2021-12-31-accounts - Set Centre

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Set Centre

Trustees’ Annual Report

Year ended 31 December 2021

Trustees' Annual Report .......................................................................................................... 2 Structure, governance and management .............................................................................. 5 Organisational Structure ...................................................................................................................... 6 Objectives and activities ....................................................................................................................... 7 Achievements and performance .................................................................................................. 9 SET Projects and Associate Members’ Programme 2021 ................................. 10 Financial review ........................................................................................................................................ 23 Independent Examiner's Report to the Trustees of Set Centre CIO ... 24 Statement of Financial Activities .................................................................................... 25 Statement of Financial Position ....................................................................................... 26 Notes to the Financial Statements ............................................................................... 27

Cover Page Image: SET Studio Prize Winner, Mona Cordes’ dance performance amongst SET Studio Prize Winner Catriona Robertson’s commissioned installation, Underlay, at SET’s 5[th] Birthday Party in September 2021. Photo by Sophie le Roux.

Harry Bix, Slint NX as part of 2021 Open Studios, SET New Cross. Photo by Sophie le Roux

Set Centre CIO

Trustees' Annual Report

Year ended 31 December 2021

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2021.

Reference and administrative details

Registered charity name Set Centre Charity registration number 1170903 Principal office SET Woolwich Riverside House London SE18 6BU The trustees Dr Bickley Trott Ms Brennan Mr McLaren Dr Thomas Accountants Axis Accountants Ltd Chartered Certified Accountants Suite 14, Zeal House, 8, Deer Park Road London SW19 3GY

Set Centre CIO

Trustees' Annual Report

Year ended 31 December 2021

In 2021 SET opened SET Woolwich, a project which fundamentally changed the nature and scope of the organisation in every metric. The number of Associate Members of the organisation and the number of genuinely affordable workspaces provided increased by over 400%, leading to an increase in the organisation’s turnover, and the breadth and size of our arts programme correspondingly increased both in our Associate Members’ programme and SET Projects. The number of staff also increased, leading to the formalisation of organisational processes. The only area where there was a marked decrease was in our music and performing arts programme, which had been nightly until 2020, following the closure of SET Dalston as a music and performing arts venue due to the coronavirus pandemic.

Whilst in 2020, a lot of SET’s focus had been on adapting to the pandemic, digitising or making hybrid parts of our programme, financially supporting Associate Members, and rationalising how to keep arts communities in SET centres going, 2021 marked our 5[th] year, the year in which SET took the next step in its evolution as an arts organisation.

Not only did SET focus on internal development, but it was an outward-facing year in which SET developed arts and community prizes at SET Woolwich, which encouraged wider engagement from different parts of the local community, as well as working with other London-based arts organisations to communally share experiences, interests and problem-solve: SET joined London’s Affordable Artists Workspace Network and one of SET’s directors took over the role of Chair of this organisation from the summer of 2021 for a year.

Richard Gasper, The Green Duck Sweetly Sang the Dreadful Dirge , SET New Cross, 2021. Photo by Damian Griffiths.

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.

Artist and Associate Member, Neequaye Dreph Dsane in their workspace, Open Studios September 2021. Photo by Sophie le Roux

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

Sophie Chapman, HFGTNLT , SET New Cross, August 2021. Photos by Sophie Chapman

Set Centre CIO

Trustees' Annual Report

Year ended 31 December 2021

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, Alexandra Bickley Trott, Robert McLaren and Alex Thomas 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 Fischer-Vousden, Joshua Field and Oliver Tobin. SET's studios managers are Aimée Neat and Jemima Thomas (the latter appointed in 2021). During 2021, Shimon Joseph was also appointed as a studios manager, but moved on in the summer. New roles were created to facilitate the management of SET Woolwich and the increase in Associate Members, namely the position of Assistant Studios Manager (ASM), fulfilled by Emily Mahon and Kumbirai Makumbe in SET Woolwich, the former taking on further accounting responsibilities whilst the latter more and more became the main manager of the workspaces. SET’s Curator and Associate Members’ Programme Co-ordinator is Ellie Dobbs. Further to this, Daniel Gatenio became the manager of SET’s infrastructure and facilities across all SET Centres, whilst Ruairi Mangan-Cliff headed up a new building team who swiftly constructed the workspaces in SET Woolwich.

