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f aces* was f rotn the other Side ol our sell_made membrèfie. I9eSS we
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to white, cool ing and shielding me Iiom the UV 5unliihl.
ANNUAL
REPORT 2020
## **Set Centre**
## **Financial Statements**
## **Year ended 31 December 2020**
Trustees' Annual Report .................................................................................. 2 Structure, governance and management ..................................................... 5 Organisational Structure .............................................................................. 6 Objectives and activities ............................................................................... 7 Achievements and performance ................................................................... 8 Financial review ......................................................................................... 12 Independent examiner's report to the trustees …………………………………...13 Statement of financial activities…………………………………………………….14 Statement of financial position……………………………………………………..15 Notes to the financial statements………………………………………………….16
**----- Start of picture text -----**
Kate Dunn , Skin of Light, exhibition installation, SET Alscot Road, 2020
**----- End of picture text -----**
## **Set Centre**
## **Trustees' Annual Report**
## **Year ended 31 December 2020**
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2020.
## **Reference and administrative details**
## **Registered charity name** Set Centre
**Charity registration number** 1170903 **Principal office** SET Woolwich Riverside House London SE18 6BU
## **The trustees**
Ms Brennan Dr Thomas Dr Bickley Trott Mr McLaren
## **Accountants**
Axis Accountants Ltd Chartered Certified Accountants Suite 14, Zeal House, 8, Deer Park Road London SW19 3GY
2
## **Set Centre**
## **Trustees' Annual Report**
## **Year ended 31 December 2020**
SET’s financial year coincides with the calendar year – and so in the first quarter of 2020 SET, like many other organisations, had to redraw plans in the face of the coronavirus pandemic. One of the main focuses of the organisation up until the pandemic, had been the delivery of a nightly performing arts programme at SET’s arts venue in Dalston – this nightly programme was halted in early March 2020 and has not been restarted in that venue.
It soon became clear that the parameters for fulfilling SET’s objectives had changed – one of the main focuses of 2020 became support of artists, SET’s Associate Members, both in maintaining much needed access to workspace as well as financial support. SET’s arts programme continued with part of the programme becoming digital, but SET also found new ways to deliver live or hybrid projects throughout the year. After adapting and developing new ways of working throughout the year, the last few months of 2020 marked the end of SET’s first centre, Alscot Road, a meanwhile use site which had come to an end, but also saw new opportunities arise and a vindication of SET’s model – one new centre opened in New Cross and in December 2020 SET began contractual negotiations for the delivery of a new, 140,000 sq ft SET Centre in Woolwich. The way in which SET continued to achieve its objectives during the pandemic means the Trustees are confident the organisation will continue to flourish in the future.
**----- Start of picture text -----**
Associate Members at SET Wimbledon. Photo Tim Bowditch
**----- End of picture text -----**
3
## **Set Centre**
## **Trustees' Annual Report**
## **Year ended 31 December 2020**
**SET’s objectives are to promote, improve and advance education in, and appreciation of, the arts in particular but not exclusively through the facilitation and management of workshops and arts projects, for the public benefit.**
**SET fulfils its objectives in SET Centres through an arts programme and the provision of genuinely affordable artists workspace. SET aims to:**
**1. Curate an inclusive and exciting multi-disciplinary arts programme.**
**2. Provide genuinely affordable artists workspace and create new pathways into the arts.**
**3. Create supportive communities within SET Centres where artists can develop their work.**
**4. Support local communities by providing facilities and projects which are developed with communities local to SET Centres.**
4
## **Set Centre**
## **Trustees' Annual Report**
## **Year ended 31 December 2020**
## **Structure, governance and management**
SET is a Charitable Incorporated Organisation founded in 2016. SET promotes, improves and advances education in, and appreciation of, the arts in particular but not exclusively through the facilitation and management of workshops and arts projects, for the public benefit. SET Centre CIO advances the public's education in the arts by managing SET Centres, which are arts centres across London. SET curates an arts and educational programme, SET projects, including an Associate Members' programme, at SET centres. The CIO is governed by its constitution and trustees: Amy Brennan, Robert McLaren, Alex Thomas and Alexandra Bickley Trott oversee the governance of the charity, including the recruitment and appointment of SET’s Management team. SET's Management team consists of the Directors, Roland FischerVousden, Joshua Field and Oliver Tobin. SET's Studios Managers are Aimée Neat and Jemima Thomas (the latter appointed in 2021). SET’s Curator and Associate Members’ Programme Coordinator is Ellie Dobbs. Further positions have been created in 2021.
