## **REPORT OF THE BOARD AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 ARTS EDUCATION EXCHANGE**
## **CHARITY NUMBER 1184494**
## **ACCOUNTS PREPARED BY:**
**KEMPS, CHARTERED ACCOUNTANTS 42A HIGH STREET BROADSTAIRS KENT CT10 1JT**
**www.kempsaccounting.co.uk Email: info@kempsaccounting.co.uk Direct Email: harry@kempsaccounting.co.uk Tel: 01843861188**
## **ARTS EDUCATION EXCHANGE**
**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
||Page|
|---|---|
|Report of the Board|1 - 2|
|Accountant's Report|3|
|Balance Sheet|4|
|Statement of Income and Expenditure|5|
|Notes to the Financial Statements|6 - 7|
## **ARTS EDUCATION EXCHANGE**
## **REPORT OF THE BOARD**
## **FOR THE YEAR ENDED 31 MARCH 2021**
The Board present their report with the financial statements of the chamber for the year ended 31 March 2021. The board have adopted the general provisions of UK FRS 102.
**Board members since 1 April 2020 to date Name and address** Chair: Fiona Kingsman 4 Guildford Ave Westgate-on-Sea CT8 8NB Trustees:
Neil John Griffiths 43 St Peters Rd Margate CT9 1TJ Emma Meades FCCA 6 Canterbury Close Broadstairs CT10 2SF Naami Padi 10 Glebe Rd Margate CT9 5PR Lorraine Smith 69 Northdown Park Rd Margate CT9 2TW
**Date appointed or resigned** Appointed: 19/07/2019 Appointed: 19/07/2019 Appointed: 04/12/2019 Appointed: 17/09/2020 Appointed: 17/09/2020
## **Bankers**
Co-operative Bank
## **OBJECTIVES AND ACTIVITIES**
Arts Education Exchange is a youth organisation based in Margate, East Kent. Our focus is to harness the potential of young people; to inspire social engagement through creative processes and to provide pathways to continued education, employment, or work-based training.
## **The public benefit**
The trustees confirm that they have taken due regard to the public benefit guidance published by the Charity Commission when reviewing the Trust’s aims and objectives and in planning future activities. We act as a resource for young people up to the age of 30 years old, providing advice and assistance and organising educational programmes; particularly in the creative arts and other related disciplines and other activities as a means of:
1. Advancing in life and helping young people by developing their skills, capacities and capabilities to enable them to participate in society as independent, mature and responsible individuals
2. Advancing education
3. Relieving unemployment
Page 1
## **ARTS EDUCATION EXCHANGE**
## **REPORT OF THE TRUSTEES (CONT’D) FOR THE YEAR ENDED 31 MARCH 2021**
## **FINANCIAL REVIEW**
## **Reserves policy**
The company endeavours to keep two to three months’ running costs in reserve to allow for late receipt of income.
## **Reserves**
As at 31 March 2021 the reserves stand at £108,488 and will enable to Trustees to implement their objectives over the next 12 months.
## **Income**
Total income for the year ended 31 March 2021 was £183,000. Net incoming resources for the year were £43,646.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The Group is controlled by a constitution, a copy of which can be obtained from the Board Secretary.
## **Recruitment and appointment of new Board**
As and when a new board member is required, either due to a vacancy or to fulfil a new specific need, individuals with the relevant skills are identified and approached. If a board member is deemed appropriate and willing to make the required commitment, then they are proposed to the Board by the Chair.
## **Induction and training of new Board**
New board members are fully briefed on the Group’s activities and procedures. Each board member is given an induction which sets out their responsibilities as a board member.
## **Organisational structure:**
Decisions are taken at meetings of the Trustees.
## **Risk Management**
The trustees recognise their duty to identify and mitigate the risks to which the charity is exposed and to ensure that appropriate controls are in place to provide reasonable assurance against fraud and error.
