30 July, 2021

Signed by order of the Trustees

R Corkery, trustee

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ARTSPACE LIFESPACE

INDEPENDENT EXAMINER’S REPORT

YEAR ENDED 30 SEPTEMBER 2020

Independent examiner’s report to the Trustees of Artspace Lifespace

I report to the trustees on my examination of the accounts of Artspace Lifespace (the Charity) for the year ended 30 September 2020.

Responsibilities and basis of report

As the charity trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Joshua Kingston BSc ACA Burton Sweet Limited, Chartered Accountants The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR Date: 30 July, 2021

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ARTSPACE LIFESPACE

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

YEAR ENDED 30 SEPTEMBER 2020

Unrestricted
Funds
Note
£
Income from:
Donations
2
95,717
Charitable activities
3
188,054
Interest receivable
175
Total income
283,946
Expenditure on:
Fundraising
8,376
Charitable activities
4
233,433
Total expenditure
241,809
Net income/(expenditure)
42,137
Transfers between funds
14
(9,332)
Net movement in funds
32,805
Total funds at 1 October
14
76,328
Total funds at 30 September
14
109,133		 Unrestricted
Funds
Note
£
Income from:
Donations
2
95,717
Charitable activities
3
188,054
Interest receivable
175
Total income
283,946
Expenditure on:
Fundraising
8,376
Charitable activities
4
233,433
Total expenditure
241,809
Net income/(expenditure)
42,137
Transfers between funds
14
(9,332)
Net movement in funds
32,805
Total funds at 1 October
14
76,328
Total funds at 30 September
14
109,133		 Restricted
Funds
£
34,879
7,359
-		 Total Funds
2020
£
130,596
195,413
175		 Total Funds
2019
£
(Restated)
70,345
249,083
211
283,946 42,238 326,184 319,639
8,376
233,433		 -
57,386		 8,376
290,819		 31,686
286,559
241,809 57,386 299,195 318,245
42,137
(9,332)		 (15,148)
9,332		 26,989
-		 1,394
-
32,805
76,328		 (5,816)
18,879		 26,989
95,207		 1,394
93,813
109,133 13,063 122,196 95,207

The Charity has no recognised gains or losses other than the results for the year as set out above. All of the activities of the charity are classed as continuing

The prior year fund comparatives are set out in note 9

The notes on pages 14 to 22 form part of these financial statements

12

ARTSPACE LIFESPACE

BALANCE SHEET

AS AT 30 SEPTEMBER 2020

Note
Fixed assets
Tangible assets
10
Investments
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors : amounts falling due within one year
13
Net current assets
Net assets
Funds
Unrestricted funds
15
Restricted funds
15		 2020
£
10,225
1
10,226
29,422
116,313
145,735
(33,765)
111,970
122,196
109,133
13,063
122,196		 2019
£
(Restated)
10,661
1
10,662
38,183
72,602
110,785
(26,240)
84,545
95,207
76,328
18,879
95,207

These financial statements were approved by the trustees on 30 July, 2021 and are signed on their behalf by:

…………………………………………….

R Corkery Trustee

The notes on pages 14 to 22 form part of these financial statements

13

ARTSPACE LIFESPACE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2020

1 Accounting policies

There are no material uncertainties about the charity’s ability to continue as a going concern, despite the significant uncertainty being caused by the worldwide COVID-19 crisis. Whilst the Trustees expect there to be a significant impact on the charity’s operations and reserves in the coming months and years, the charity has sufficient reserves to be able to meet these challenges. Please refer to the Trustees' Report for further details of how the charity has been affected by the Covid pandemic.

The charity meets the definition of a public benefit entity under FRS102.

Investments are stated at market value at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year. Investments in subsidiaries are valued at cost less provision for impairment.

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any discounts due.

e) Cash at bank & in hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

14

ARTSPACE LIFESPACE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2020

1 Accounting policies (continued)

2 Donations

Grants received
Prior year comparatives
Donations
Grants received
Grants received includes the following government grants:
Bristol City Council
HMRC re CJRS grant		 Unrestricted
Funds
£
95,717		 Restricted
Funds
£
34,879		 Total Funds
2020
£
130,596
95,717 34,879 130,596
Unrestricted
Funds
£
9,190
10,000		 Restricted
Funds
£
-
51,155		 Total Funds
2019
£
(Restated)
9,190
61,155
19,190 51,155 70,345
2020
£
66,181
15,267		 2019
£
19,195
-
81,448 19,195