The Management team runs SET on a day-to-day basis, and reports to the trustees at quarterly Trustees’ Meetings. The Studios Manager(s) manages the artists’ workspace at SET Centres, and is the first contact point for the Associate Membership. The Management roles and Studios Manager role are permanent, but the Trustees review on an annual basis at a Trustees Meeting. The role of Curator and Associate Members’ Programme Co-ordinator was not permanent in 2020. The Trustees themselves have fixed one-year terms, at the end of which they may be reappointed by a resolution passed at a meeting of the Trustees. In 2020, Trustee Caitlin McNamara stepped down as a Trustee. Despite this, in the Trustees, Management, Studios and Programme Management team, SET has a strong range of skills at its disposal, including business acumen, community relationship management, organisation management, and academic, policy, technical and artistic skills.
**----- Start of picture text -----**
Josie Jenkins, Red Double Yellow Lines, part of the Potholes project, SET Lewisham, November 2020
**----- End of picture text -----**
5
## **Set Centre**
## **Trustees' Annual Report**
## **Year ended 31 December 2020**
## **Organisational Structure**
In 2020 SET Centre CIO consisted of Trustees, the Management, the Studios and Programme Management Team, and SET’s Associate Members. Associate Members use artists' workspace at SET Centres, and co-curate and deliver SET’s Associate Members' programme. SET selects each artist or project hosted at each centre via an ongoing open call. Associate Membership is awarded and workspace is allocated in accordance with the following criteria:
- **(i) The ability to contribute to SET’s arts programme.**
- **(ii) Ethos being in line with SET's aims and objectives.**
- **(iii) Ensuring the practices of the Associate Membership span a wide array of disciplines and mediums: e.g. performance, sculpture, writing, sound etc. in order to develop communities and programmes which are resilient and selfsufficient.**
- **(iv) Ensuring SET reflects the diversity of the communities in which we work.**
- **(v) Artists at a time in their career where access to affordable artists' workspace will be particularly meaningful, and/or support projects that are at a critical turning point, developing a platform for the next step in their development.**
These criteria are assessed after an informal interview by the Studios Manager, and an application form. Associate Members do not have voting rights on the management or governance of the charity, but have clearly defined obligations to help further the charitable aims of SET. These obligations include participation in SET's arts and educational programme, under the guidance of the Management and Trustees. During 2020 Ellie Dobbs took over the responsibility of managing the Associate Members’ Programme; whilst the Studios were managed by Aimée Neat. Their work is overseen by the Management, who meet weekly to ensure the charity is delivering on its objectives. The Directors are responsible for the general direction of SET’s work, including: acquiring new sites, setting membership fees rates, managing SET’s finances and appointing and working with staff, as well as working directly with the Associate Membership to develop and deliver projects. Quarterly Trustees' Meetings are held to see how and in what way Associate Members have contributed to SET's charitable goals.
6
## **Set Centre**
## **Trustees' Annual Report**
## **Year ended 31 December 2020**
## **Objectives and activities**
As previously mentioned the objectives of SET Centre CIO are, for the public benefit, to promote, improve and advance education in, and appreciation of, the arts in particular but not exclusively through the facilitation and management of workshops and arts projects. These objectives are fulfilled by creating communities of artists working at SET Centres, and developing our arts and educational programme, SET Projects, at each SET Centre, in collaboration with our Associate Members.