## **On behalf of the Trustees:**
…………………………………………………………………………………. Fiona Kingsman
## Date …………………. 31/01/2022
Page 2
## **ARTS EDUCATION EXCHANGE**
## **REPORT OF THE ACCOUNTANTS TO THE BOARD OF ARTS EDUCATION EXCHANGE**
I report on the accounts of the Group for the year ended 31 March 2021, which are set out on pages 4 to 6.
## **Respective responsibilities of Board and accountant**
The Board are responsible for the preparation of the accounts in accordance with FRS 102 the Financial Reporting Standard.
The accountant’s responsibility is to examine the accounts in accordance with ICAEW’s Technical Release AAF 03/10.
## **Accountants Report to the Board**
In accordance with the engagement letter dated 9 December 2021, we have prepared for your approval the financial statements of the Group for the year ended 31 March 2021 which comprises of pages 4 to 6 of this document, from the entity’s accounting records and from information and explanations you have given us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/Members handbook.
This report is made solely to you, in accordance with the terms of our engagement letter dated 20 March 2015. Our work has been undertaken solely to prepare for your approval the financial statements of The Broadstairs Visitor Information Group and state those matters that we have agreed to state to you in this report in accordance with the guidance of ICAEW as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Board for our work or for this report. We have not carried out an audit.
You have approved the accounts for the year ended 31 March 2021 and have acknowledged your responsibility for it, for the appropriateness of the financial reporting framework adopted and for providing all information and explanations necessary for its compilation.
Signature……………………… Harry Charles Kemp on behalf of
Kemps Chartered Accountants 42A High Street Broadstairs Kent CT10 1JT
Date: …………..
Page 3
## **ARTS EDUCATION EXCHANGE**
## **BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2021**
|Notes
31.03.2021
31.03.2020
£
£
**FIXED ASSETS**
2
Tangible assets
5,438
5,774
**CURRENT ASSETS**
Cash at bank
109,127
64,419
Debtors amounts falling due withing one year
3
2,000
2,000
111,127
66,419
**CREDITORS**
Amounts falling due within one year
4
8,077
7,351
**NET CURRENT ASSETS**
103,050
59,068
108,488
64,842
Signed on its’ behalf by:
**GENERAL FUND**
Balance bought forward
5
64,842
0
Surplus for the year
5
43,646
64,842
**TOTAL FUNDS**
108,488
64,842
**NET ASSETS**|Notes
31.03.2021
31.03.2020
£
£
**FIXED ASSETS**
2
Tangible assets
5,438
5,774
**CURRENT ASSETS**
Cash at bank
109,127
64,419
Debtors amounts falling due withing one year
3
2,000
2,000
111,127
66,419
**CREDITORS**
Amounts falling due within one year
4
8,077
7,351
**NET CURRENT ASSETS**
103,050
59,068
108,488
64,842
Signed on its’ behalf by:
**GENERAL FUND**
Balance bought forward
5
64,842
0
Surplus for the year
5
43,646
64,842
**TOTAL FUNDS**
108,488
64,842
**NET ASSETS**|Notes
31.03.2021
31.03.2020
£
£
**FIXED ASSETS**
2
Tangible assets
5,438
5,774
**CURRENT ASSETS**
Cash at bank
109,127
64,419
Debtors amounts falling due withing one year
3
2,000
2,000
111,127
66,419
**CREDITORS**
Amounts falling due within one year
4
8,077
7,351
**NET CURRENT ASSETS**
103,050
59,068
108,488
64,842
Signed on its’ behalf by:
**GENERAL FUND**
Balance bought forward
5
64,842
0
Surplus for the year
5
43,646
64,842
**TOTAL FUNDS**
108,488
64,842
**NET ASSETS**|
|---|---|---|
|||66,419
7,351|
||
|59,068
64,842
0
64,842
64,842|
||||
||||
## 31/01/2022
............................................. .................................