The management team runs SET on a day-to-day basis, and reports to the trustees at bi-annual Trustees’ Meetings. The Studios Managers manage the artists’ workspace at SET Centres with the ASMs, who have become the first contact point for the Associate Membership.

SET Staff on a video call meeting, (left to right: Ollie Tobin, Jemima Thomas, Kumbirai Makumbe, Daniel Gatenio and Roland Fischer-Vousden)

The work of maintaining the centres themselves is co-ordinated by the Studios Managers with the Infrastructure and Buildings Manager and the Building Team. The management roles and Studios Manager role are permanent, but the trustees review these on an annual basis at a Trustees Meeting. The roles of Curator and Associate Members’ Programme Co-ordinator and the Infrastructure and Buildings Manager are also permanent. In 2021 the ASMs roles were linked to the contract at SET Woolwich. 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 the Board of 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.

Josh Field, Ollie Tobin, Roland FischerVousden outside SET New Cross. Photo by Tim Bowden

Set Centre CIO

Trustees' Annual Report

Year ended 31 December 2021

Organisational Structure

In 2021 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 on an open basis. We believe that it is vital that membership and access to workspace is open to all, and that SET does not try to curate our membership based on perceived “quality” of members artwork. Access to SET centres, our workspace and programme, we believe should not be prohibitive, but that the access in itself helps artists develop their practices.

However, we are a locally-focused organisation and aim for over 50% of our membership at each centre to be residents of the borough local to that centre. There is also an informal conversation with a ASM or Studios Manager to make sure that artists are aware of the type of workspace provided by SET and the sorts of expectations and codes of conduct to which artists will need to adhere (also laid out in SET’s handbook). 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 Ellie Dobbs as curator and Associate Members Programme co-ordinator. This work is overseen by the Management, who 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. Bi-annual trustees' meetings are held to monitor this overall work and to see how and in what way Associate Members have contributed to SET's charitable goals.

Margaux Dewarrat, ‘Stay Productive and Efficient’, Peeping Through the Looking Glass , SET Lewisham, 2021

Set Centre CIO

Trustees' Annual Report

Year ended 31 December 2021

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 by developing our arts and educational programme at each SET Centre in collaboration with our Associate Members.

In 2021 SET offered workspace to approximately 800 artists up from 150 in 2020, a 433% increase in activities, in 256 workspaces, across six centres and 175,500 sq ft of workspace and project space.

SET has so far secured centres in meanwhile-use sites. This model, which was highlighted as innovated by the BBC in 2019, is both advantageous and a necessity. Whilst SET looks to purchase a permanent site to secure a base from which to deliver its objectives in perpetuity, meanwhile-use sites allow SET to offer a solution to the issue of artists being forced out of London due to rising living and working costs and lack of workspace. They allow for SET to continue to expand and to open new sites in which prices for workspace are amongst the most affordable in London:

In 2021 over 50% of SET’s workspace was priced at £10.80 per square foot per annum (psf pa) allinclusive. As a reference point, affordability is often defined as between £12-19 psf pa excluding utilities and other costs. The highest SET charged to artists is £16.2 all-inclusive at SET Dalston.

The lower costs associated with repurposing vacant property have allowed SET to develop high quality project spaces for our public programme, often within interesting settings which have in turn given rise to new and interesting arts projects. The Associate Membership system encourages collaboration between artists within our centres and as we take on new projects, SET Associate Members are often able to move to a new centre once a previous site had ended, bringing some stability to the model.

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Prize Winners, Miya Browne and Puer Deorum (top left) and further Associate Members, staff and members of the public,
enjoying themselves at SET's 5th Birthday at the opening of SET Woolwich.
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SET Woolwich opened in January 2021 and is SET’s largest project to date, a 140,000 sq ft centre in a pair of disused tower office blocks. This project has proved the substantial public desire and need for the arts centres SET develops. It was fully constructed and at full occupancy by September 2021 with the first members moving in in April and the majority occupied by July. There are 267 workspaces and 621 artists occupying workspaces. The site has two project spaces, a dedicated performance project space and a floor of bookable space. In 2021 SET awarded 18 artists a free studio prize for a year and gave 15 community groups free space for over a year.

SET Woolwich, west tower, January 2021

The 18 artists awarded SET Studios prizes in 2021 were (in alphabetical order of surname or first letter of collective): Alex Margo Arden, Rhoda Adum Boateng, Miya Browne, Mona Cordes, Puer Deorum, Batool Desouky, Hannah Ewens, Elena Gileva, Milo Kester, Hyun Ah Kwon, MassHysteria, Eleni Papazoglou, Aaron Ratajczyk, Catriona Robertson, Davinia-Ann Robinson, School of the Damned, Alexis Zelda Stevens and The Sandwich Club.