In 2020 SET offered workspace to approximately 150 artists and had an Associate Membership of approximately 400 (those who leave SET can remain Associate Members for free and still get involved in developing our arts programme further).
SET ran six centres, offering 44,000 sq ft of workspace and project space.
**SET Alscot Road** opened in 2016 and closed in November 2020. Large project space, predominantly for a visual arts and educational programme; SET Alscot Road Reading Room, a collection of radical narratives of Bermondsey; workspace for 40 Associate Members.
**----- Start of picture text -----**
SET Alscot Road 2016-2020
**----- End of picture text -----**
**SET Dalston Lane** opened in 2018. Venue designed for a daily performative arts programme which ran until March 2020 – the project space has to shut due to the pandemic, but the studios remain open); workspace for 28 Associate Members.
**SET Lewisham** opened in 2019
with a second project space for our visual arts programme, which is facing onto the road with glass windows which became essential for delivering a programme during the pandemic; workspace for 64 Associate Members.
**SET Delta Wharf** opened 2019 and provides the longest-term studios to 6 Associate Members across 6,000 sq ft. **SET Wimbledon** opened in 2019 and provides workspace to 22 artists. **SET New Cross** opened in 2020 offering a new centre to members leaving Alscot Road. The site offers approximately 30 Associate Members workspace, and also a project space and workshop facilities in a yard.
7
## **Set Centre**
## **Trustees' Annual Report**
## **Year ended 31 December 2020**
**----- Start of picture text -----**
Anastasia Freygang performs at X U L A, Alscot Road, 2020
**----- End of picture text -----**
SET has a community-led development of our programme by ensuring that a majority of Associate Members at each SET centre are residents or work within the local borough.
In 2020 over 50% of our membership at each site lived in the Borough local to that SET Centre. In Lewisham and Dalston the figure was over 80%
Our Associate Membership help conceive, develop and deliver our programme: in this sense, the programme reflects the needs of local artists.
In 2020 SET maintained over 90% occupancy rates in studios, despite the affects of the coronavirus pandemic on artists and the creative industries – SET
offered financial support and vital access to workspace throughout the pandemic.
At the beginning of the pandemic a blanket reduction was offered to Associate Members with those who could pay being encouraged to do so. SET Then offered further assistance to those in need through an application process. Without this support many artists would have had to give up their studios which would have impacted on their practice. The appointment of Ellie Dobbs as Curator and Associate Members’ Programme Co-ordinator has meant that SET’s programme has been consolidated and expanded, despite the issues of the coronavirus pandemic.
## **SET Centre CIO aims to:**
- **(a) have an Associate Membership base which**
- **i. reflects the diversity of the local community;**
- **ii. meets SET's criteria and who predominantly;**
- **iii. live and/or work in the borough local to a SET Centre.**
- **(b) be an organisation co-led by its membership, so as to best meet the needs of the local community and keep abreast of developments in contemporary art;**
- **(c) provide the community with better access to an arts and educational programme both in person and digitally;**
- **i. focus on collaboration across disciplines, especially music and art; ii. develop a programme which reflects the diversity of the local community;**
- **iii. continue to define and offer clarity in our programme to develop its identity.**
- **(d) develop facilities and spaces which are accessible to a wide demographic and are considered safe spaces (including safety from COVID);**
- **(e) develop good relationships with local community organisations.**
8
## **Set Centre**
## **Trustees' Annual Report**
## **Year ended 31 December 2020**
## **Achievements and performance**
SET performed well in difficult circumstances in 2020. Much of the focus of SET’s work was on supporting the Associate Membership and building resilience within the community. However, SET also managed to develop and adapt our arts programme.
## **Artists’ Workspace and Associate Members**
One of SET’s biggest achievements was supporting 150 Associate Members throughout the pandemic to keep their workspace and also have access to it in a COVID-safe way throughout 2020. Less than 5% of the Associate Members who held workspace in March 2020 had left by November 2020.
Another achievement was finding a new site for SET’s Associate Members, many of whom have held workspace since 2016, when Alscot Road closed.