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ARTSPACE LIFESPACE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2020

3 Income from charitable activities

Room Hire
Studio Hire
Space membership
Art sales
Events
Prior year
Room Hire
Studio Hire
Space membership
Membership		 Unrestricted
Funds
£
51,772
111,971
7,125
1,169
16,017		 Restricted
Funds
£
-
-
-
-
7,359		 Total Funds
2020
£
51,772
111,971
7,125
1,169
23,376
188,054 7,359 195,413
Unrestricted
Funds
£
124,681
107,507
13,672
2,757		 Restricted
Funds
£
-
-
-
466		 Total Funds
2019
£
(Restated)
124,681
107,507
13,672
3,223
248,617 466 249,083

4 Expenditure on charitable activities

Direct costs

Staff costs
Events expenditure
Donations to projects		 2020
£
9,354
17,716
-		 2019
£
25,775
17,516
80
27,070 43,371

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ARTSPACE LIFESPACE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2020

4 Expenditure on charitable activities (continued)

Support costs

Support staff costs
Administration
Marketing
Rent
Premises and cleaning costs
Heat, light and water
Maintenance costs
Miscellaneous costs
Depreciation
Accountancy
Independent examiner's fees
Total expenditure on charitable activities
Governance costs
Independent examination fees - current year
underprovided in prior year
Trustees' expenses reimbursed (0 trustees)		 2020
£
89,708
41,480
4,333
33,845
54,304
8,929
25,964
773
1,805
468
2,140		 2019
£
73,197
23,986
6,874
51,124
46,291
11,398
21,201
2,673
1,882
2,562
2,000
263,749 243,188
290,819 286,559
Total Funds
2020
£
1,740
400
-		 Total Funds
2019
£
2,000
-
-
2,140 2,000

5 Governance costs

All governance costs in 2019 and 2020 were unrestricted.

6 Net income for the year

This is stated after charging:

This is stated after charging:
2020 2019
£ £
Depreciation 1,805 1,882
Independent examiner's fee 2,140 2,000

17

ARTSPACE LIFESPACE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2020

7 Staff costs and numbers

The aggregate payroll costs were:

The aggregate payroll costs were:
Wages and salaries
Social security costs
Employers pension contributions		 2020
£
115,296
3,509
2,437		 2019
£
126,027
3,093
981
121,242 130,101

No employee received emoluments of more than £60,000.

The average weekly number of employees during the year, calculated on the basis of a headcount, was as follows:

Administration 2020
No.
14		 2019
No.
14
14 14

The trustees consider the key management personnel to be themselves, the Company Manager and the Island Centre Manager. During the year, they received total remuneration of £34,261 (2019: £33,334).

8 Taxation

The charity is exempt from corporation tax on its charitable activities.

18

ARTSPACE LIFESPACE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2020

9
Fund comparatives
Income from:
Grants and donations
Charitable activities
Investments
Total income
Expenditure on:
Fundraising
Charitable activities
Total expenditure
Net income/(expenditure)
Transfers between funds
Net movement in funds
Total funds at 1 October 2018
Total funds at 30 September 2019
10 Tangible fixed assets
Leasehold
Cost
At 1 October 2019
Additions
At 30 September 2020
Depreciation
At 1 October 2019
Charge for the year
At 30 September 2020
Net book value
At 30 September 2020
At 30 September 2019		 Unrestricted
Funds
£
19,190
248,617
211		 Restricted
Funds
£
51,155
466
-		 Total Funds
2019
£
70,345
249,083
211
268,018 51,621 319,639
28,994
251,275		 2,692
35,284		 31,686
286,559
280,269 37,976 318,245
(12,251)
543		 13,645
(543)		 1,394
-
(11,708)
88,037		 13,102
5,776		 1,394
93,813
76,329 18,878 95,207
Equipment
£
15,065
1,369		 Total
£
15,065
1,369
16,434 16,434
4,404
1,805		 4,404
1,805
6,209 6,209
10,225 10,225
10,661 10,661

19

ARTSPACE LIFESPACE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2020

11 Investments

Investments
2020 2019
£ £
100% holding in subsidiary 1 1

Artspace Lifespace Enterprises limited is the subsidiary of the charitable incorporated organisation. During the year, the profit after tax amounted to £2,979 (2019: £19,190) with retained reserves being £nil (2019: £nil).