The 15 community groups offered free workspace were: Banjo’s Space, Black Fly Zine, Decolonising The Archive, Foreign Body Productions, Hate Zine & Baesianz, Little Bean Theatre, Mama 2 Mama, Phase Zine, Pratibha Nakshatra, Protest Stencil, The Chateau, The RA5k, Trailblazers Mentoring, Vadí? Nevadí and Working Class Creatives Database.

SET New Cross opened in 2020 offering a new centre to members leaving Alscot Road. The site offers approximately 30 Associate Members workspace, a project space and workshop facilities in a yard.

SET Lewisham opened in 2019 with workspace for 64 Associate Members and a second project space for our visual arts programme. The space faces onto the main road and has large glass windows, which became essential for delivering a distanced programme during the pandemic.

SET Dalston Lane opened in 2018, comprising a venue designed for a daily performative arts programme which ran until March 2020 (the project space was forced to close due to the pandemic, but the studios remain open), and workspace for 28 Associate Members.

SET Delta Wharf opened in 2019 and provides the longest-term studios to 6 Associate Members across 6,000 sq ft.

SET Wimbledon opened in 2019 and provided workspace to 22 artists.

SET has a community-led development of our programme by ensuring that a majority of Associate Members at each SET centre are residents within the local borough, as far as is possible. In 2021 we also began formalising offering community groups access to free workspace to further embed each centre in its respective locality. Our Associate Membership help conceive, develop and deliver our programme: in this sense, the programme reflects the needs of local artists.

Set Centre CIO

Trustees' Annual Report

Year ended 31 December 2021

Achievements and performance

In 2021 SET took on a new project which meant it expanded rapidly. The team worked hard to deliver this project which was very much a test of the organisation’s capabilities and capacity. This involved significant financial investment, the recruitment of new employees and the construction of over 200 workspaces. From the studio management, through the building, development of infrastructure, maintaining of accounts and curation and coordination of SET’s programme the team worked very hard and SET Woolwich has been a success, it has been a real achievement of the organisation.

This has meant that the team has been less present at other sites, and whilst SET’s other sites began to benefit from a wider team with a broader skillset, it is clear that some of the more personalised aspects of the organisation were lost. Part of the plan to solve this issue is for SET to have a member of staff present at each site in the form of an ASM.

2021 was also a successful year for SET’s programme, which is detailed in the next subsection.

In 2021 over 50% of our membership at each centre, apart from SET Woolwich, lived in the Borough local to that SET Centre. In Lewisham and Dalston the figure was over 80%. In SET Woolwich, over 60% of our membership lived in the boroughs of Greenwich, Lewisham or Southwark, whilst over 50% worked in either Greenwich or Lewisham.

In 2021, SET had over 95% occupancy rates in studios. Once each centre opens, it is filled almost instantly.

SET is open to all and we believe it imperative that applications to become an Associate Member of SET are not subject to any ‘quality’ filter. SET does, however, aim to:

(a) have an Associate Membership which:

i. reflects the diversity of the local community,

ii. a majority live in the borough local to a SET Centre;

(b) be an organisation co-led by its’ Associate 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, art and writing;
ii. develop a programme which reflects the local community,

iii. further define and offer clarity in our programme to develop its identity and reputation;

(d) develop facilities and spaces which are accessible to a wide demographic and are considered safe spaces (including safety from illnesses such as coronavirus);

(e) develop good relationships with local community organisations.

Set Centre CIO

Trustees' Annual Report

Year ended 31 December 2021

SET Projects and Associate Members’ Programme 2021

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 has been to both centralise and to streamline SET’s curatorial process by ensuring that Associate Members have 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 towards the development of SET Projects.

Summary

At the beginning of 2021, as part of our digitisation of our programme in response to coronavirus programme, SET coordinated a series of digital ‘takeovers’. The most extensive residency was that of SET Woolwich Associate Member Johanna de Verdier, which took place over the weekend of January 15th 2021. These residencies allowed SET Associate Members to document and produce new work and to continue to engage with SET’s audience. In Johanna’s case, it also provided a lens through which examine the impact of COVID-19 on how artworks and artists are presented and received.