Thirdly, SET began negotiations for the largest site yet in Woolwich, a centre which now offers a performance and visual arts programme, workspace to 400 Associate Members across 140,000 sq ft, in December 2020.
**----- Start of picture text -----**
Pagemasters’ Workspace, SET New Cross. Photo Tim Bowditch.
**----- End of picture text -----**
9
## **Set Centre**
## **Trustees' Annual Report**
## **Year ended 31 December 2020**
## **SET Projects and Associate Members’ Programme 2020**
Ellie Dobbs was first employed by SET on a freelance basis in August 2019 to curate a series of literary-focused events under the title ‘Collected Verse’ at SET Dalston. In July 2020, her role changed to that of Associate Members’ Coordinator, overseeing the organisation of Associate Members’ exhibitions and programming across five SET Centres. The additional title and responsibilities of Curator were formally added in January 2021. The result of this transition was to centralise and streamline SET’s curatorial process by ensuring that Associate Members had a dedicated point of contact to assist with the organisation of the Members’ Programme. Employing an additional member of staff with curatorial responsibilities has also allowed for a more focused effort to acquire external funding and to develop the SET Projects programme.
## SET Dalston: Collected Verse March 2020 – Present
Collected Verse was a bi-weekly programme of writing, performances, workshops and screenings scheduled to take place at SET Dalston between March - June 2020. It was curated by Ellie Dobbs, delivered in partnership with LUX and funded by Arts Council England.
Featured artists included Amelia Barratt, Daria Blum, Patrick Cole, Chloée Maugile, Ella Frears, Fauve Alice, Rita Munus, Gwen Dupré, Raze Collective, Jacqueline Bishop, Lauren Martin, Pagemasters and Amelia Tan.
The programme was scheduled to begin on March 17[th ] 2020, which unfortunately coincided with the start of the first nationwide COVID-19 lockdown. A new iteration of Collected Verse is being delivered at SET New Cross in autumn 2021. This postponement has allowed for the production of new and more developed work with the participating artists and has resulted in an exhibition of Jacqueline Bishop’s ceramics, delivered in partnership with the British Ceramics Biennial 2021. The exhibition will begin in Stoke in September before travelling to SET New Cross in November. A publication will also accompany the exhibition, designed and printed by SET Associate Members, Pagemasters.
## SET Alscot
Before its permanent closure in October 2020, SET Alscot hosted SET’s first in-person events over the summer of 2020 due to its large capacity and enclosed yard area, which allowed for sufficient social distancing. Associate Members from other SET Centres such as Guillaume Vandame (SET Lewisham) and Kate Dunn (SET Wimbledon) were able to make use of the project space for solo exhibitions. Images on Contents Page and Page 6.
10
## **Set Centre**
## **Trustees' Annual Report**
## **Year ended 31 December 2020**
## Responding to Coronavirus // Digital Programme
Over the course of the second lockdown in winter 2020, SET’s programme was required to adapt to the mandatory closure of galleries and arts spaces. SET was able to continue to engage with its audience and support artists in making and exhibiting work by changing the nature of its public offerings – moving some of the programme online and making use of the large windows at the Lewisham project space to continue to exhibit work. An example of this adaptive practice is the exhibition _Potholes,_ which featured SET Lewisham Associate Members Sarah Davis and Alex Stone in collaboration with Liverpool-based artists Josie Jenkins and Max Mallender. The work on display was viewable through the windows of SET Lewisham, with corresponding QR codes providing context and links to sound works by the participating artists. Another example is the large text work by Stephen Draycott _Bailey finds some space_ , pictured on the cover page of this report.
**----- Start of picture text -----**
Sarah Davis, Alex Stone, Josie Jenkins and Max Mallender, Potholes, Nov – Dec 2020, SET Lewisham
**----- End of picture text -----**
SET also provided released a compilation album of the work of many regular performers at SET Dalston, after its closure. The album, set-awayfrom-home consisted of music made during the first lockdown and was released in July 2020. The album was an eclectic mix of experimental music, featuring music by Bianca Scout, Ben Vince and Pet Grotesque amongst many other musicians.