Fiona Kingsman
The notes form part of these financial statements
Page 4
## **ARTS EDUCATION EXCHANGE**
## **STATEMENT OF INCOME AND EXPENDITURE FOR THE YEAR ENDED YEAR 31 MARCH 2021**
|
Notes
**INCOMING RESOURCES**
**General income**
Grants received
Other income
Donations
**Expenditure**
Administration Expenses
Grants distributed
Freelance costs
Tutor
Wages
Pension
Rent, rates, light and heat
Travel
Phone
Printing, postage and stationery
Workshop costs
Subscriptions
Software costs
Insurance
Equipment hire
Repairs and renewals
Sundry
Advertising
Accountancy
Legal
Depreciation
Total Expenditure
**SURPLUS/(DEFICIT) FOR THE YEAR**
|Year ended
Year ended
31.03.21
31.03.20
£
£
181,885
155,475
170
0
945
0
183,000
155,475
15,979
7,863
7,540
16,280
25,739
0
66,914
37,310
3,315
0
15,384
11,363
0
153
795
379
910
361
2,935
3,969
0
231
1,703
98
295
221
0
1,296
2,859
1,070
0
75
20
986
1,176
142
(8,023)
8,836
1,813
0
139,354 90,633
**43,646 64,842**
|Year ended
Year ended
31.03.21
31.03.20
£
£
181,885
155,475
170
0
945
0
183,000
155,475
15,979
7,863
7,540
16,280
25,739
0
66,914
37,310
3,315
0
15,384
11,363
0
153
795
379
910
361
2,935
3,969
0
231
1,703
98
295
221
0
1,296
2,859
1,070
0
75
20
986
1,176
142
(8,023)
8,836
1,813
0
139,354 90,633
**43,646 64,842**
|Year ended
Year ended
31.03.21
31.03.20
£
£
181,885
155,475
170
0
945
0
183,000
155,475
15,979
7,863
7,540
16,280
25,739
0
66,914
37,310
3,315
0
15,384
11,363
0
153
795
379
910
361
2,935
3,969
0
231
1,703
98
295
221
0
1,296
2,859
1,070
0
75
20
986
1,176
142
(8,023)
8,836
1,813
0
139,354 90,633
**43,646 64,842**
|
|---|---|---|---|
|||
|155,475
7,863
16,280
0
37,310
0
11,363
153
379
361
3,969
231
98
221
1,296
1,070
75
986
142
8,836
0
90,633
**64,842**
|
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Page 5
**ARTS EDUCATION EXCHANGE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **1. ACCOUNTING POLICIES**
## **Accounting convention**
The financial statements have been prepared under the historical cost convention, and in accordance with the FRS 102 the Financial Reporting Standard.
## **Incoming resources**
All incoming resources are included on the Income and Expenditure Account when they are received.
## **Resources expended**
Expenditure is accounted for on a payment basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.
## **Tangible fixed assets (none)**
Depreciation is provided at the following annual rates in order to write off each asset over its useful economic life.
Plant and machinery -25% straight line method
## **Stocks (none)**
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items.
## **2** . **Fixed assets**
|Intangible assets|Plant and machinery|
|---|---|
||£|
|Cost||
|As at 1 April 2020|5,774|
|Additions|3,636|
|Disposal|(2,159)|
|As at 31 March 2021|7,250|
|Depreciation||
|As at 1 April 2020|0|
|Charge|1,813|
|As at 31 March 2021|1,813|
|Net book values||
|As at 1 April 2020|5,774|
|As at 31 March 2021|5,438|
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Page 6
## **ARTS EDUCATION EXCHANGE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **3. Debtors**
|Deposit
**4. Creditors**
Other creditors
PAYE
Accruals
Deferred income
**5. Reserves**
Balance brought forward
Surplus in the year
Balance carried forward
|**2021**
**£**
2,000
**2,000**
**2021**
**£**
0
1,750
360
5,967
**8,077**
**2021**
**£**
64,842
43,646
**108,488**|**2020**
**£**
2,000
**2,000**
**2020**
**£**
6,344
1,007
0
0
**7,351**
**2020**
**£**
0
64,842
**64,842**|
|---|---|---|
This page does not form part of these financial statements
Page 7