Screenshot of Johanna de Verdier’s SET Instagram residency, January 2021

SET’s public programme continued to grow throughout 2021 as both lockdown restrictions eased and SET Woolwich was built. In the first half of the year Associate Members’ projects in New Cross and SET Lewisham came to the fore including crits, in the form of Joe Davies’ Bellyaches Crit and group exhibitions detailed below. The curatorial programme in the latter half of 2021 was shaped by the official opening of SET Woolwich in September and in particular the completion of the Woolwich ‘vault’ club-space. In advance of the opening party, we moved over sound equipment that had previously been installed in SET Dalston, allowing us to programme large-scale music events such as the SET Woolwich Opening Party, the SET XMAS Party and the experimental music nights TIDES and Selective Work. Pre-existing partnerships with groups such as the design-group Sandwich Club were strengthened and plans for programming for the SET Woolwich community garden were solidified for 2022. New partnerships with Sheffield DocFest, Hart Club and Woolwich Front Room were established, and longstanding relationships with collectives such as Movement Possession and Rita Munus were reinstated as the opening of SET Woolwich opened up new spaces for everything from dance rehearsals to writing workshops. SET Projects such as the commission of Catriona Robertson’s Underlay and Richard Gasper’s The Green Duck Sweetly Sang the Dreadful Dirge complimented our annual Open Studios and 5[th] Birthday Party event.

SET New Cross

SET New Cross opened in January 2021 but due to the ongoing construction of the much larger site at SET Woolwich, the project space has only been completed and available for public programming since July 2021. A notable project from the Members’ Programme was the Bellyaches Crit session organised by Associate Member Joseph Davies, which spanned both the New Cross and Lewisham project spaces and brought together Associate Members from both sites to collaborate and discuss works in progress, encouraging links to form between Members. Henry Burns’ exhibition at New Cross also made use of the new gallery space, which was temporarily given a wooden floor as part of the exhibition.

Bellyaches Crit , SET New Cross, July 2021

SET Lewisham

The SET Lewisham project space has continued to be in high demand from SET Associate Members and has hosted a large variety of Members Programme exhibitions and events over the past year and a half. In July 2021 SET delivered the SET Project Peeping through the looking glass : a group show of emerging female French and Swiss artists Fanny Devaux, Caroline Schattling Villeval, Margaux Dewarrat, Stefania Carlotti. Felise de Conflans and Hanna Rochereau. The project was developed over the course of several months by Ellie Dobbs in collaboration with Curators Heloise Chassepot and Hanna Rochereau. The exhibition also included a well-attended performance evening in the project space with artists Georgina Hill and Thomas Pellerey Grogan.

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4 x images (one below) from Peeping through the looking glass . Photos by
Agnese Sanvito-min
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SET Projects x Richard Gasper

October saw the first major SET Project in the New Cross project space: a solo exhibition of artist Richard Gasper’s work and his first solo presentation in five years. The show was, in a sense, a homecoming, as Richard was one of the first artists to take on a studio at SET Alscot. Following a productive group studio visit to Richard’s studio in Hampton, the show also featured a newly commissioned exhibition text by SET New Cross member Joseph Davies. As Davies writes: “Gasper pushes the attributes of contemporary design to a point of excess, reclaiming a base materiality of those methods of production as a method of expression”, an expression which “evoke[s] the overwhelming experience of a mental break” and in his cathartic “relationship to anodisation, Valchromat, industrial paints and laser cutting [...] he contaminates the strictures of design with something more human, treating them gesturally.”

4 x installation views of Richard Gasper’s The Green Duck Sweetly Sang the Dreadful Dirge , SET New Cross. Photos by Damian Griffiths.

SET Woolwich

SET’s largest and most ambitious centre, SET Woolwich, opened in 2021. In March 2021 SET awarded 18 artists and 15 charities and community groups free space across the building. Informal use of multiple areas including the lobby and mezzanine have resulted in an impromptu and diverse programme of events ranging from a fashion performance, a pop-up queer tattoo parlour and multiple music video sets. Mona Cordes has choreographed several fashion performances, one of which is pictured at the beginning of this document. The disused concrete carpark at the front of the building has also been repurposed into a Community Garden, designed by SET Community Prize winners Sandwich Club, Associate Member Ells Jennings and delivered with the assistance of Curator Ellie Dobbs, Woolwich Front of House staff Kumbirai Makumbe and Emily Mahon, and the SET Woolwich building team.