11
## **Set Centre**
## **Trustees' Annual Report**
## **Year ended 31 December 2020**
## **Financial review**
Principal Funding Sources
1. Associate Membership Artist Workspace Fees
2. Grant Funding (Arts Council England Project Funding and Mayor of London)
3. Private Loans to SET Centre CIO
4. Commercial hire of project spaces for photo and film shoots
## Funding and Investment Policy:
SET continues to search for new funding strategies, with the aim of developing new revenue streams, and improving cash flow, to maintain the viability of SET as an organisation and to ensure we can continue to deliver on our charitable objectives. At each new SET Centre, SET also looks to negotiate better contractual terms, so that Associate Membership fees can cover the core funding of the organisation. SET’s core costs are covered by Associate Membership fees, and some of this funding was lost during the pandemic. SET needs to develop more reserves in the future to make the organisation more resilient in the face of difficult unforeseen circumstances.
However, the organisation proved adaptable and resilient to a degree, managing to support Associate Members and maintain 95% occupancy rates in workspace during the pandemic.
## Reserve Policy:
SET has some limited funds in reserve. In 2020 SET managed to clear most long-term liabilities. However, some new liabilities were incurred in order to navigate the pandemic terrain. The current membership fees covered SET's core costs in 2020, including the payment of SET's staff.
SET aims to build resilience through the purchase of assets, i.e. purchasing freeholds and leaseholds on new SET Centres.
SET is supported through the Mayor of London’s Culture at Risk Business Support Fund and the Creative Land Trust.
The trustees' annual report was approved on 29 October 2021 and signed on behalf of the board of trustees by:
Mr McLaren Trustee
**12**
## **Set Centre**
## **Independent Examiner's Report to the Trustees of Set Centre**
## **Year ended 31 December 2020**
I report on the financial statements for the year ended 31 December 2020, which comprise the statement of financial activities, statement of financial position and the related notes.
## **Respective responsibilities of trustees and examiner**
The trustees are responsible for the preparation of the financial statements. 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.
It is my responsibility to:
- examine the accounts under section 145 of the 2011 Act;
- to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- to state whether particular matters have come to my attention.
## **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 next statement.
## **Independent examiner's statement**
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with section 130 of the 2011 Act, and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met, or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
AXIS ACCOUNTANTS LTD Chartered Certified Accountant
Suite 14, Zeal House, 8, Deer Park Road London SW19 3GY
Date: 28 October 2021
**13**
## **Set Centre**
## **Statement of Financial Activities**
## **31 December 2020**
|||**2020**||2019|
|---|---|---|---|---|
|||Unrestricted|||
|||funds**Total funds**||Total funds|
||**Note**|**£**|**£**|£|
|**Income and endowments**|||||
|Donations and legacies|**4**|16,212|16,212|4,668|
|Charitable activities|**5**|210,848|210,848|213,806|
|Other trading activities|**6**|43,634|43,634|–|
|||`─────────`|`─────────`|`─────────`|
|**Total income**||270,694|270,694|218,474|
|||`═════════`|`═════════`|`═════════`|
|**Expenditure**|||||
|Expenditure on charitable activities|**7,8**|(270,322)|(270,322)|(214,014)|
|||`─────────`|`─────────`|`─────────`|
|**Total expenditure**||(270,322)|(270,322)|(214,014)|
|||`═════════`|`═════════`|`═════════`|
|||`─────────`|`─────────`|`─────────`|
|**Net income and net movement in funds**||372|372|4,460|
|||`═════════`|`═════════`|`═════════`|
|**Reconciliation of funds**|||||
