Bromley Arts Trust Ripley Arts Centre, 24 Sundridge Avenue, Bromley BR1 2PX Tel 0208464 5816 Email: enquiries@bromleyarts.com www.bromleyarts.com Charity Registration number 1187209
Bromley Arts Trust Registered Charity Number: 1187209
Report of the Trustees for the period from 6 January 2020 to 31 March 2021
Trustees
Myra Kinghorn (Chair) Michael Carney Stuart Fleet Sezgin Kemal (resigned 5 June 2021) Lynne Powrie (Vice Chair from 11 January 2022) Lynn Sellwood (appointed 10 November 2021)
Registered Address:
24 Sundridge Avenue Bromley BR1 2PX
Independent Examiner:
Jonathan Chartres FCA Fresh Eyes Finance Limited 71--75 Shelton Street London WC2H 9JQ
Table of Contents:
Report of the Trustees 4 Independent Examiner’s Report 6 Statement of Financial Activities 7 Balance Sheet 8 Notes to the Accounts 9
Bromley Arts Trust, Ripley Arts Centre, 24 Sundridge Avenue, Bromley BR1 2PX Charity Registration number 1187209
Bromley Arts Trust 1187209 Trustees Report for the period from 6 January 2020 to 31 March 2021
1. Object
Bromley Arts Trust was registered by the Charities Commission on 6 January 2020. Its object is set out in its constitution dated 6 January 2020 as follows:
“the object of the CIO is to advance education by promoting and providing opportunities for the appreciation, understanding and enjoyment of the arts in such ways as the trustees think fit”
3 . Transfer of Bromley Arts Council’s assets, staff and operations to the Bromley Arts Trust
The 2019/2020 Trustees Report of the former charity, Bromley Arts Council (BAC) which operated the Ripley Arts Centre gave details of the reasons for the transfer of assets and operations to the Bromley Arts Trust.
‘BAC is an unincorporated charity (registered charity number 249391) which was set up in 1965. Its assets are held in trust, on behalf of the charity, by three trustees. At the Annual General Meeting of the members of the BAC held on 9 July 2019, the members passed a motion to wind up the charity, subject to Bromley Arts Trust accepting BAC’s assets and liabilities, including the ownership of the Ripley Arts Centre and also following acceptance of the Bromley Arts Trust application by the Charities Commission.’
The transfer of assets and operations from the BAC to the Bromley Arts Trust was delayed as a result of the impact of the COVID-19 pandemic, in particular some potential technicalities with the Job Support Scheme and the completion of the repayment of Bromley Arts Council’s two loans totalling £51,120 by the Bromley Arts Trust’s new loan of £53,000.Following the partial re-opening of the Ripley Arts Centre on 29 September 2020, the Boards of both charities agreed on 1 October 2020 to re-start the process of the transfer of assets and the BAC operations. The loan arrangements were finalised on 13 January 2021 and the TUPE transfer of staff, and the BAC operations transfer became effective on 31 January 2021.
3. Activities
Bromley Arts Trust’s activities during February and March 2021 were severely affected by the impact of the Government national lockdown due to the COVID-19 pandemic. These restrictions lasted from January 2021 until May 2021 when some restrictions were gradually eased until all restrictions were lifted in July 2021.As a result there were no hire activities during this five-month period and eight members of staff were on furlough arrangements. During this period there was one member of staff who was not on furlough arrangements who provided day to day financial administration support for the trustees.
Bromley Arts Trust continues to support local organisations to undertake cultural, educational, and artistic endeavours.BAT trustees, together with the former charity trustees in the first period of lockdown restrictions in 2020, were able to keep the Ripley Arts Centre open for curtailed activities over the course of the last two years, when possible, and now see more groups and classes taking place. This year, the charity plans to review its strategy, to assess the effectiveness of its business model, to recruit new trustees, to identify roles for volunteers, to develop stakeholder participation and to increase general usage of the building.
Bromley Arts Trust, Ripley Arts Centre, 24 Sundridge Avenue, Bromley BR1 2PX Charity Registration number 1187209
4. Financial Review
a. Results for the two-month period to 31 March 2021
Total income for the period was £17,246 of which £12,738 (74%) related for two Job Retention Scheme ‘furlough’ claims for February and March and £2,728 (15.8%) related to flat rental income. Most of the residual income related to a local authority support grant of £1,530.