The Sandwich Club and SET's Community Garden with Associate Member Els Jennings' mural. Photos by Sophie le Roux

SET Woolwich Opening Party and Catriona Robertson Commission

The SET Woolwich opening party took place on 4th September 2021 and was a key milestone for the programme this year. Studio prize-winner Catriona Robertson’s largescale installation Underlay , which was commissioned by SET, took over the lobby space and responded to the building’s unique architecture. Her wormlike sculptures digested and burrowed into the detritus of SET Woolwich, incorporating discarded carpet tiles and window foil, along with paperconcrete and layers of soil arranged in pyrex monoliths that resemble geological strata. Mona Cordes, a fellow recipient of the Free Studio Prize, also curated a dance performance in amongst the sculptures, which showcased some of her original clothing designs. The night included a performance by artist Patrick Cole and several musical acts and DJs performed over the course of the evening, with an estimated attendance of ~500.

Photos of Catriona Robertson, Underlay , 2021, SET Woolwich

WHO ARE THESE PEOPLE

Experimental theatre returned to SET in the form of an interdisciplinary performance piece from Tanzlar Theatre and the disused SET Dalston space was briefly reinvigorated. Tanzlar theatre put together the last project at SET Dalston which was cut short by the first lockdown. WHO ARE THESE PEOPLE presented a one-off, site specific work in the now disused space.

Luke Hornsby performing in WHO ARE THESE PEOPLE , SET Dalston

September Open Studios

On the 17th and 18th of September, we hosted our first SET-wide Open Studios across five SET sites. SET Wimbledon opened its doors on the 17th and featured a bouncy castle, BBQ and performances by Jinju Uncia, Katherine Smith and Dank Collective. The 18th saw the opening of Dalston, Lewisham, New Cross and Woolwich, culminating in a social at the Woolwich community garden. The Open Studios presented an opportunity for members to get together as a community and to show the public their work. Many chose to create an inclusive group show in the project space, namely: 60 x 60 x 60 at Lewisham, 1st Floor Floating at Woolwich and SLINT NX . Members also chose to work with their doors open, inviting visitors to observe their process. The Open Studios were well attended and provided a great opportunity for members to demonstrate their work, and to meet each other. There are photos of these Open Studios throughout this document, as well as here.

SET Wimbledon Open Studios. Photo Sophie le Roux

Jinju performing in their studio at SET Wimbledon. Photo Sophie le Roux

Open Studios SET Lewisham. Photo Sophie le Roux

SET Staff at SET New Cross. Photo Sophie le Roux

SET Member James Middleton in the SET Wimbledon Open Studios Bouncy Castle

SET Members and members of the public at SET Woolwich Open Studios. Photos Sophie le Roux.

Set Centre CIO

Trustees' Annual Report

Year ended 31 December 2021

Financial review

Principal Funding Sources:

Artists Workspace Fees
Commercial Rent
Grant Funding (Arts Council England Project Funding and Mayor of London)
Private Loans to SET Centre CIO
Commercial hire of project spaces for photo and film shoots

Funding and Investment Policy:

With SET Woolwich came a large increase in SET’s turnover. Building the studios across the site meant taking on a large amount of liabilities, including loans. It also meant an increase in the amount of invoices generated per month by the organisation. SET quickly had to develop a system to account for and chase these invoices. Emily Mahon has taken over duties in relation to Associate Members’ invoices, including chasing members. Because SET did not have a system in place at the beginning of SET Woolwich, some members have accrued larger arrears. Emily has worked with Associate Members to get them onto payment plans and has worked with the management team to develop a system which stops Associate Members from accruing large debts. The costs associated with SET Woolwich should be paid off in 2022.

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. SET needs to develop more reserves in the future to make the organisation more resilient in the face of difficult unforeseen circumstances, such as the 2020 coronavirus pandemic or recent increases in the price of electricity and gas.

Reserve Policy:

SET has no funds in reserve. In 2021 SET accrued further short and long-term liabilities in order to open SET Woolwich. These liabilities are being paid off by Associate Membership fees.

SET aims to build resilience through negotiating better contracts on meanwhile use sites with more funding offered by interested parties to develop large-scale centres, as well as working towards the purchase of assets, i.e. purchasing freeholds and leaseholds on new SET Centres.

Based on our budget for the next 2022/23, SET will turn a surplus because which will build reserves per month.