12 Debtors

Debtors
Trade debtors
Prepayments and accrued income
Other debtors
Tax and social security		 2020
£
11,379
5,228
11,256
1,559		 2019
£
(Restated)
23,094
4,178
10,911
-
29,422 38,183

13 Creditors: amounts falling due within one year

Trade creditors
Accruals and deferred income
Tax and social security
Other creditors		 2020
£
2,061
21,958
-
9,746		 2019
£
(Restated)
11,546
6,137
628
7,929
33,765 26,240

20

ARTSPACE LIFESPACE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2020

14 Movement in funds
Unrestricted funds
General funds
Restricted funds
Bristol City Council
Jacob Wells Hub
Big Lottery fund
HLF Grant
Futur Ville
John James Grant
Total funds		 £
76,328
1 October
2019		 Income
£
283,946		 Expenditure
£
(241,809)		 Transfers
£
(9,332)		 £
109,133
30 September
2020
76,328 283,946 (241,809) (9,332) 109,133
7,184
-
7,114
-
2,661
1,920		 21,182
-
-
-
21,056
-		 (17,991)
(644)
(5,645)
(5,605)
(26,800)
(701)		 -
644
-
5,605
3,083		 10,375
-
1,469
-
-
1,219
18,879 42,238 (57,386) 9,332 13,063
95,207 326,184 (299,195) - 122,196

The general unrestricted funds are able to be utilised at the discretion of the trustees in line with the objects of the charity. Free reserves are part of general reserves and are considered in the Trustees' reserves policy which is stated on page 6 of the Trustees' Annual Report.

Restricted funds:

Bristol City Council - funds were received towards costs of the Invisible Circus and other project costs. Jacob Wells Hub - funds received towards the running costs of Jacobs Wells Bath.

Big Lottery fund - funding towards delivering art and crafts workshops for people with disabilities and their carers and the local community. This aimed to reduce social isolation and engage people from different cultural backgrounds.

HLF grant - funds were received to assist with the creation of the 'People's Mansion' heritage programme at Ashton Futur Ville - funds received to create an intergenerational 'People's Mansion' heritage programme to showcase the history of Ashton Court Mansion. John James Grant - funds to help with negotiation of a long lease at The Island including architects feasibility costs, building survey and project manager training costs.

21

ARTSPACE LIFESPACE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2020

14 Movement in funds (continued)

Prior year

Unrestricted funds
General funds
Restricted funds
Bristol City Council
Jacob Wells Hub
Big Lottery fund
HLF Grant
Futur Ville
John James Grant
Total funds		 £
88,037
1 October
2018		 Income
£
268,018		 Expenditure
£
(280,270)		 Transfers
£
543		 £
76,328
30 September
2019
88,037 268,018 (280,270) 543 76,328
2,279
-
1,464
2,033
-
-		 12,006
6,149
10,001
1
15,964
7,500		 (6,389)
(5,625)
(3,100)
(3,978)
(13,303)
(5,580)		 (712)
(524)
(1,251)
1,944
-
-		 7,184
-
7,114
-
2,661
1,920
5,776 51,621 (37,975) (543) 18,879
93,813 319,639 (318,245) - 95,207

15 Analysis of net assets between funds

Year ended 30 September 2020
Unrestricted funds
General funds
Restricted funds
Analysis of net assets between funds - prior year
Year ended 30 September 2019
Unrestricted funds
General funds
Restricted funds		 Investments
£
1
-		 Tangible
Fixed assets
£
10,225
-		 Other
Net assets
£
98,907
13,063		 Total
£
109,133
13,063
1 10,225 111,970 122,196
Investments
£
1
-		 Tangible
Fixed assets
£
10,661
-		 Other
Net assets
£
65,666
18,879		 Total
£
76,328
18,879
1 10,661 84,545 95,207

16 Related parties

Trustees RE Corkery, JS Francis and WA Penhaul are also directors of the company Artspace Lifespace Enterprises Limited, a wholly-owned subsidiary of the charity.

In the financial year ended 30 September 2020, Artspace Lifespace Enterprises Limited paid £nil (2019: £19,190) to Artspace Lifespace, and £14,235 (2019: £10,911) was due to the charity at the year end. In addition, Artspace Lifespace paid £1,510 to Artspace Lifespace Enterprises Limited and Artspace Lifespace Enterprises Limited paid £955 to Artspace Lifespace in respect of overheads.

Trustees J Francis and W Penhaul are also directors of The Invisible Circus CIC which had shared funding with Artspace Lifespace during the current and previous year.

22