Total costs for the two-month period amounted to £25,023 of which 64% was attributable to staff costs. 20% relating to building, utilities, and office costs as well as some 10% attributable to professional and finance costs.
The result for the period was a loss of £7,777
b. Reserves as at 31.3.2021
Reserves carried forward amounted to £162,954.
c. Going Concern
After making appropriate enquiries and taking into account that the current estimated value of the land and building exceeds the 2004 BAC valuation amount of £1million, the trustees have a reasonable expectation that the CIO charity has adequate resources to continue in operational existence for the foreseeable future. In addition, the management accounts for the nine months to 31 December 2021 show a surplus. As Government and local authority financial support ended at the end of September 2021, the operations team will continue to manage any unnecessary overhead costs going forward. For this reason, the trustees continue to adopt a going concern basis in preparing the accounts for the Bromley Arts Trust.
6. Statement of Trustees' Responsibilities
The trustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In preparing the financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity to the requirements of the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
Bromley Arts Trust, Ripley Arts Centre, 24 Sundridge Avenue, Bromley BR1 2PX Charity Registration number 1187209
7. The Trustees
The trustees who held office during the period are listed on page 2.
No funds were held by a Custodian Trustee
This report was approved by the Trustees on 11 January 2022 and signed on their behalf by
Myra Kinghorn
Chair
Bromley Arts Trust, Ripley Arts Centre, 24 Sundridge Avenue, Bromley BR1 2PX Charity Registration number 1187209
Bromley Arts Trust Registered Charity Number 1187209
Independent Examiner’s Report to the Trustees of the Bromley Arts Trust for the period to 31[st] March 2021
I report to the trustees on my examination of the accounts of the Bromley Arts Trust for the twomonth period ended 31 March 2021.
Responsibilities and basis of report
As the trustees of the Bromley Arts Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charites Act 2011.
Having satisfied myself that the accounts of the charity are not required to be audited under section 144(2) of the Charities Act 2011and are eligible for independent examination, I report in respect of my examination of your charity's accounts as 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
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts 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 accounts 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 Financial Reporting Standards applicable in the UK and Republic of Ireland (FR$102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Jonathan Chartres FCA
Fresh Eyes Finance Limited, 71--75 Shelton Street, London WC2H 9JQ
Bromley Arts Trust, Ripley Arts Centre, 24 Sundridge Avenue, Bromley BR1 2PX Charity Registration number 1187209
Statement of Financial Activities for the two-month period ended 31 March 2021
| Income | £ | |||||
|---|---|---|---|---|---|---|
| Grants Receivable from LBB | 1530 | |||||
| Furlough credits receivable | 12738 | |||||
| Flat 24A Income | 2728 | |||||
| Donations received | 250 | |||||
| Total income | 17246 | |||||
| Overheads | ||||||
| Payroll | 15339 | |||||
| Pension | 745 | |||||
| Staff | 16084 | |||||
| Electricity | 798 | |||||
| Gas | 931 | |||||
| Water Rates | 625 | |||||
| Telephone | 131 | |||||
| Utilities | 2485 | |||||
| IT systems | 478 | |||||
| Sundryoffice costs | 274 | |||||
| Office | 752 | |||||
| Insurance | 766 | |||||
| Otherpremises costs | 968 | |||||
| Premises | 1734 | |||||
| Licences | 1520 | |||||
| Professional fees | 1728 | |||||
| Finance | 720 | |||||
| Total Overheads | 25023 | |||||
| Loss for theperiod | -7777 |
Bromley Arts Trust, Ripley Arts Centre, 24 Sundridge Avenue, Bromley BR1 2PX Charity Registration number 1187209
Balance Sheet as at 31 March 2021
Bromley Arts Trust
| ASSETS | |||||
|---|---|---|---|---|---|
| Fixed Assets | |||||
| Land & Buildings | 186,713 | ||||
| Total Fixed Assets | 186,713 | ||||
| Current Assets | |||||
| LBBgrant receivable | 1,530 | ||||
| Furlough Feb March credits receivable | 12,738 | ||||
| Pettycash | 350 | ||||
| BromleyArts Trust - Current | 25,754 | ||||
| Total Current Assets | 40,372 | ||||
| TOTAL ASSETS | 227,085 | ||||
| LIABILITIES | |||||
| Current Liabilities | |||||
| SundryDebtor | 1,413 | ||||
| Overhead Creditors | 2,381 | ||||
| Deferred Income | 1,364 | ||||
| Accruals | 2,815 | ||||
| Funds Held on Behalf of Other Hirers | 3,158 | ||||