|Total funds brought forward||(624)|(624)|(5,084)|
|||`─────────`|`─────────`|`─────────`|
|**Total funds carried forward**||(252)|(252)|(624)|
|||`═════════`|`═════════`|`═════════`|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
**The notes on pages 8 to 13 form part of these financial statements.**
**14**
## **Set Centre**
## **Statement of Financial Position**
## **31 December 2020**
|||**2020**|2019|
|---|---|---|---|
|||**£**|£|
|**Fixed assets**||||
|Tangible fixed assets|**13**|14,393|19,191|
|**Current assets**||||
|Debtors|**14**|10,057|1,631|
|Cash at bank and in hand||3,695|1,701|
|||`────────`|`───────`|
|||13,752|3,332|
|**Creditors: amounts falling due within one year**|**15**|35,320|26,803|
|||`────────`|`────────`|
|**Net current liabilities**||21,568|23,471|
|||`────────`|`────────`|
|**Total assets less current liabilities**||(7,175)|(4,280)|
|**Creditors: amounts falling due after more than one year**|**16**|(6,923)|(3,656)|
|||`───────`|`───────`|
|**Net liabilities**||(252)|(624)|
|||`═══════`|`═══════`|
|**Funds of the charity**||||
|Unrestricted funds||(252)|(624)|
|||`────`|`────`|
|**Total charity funds**|**17**|(252)
`════`|(624)
`════`|
These financial statements were approved by the board of trustees and authorised for issue on 28 October 2021, and are signed on behalf of the board by:
Mr McLaren Trustee
**The notes on pages 8 to 13 form part of these financial statements.**
**15**
## **Set Centre**
## **Notes to the Financial Statements**
## **Year ended 31 December 2020**
## **1. General information**
The charity is registered charity in England and Wales and is unincorporated. The address of the principal office is SET Woolwich, Riverside House, London, SE18 6BU.
## **2. Statement of compliance**
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.
## **3. Accounting policies**
## **Basis of preparation**
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
## **Going concern**
There are no material uncertainties about the charity's ability to continue.
## **Fund accounting**
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
**16**
## **Set Centre**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 December 2020**
## **3. Accounting policies** _**(continued)**_
## **Incoming resources**
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
- legacy income is recognised when receipt is probable and entitlement is established.
- income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
- income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
## **Resources expended**
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
- expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
- other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
## **Tangible assets**
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
**17**
## **Set Centre**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 December 2020**
## **3. Accounting policies** _**(continued)**_
## **Tangible assets** _**(continued)**_
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
## **Depreciation**
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings - 25% reducing balance Equipment - 25% reducing balance
## **Financial instruments**
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
**18**
## **Set Centre**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 December 2020**
## **3. Accounting policies** _**(continued)**_
## **Financial instruments** _**(continued)**_
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
## **4. Donations and legacies**
|||Unrestricted|
**Total Funds**|Unrestricted|Total Funds|
|---|---|---|---|---|---|
|||Funds|
**2020**|Funds|2019|
|||£|**£**|£|£|
||**Grants**|||||
||Grants and fundings|16,212|
16,212|4,668|4,668|
|||`════════`|
`════════`|`═══════`|`═══════`|
|**5.**|**Charitable activities**|||||
|||Unrestricted|
**Total Funds**|Unrestricted|Total Funds|
|||Funds|
**2020**|Funds|2019|
|||£|**£**|£|£|
||Associate membership fee|210,848|
210,848|213,806|213,806|
|||`═════════`|