The trustees' annual report was approved on 10 October 2022 and signed on behalf of the board of trustees by:

Mr McLaren Trustee

Set Centre CIO

Independent Examiner's Report to the Trustees of Set Centre CIO

Year ended 31 December 2021

I report to the trustee on my examination of the financial statements for the year ended 31 December 2021, which comprise the statement of financial activities, statement of financial position and the related notes.

Responsibilities and basis of report

As the Trustee of the Charity, you are responsible for the preparation of the financial statements.

Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's financial statements carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 the charity examiner must be a member of a body listed in the section 145 of 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ACCA, which is one of the listed bodies.

I have completed my examination. I confirm that no matters, other than those fully detailed below, have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:

accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached except the following.

Disclosure Section

The charity has net liabilities of £110,792 at the year-end which may cause effect on the charity’ ability to continue as going concern. The trustees have addressed this issue and are of the opinion that charity will have surplus funds in the following twelve months period.

Sohaib Akram FCCA (Independent examiner) AXIS ACCOUNTANTS LTD Chartered Certified Accountants Zeal House,8 Deer Park Road London SW19 3GY

Date: 31/10/2022

Set Centre CIO

Statement of Financial Activities

31 December 2021

		2021		2020
		Unrestricted
		fundsTotal funds		Total funds
	Note	£	£	£
Income and endowments
Donations and legacies	4	50,158	50,158	16,212
Charitable activities	5	620,369	620,369	210,848
Other trading activities	6	225,546	225,546	43,634
		`─────────`	`─────────`	`─────────`
Total income		896,073	896,073	270,694
		`═════════`	`═════════`	`═════════`
Expenditure
Expenditure on charitable activities	7,8	(1,006,613)	(1,006,613)	(270,322)
		`────────────`	`────────────`	`─────────`
Total expenditure		(1,006,613)	(1,006,613)	(270,322)
		`════════════`	`════════════`	`═════════`
		`────────────`	`────────────`	`─────────`
Net (expenditure)/income and net movement in funds		(110,540)	(110,540)	372
		`════════════`	`════════════`	`═════════`
Reconciliation of funds
Total funds brought forward		(252)	(252)	(624)
		`────────────`	`────────────`	`─────────`
Total funds carried forward		(110,792)	(110,792)	(252)
		`════════════`	`════════════`	`═════════`

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 27 to 33 form part of these financial statements.

Set Centre CIO

Statement of Financial Position

31 December 2021

		2021	2020
		£	£
Fixed assets
Tangible fixed assets	12	111,997	14,393
Current assets
Debtors	13	30,786	10,057
Cash at bank and in hand		4,259	3,695
		`────────`	`────────`
		35,045	13,752
Creditors: amounts falling due within one year	14	257,834	35,320
		`─────────`	`────────`
Net current liabilities		222,789	21,568
		`─────────`	`────────`
Total assets less current liabilities		(110,792)	(7,175)
Creditors: amounts falling due after more than one year	15	–	(6,923)
		`─────────`	`───────`
Net liabilities		(110,792)	(252)
		`═════════`	`═══════`
Funds of the charity
Unrestricted funds		(110,792)	(252)
		`─────────`	`────`
Total charity funds	17	(110,792) `═════════`	(252) `════`

These financial statements were approved by the board of trustees and authorised for issue on 31 October 2022, and are signed on behalf of the board by:

Mr McLaren Trustee

The notes on pages 27 to 33 form part of these financial statements.

Set Centre CIO

Notes to the Financial Statements

Year ended 31 December 2021

1. General information

The charity is registered charity as Charitable Incorporated Organisation (CIO) - Foundation in England and Wales.

The address of the principal office is SET Woolwich, Beresford Street, 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

The charity has negative net assets of £110,792 at the year end. The Trustees have made the budget for the next 12 months which include price increasing, cost reduction and efficiency savings in order to bring net assets into positive. The Trustees are of the opinion the charity will be able to continue as a going concern for the foreseeable future after these implementations and the charity’s funds will be in surplus.

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.

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Notes to the Financial Statements (continued)

Year ended 31 December 2021

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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Notes to the Financial Statements (continued)

Year ended 31 December 2021

3. Accounting policies (continued)

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.

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 - 33% straight line 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.

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Notes to the Financial Statements (continued)

Year ended 31 December 2021

3. Accounting policies (continued)

Financial instruments (continued)

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.

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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.

4. Donations and legacies

		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2021	Funds	2020
		£	£	£	£
	Grants
	Grants and fundings	50,158	50,158	16,212	16,212
		`════════`	`════════`	`════════`	`════════`
5.	Charitable activities
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2021	Funds	2020
		£	£	£	£
	Associate membership fee	620,369	620,369	210,848	210,848
		`═════════`	`═════════`	`═════════`	`═════════`
6.	Other trading activities
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2021	Funds	2020
		£	£	£	£
	Letting and licensing	88,785	88,785	43,634	43,634
	Landlord reimbursement	136,761	136,761	–	–
		`─────────`	`─────────`	`────────`	`────────`
		225,546	225,546	43,634	43,634
		`═════════`	`═════════`	`════════`	`════════`

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Notes to the Financial Statements (continued)

Year ended 31 December 2021

7. Expenditure on charitable activities by fund type

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2021	Funds	2020
	£	£	£	£
Studio rents and hire expenses	947,858	947,858	264,562	264,562
Support costs	58,755	58,755	5,760	5,760
	`────────────`	`────────────`	`─────────`	`─────────`
	1,006,613	1,006,613	270,322	270,322
	`════════════`	`════════════`	`═════════`	`═════════`

8. Expenditure on charitable activities by activity type

	Activities
	undertaken		Total funds	Total fund
	directly	Support costs	2021	2020
	£	£	£	£
Studio rents and hire expenses	947,858	–	947,858	264,562
Governance costs	–	58,755	58,755	5,760
	`─────────`	`────────`	`────────────`	`─────────`
	947,858	58,755	1,006,613	270,322
	`═════════`	`════════`	`════════════`	`═════════`

Governance costs includes payments to the independent examiner of £3,540 (2020- £1,320) for independent examiners fees and £6,912 for bookkeeping and payroll services.

9. Net (expenditure)/income

Net (expenditure)/income is stated after charging/(crediting):

	2021	2020
	£	£
Depreciation of tangible fixed assets	60,388	4,798
Operating lease rentals	11,368	–
	`════════`	`═══════`

10. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

	2021	2020
	£	£
Wages and salaries	210,969	78,257
Social security costs	14,082	–
Employer contributions to pension plans	3,857	–
Other employee benefits	(2,935)	(33,388)
	`─────────`	`────────`
	225,973	44,869
	`═════════`	`════════`

The average head count of employees during the year was 9 (2020: 4).

No employee received employee benefits of more than £60,000 during the year (2020: Nil).

11. 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.

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Notes to the Financial Statements (continued)

Year ended 31 December 2021

12. Tangible fixed assets

		Fixtures and
		fittings	Equipment	Total
		£	£	£
	Cost
	At 1 January 2021	18,750	15,254	34,004
	Additions	156,233	1,759	157,992
		`─────────`	`────────`	`─────────`
	At 31 December 2021	174,983	17,013	191,996
		`═════════`	`════════`	`═════════`
	Depreciation
	At 1 January 2021	10,840	8,771	19,611
	Charge for the year	58,328	2,060	60,388
		`─────────`	`────────`	`─────────`
	At 31 December 2021	69,168	10,831	79,999
		`═════════`	`════════`	`═════════`
	Carrying amount
	At 31 December 2021	105,815	6,182	111,997
		`═════════`	`════════`	`═════════`
	At 31 December 2020	7,910	6,483	14,393
		`═════════`	`════════`	`═════════`
13.	Debtors
			2021	2020
			£	£
	Trade debtors		22,863	–
	Other debtors		7,923	10,057
			`────────`	`────────`
			30,786	10,057
			`════════`	`════════`
14.	Creditors: amounts falling due within one year
			2021	2020
			£	£
	Trade creditors		160,724	14,239
	Social security and other taxes		15,199	–
	Other creditors		81,911	21,081
			`─────────`	`────────`
			257,834	35,320
			`═════════`	`════════`
15.	Creditors: amounts falling due after more than one year
			2021	2020
			£	£
	Other creditors		– `════`	(6,923) `═══════`

16. Pensions and other post retirement benefits

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £3,857 (2020: £Nil).

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Notes to the Financial Statements (continued)

Year ended 31 December 2021

17. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
					At
		At		31	December
	1	January 2021	Income	Expenditure	2021
		£	£	£	£
General funds		(252)	896,073	(1,006,613)	(110,792)
		`════`	`═════════`	`════════════`	`═════════`