`═════════`|`═════════`|`═════════`|
|**6.**|**Other trading activities**|||||
|||Unrestricted|
**Total Funds**|Unrestricted|Total Funds|
|||Funds|
**2020**|Funds|2019|
|||£|**£**|£|£|
||Letting and licensing|43,634|
43,634|–|–|
|||`════════`|
`════════`|`════`|`════`|
|**7.**|**Expenditure on charitable activities**|**by fund type**||||
|||Unrestricted|
**Total Funds**|Unrestricted|Total Funds|
|||Funds|
**2020**|Funds|2019|
|||£|**£**|£|£|
||Studio rents and hire expenses|264,562|
264,562|204,793|204,793|
||Support costs|5,760|
5,760|9,221|9,221|
|||`─────────`|
`─────────`|`─────────`|`─────────`|
|||270,322|
270,322|214,014|214,014|
|||`═════════`|
`═════════`|`═════════`|`═════════`|
|**8.**|**Expenditure on charitable activities**|**by activity type**||||
|||Activities||||
|||undertaken||**Total funds**|Total fund|
|||directly|Support costs|**2020**|2019|
|||£|£|**£**|£|
||Studio rents and hire expenses|264,562|
–|264,562|204,793|
||Governance costs|–|
5,760|5,760|9,221|
|||`─────────`|
`───────`|`─────────`|`─────────`|
|||264,562|
5,760|270,322|214,014|
|||`═════════`|
`═══════`|`═════════`|`═════════`|
**19**
## **Set Centre**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 December 2020**
## **9. Net income**
Net income is stated after charging/(crediting):
|Net income is stated after charging/(crediting):|||
|---|---|---|
||**2020**|2019|
||**£**|£|
|Depreciation of tangible fixed assets|4,798|6,398|
||`═══════`|`═══════`|
|**Independent examination fees**|||
||**2020**|2019|
||**£**|£|
|Fees payable to the independent examiner for:|||
|Independent examination of the financial statements|1,320
`════`|1,320
`═══════`|
## **10. Independent examination fees**
## **11. Staff costs**
|The total staff costs and employee benefits for the reporting period are analysed as|The total staff costs and employee benefits for the reporting period are analysed as|follows:|
|---|---|---|
||**2020**|2019|
||**£**|£|
|Wages and salaries|78,257|51,259|
|Job retention scheme grant|(33,388)|
–|
||`────────`|`────────`|
||44,869|51,259|
||`════════`|`════════`|
The average head count of employees during the year was 4 (2019: 4).
No employee received employee benefits of more than £60,000 during the year (2019: Nil).
## **12. Trustee remuneration and expenses**
No remuneration or other benefits from employment with the charity were received by the trustees.
No trustee expenses have been incurred.
## **13. Tangible fixed assets**
||Fixtures and|||
|---|---|---|---|
||fittings|Equipment|**Total**|
||£|£|**£**|
|**Cost**||||
|**At 1 Jan 2020 and 31 Dec 2020**|18,750|15,254|34,004|
||`════════`|`════════`|`════════`|
|**Depreciation**||||
|At 1 January 2020|8,203|6,610|14,813|
|Charge for the year|2,637|2,161|4,798|
||`────────`|`────────`|`────────`|
|**At 31 December 2020**|10,840|8,771|19,611|
||`════════`|`════════`|`════════`|
|**Carrying amount**||||
|**At 31 December 2020**|7,910|6,483|14,393|
||`════════`|`════════`|`════════`|
|At 31 December 2019|10,547|8,644|19,191|
||`════════`|`════════`|`════════`|
**20**
## **Set Centre**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 December 2020**
## **14. Debtors**
||||||**2020**|2019|
|---|---|---|---|---|---|---|
||||||**£**|£|
||Other debtors||||10,057|1,631|
||||||`════════`|`═══════`|
|**15.**|**Creditors:** **amounts falling due within one year**||||||
||||||**2020**|2019|
||||||**£**|£|
||Trade creditors||||14,239|–|
||Other creditors||||21,081|26,803|
||||||`────────`|`────────`|
||||||35,320|26,803|
||||||`════════`|`════════`|
|**16.**|**Creditors:** **amounts falling due after more than**||**one year**||||
||||||**2020**|2019|
||||||**£**|£|
||Other creditors||||(6,923)|(3,656)|
||||||`═══════`|`═══════`|
|**17.**|**Analysis of charitable funds**||||||
||**Unrestricted funds**||||||
|||||||**At**|
||||At||**31**|**December**|
|||1 January|2020|Income|Expenditure|**2020**|
||||£|£|£|£|
||General funds|(624)||270,694|(270,322)|(252)|
||||`════`|`═════════`|`═════════`|`════`|
**21**