| Short term Loan | 4,416 | ||||
| Total Current Liabilities | 15,547 | ||||
| Future Liabilities | |||||
| Longterm Loans | 48,584 | ||||
| Total Future Liabilities | 48,584 | ||||
| TOTAL LIABILITIES | 64,131 | ||||
| TOTAL NET ASSETS | 162,954 | ||||
| EQUITY | |||||
| Profit and Loss Account | 170,731 | ||||
| Net Loss to 31.3.2021 | 7,777 - |
||||
| TOTAL EQUITY | 162,954 |
This report was approved by the Trustees on 11 January 2022 and signed on their behalf by
Myra Kinghorn
Chair
Bromley Arts Trust, Ripley Arts Centre, 24 Sundridge Avenue, Bromley BR1 2PX Charity Registration number 1187209
NOTES TO THE ACCOUNTS for the period from 1 February 2021 to 31 March 2021
Note 1
ACCOUNTING POLICIES
Charity information
Bromley Arts Trust is a charitable incorporated organisation which was registered by the Charities Commission – number 1187209 on 6 January 2020, whose operations are based at its property at the Ripley Arts Centre.
Basis of Preparation
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), published in September 2015. The charity is a public benefit entity for the purposes of FRS 102 and therefore the charity also prepared its financial statements in accordance with 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 (The FRS 102 Charities SORP)(effective January 2015)’, and the Charities Act 2011. The financial statements are prepared in sterling, which is the functional currency of the charity. The financial statements have been prepared under the historical cost convention, on a going concern basis. Monetary amounts in these financial statements are rounded to the nearest pound.
Recognition of Incoming Resources
These are included in the Statement of Financial Activities (SOFA) when:
-
The charity becomes entitled to the resources;
-
The Trustees are virtually certain they will receive the resources; and
-
The monetary value can be measured with sufficient reliability.
Incoming resources with related expenditure
Where incoming resources and relayed expenditure (as with fundraising or contract income) the incoming resources and related expenditure are reports gross in the SOFA.
Grants and Donations
Grants and donations are only included in the SOFA when the charity has unconditional entitlement to the resources.
Tax reclaims on donations and gifts
Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate.
Bromley Arts Trust, Ripley Arts Centre, 24 Sundridge Avenue, Bromley BR1 2PX Charity Registration number 1187209
Contractual Income and Performance related
This is only included in the SOFA once the related goods or service have been delivered
Gifts in Kind
Gifts in Kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised.
Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity
Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable.
Donated services and facilities
These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.
Volunteer help
The value of the Voluntary help received is not included in the accounts but is described in the trustees’ annual report.
Investment Income
This is included in the accounts when receivable.
Investment gains and losses
This includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
Expenditure and Liabilities
Liability Recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Governance costs
Include costs of the preparation and examination of statutory accounts, the costs of trustee meetings and cost of any legal advice to trustees on governance or constitutional matters.
Grants with performance conditions
Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output.
Bromley Arts Trust, Ripley Arts Centre, 24 Sundridge Avenue, Bromley BR1 2PX Charity Registration number 1187209
Grants payable without performance conditions
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity
Support Costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, e.g., allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Liabilities and provisions
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation.
Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Note 2
| 2 months to | 2 months to | 2 months to | |||||
|---|---|---|---|---|---|---|---|
| Analysis of incoming resources | 31.3.2021 | ||||||
| £ | |||||||
| VoluntaryIncome Donations | 250 | ||||||
| Activities forgeneratingfunds | 0 | ||||||
| Investment Income -flat rental | 2728 | ||||||
| incomingresources from charitable activities | 0 | ||||||
| Furlough and local authoritysupportgrants | 14268 | ||||||
| Total incomingresources | 17246 | ||||||
| The charity'spremises were closed duringtheperiod as a result of the Government | |||||||
| lockdown COVID19 regulations |
Bromley Arts Trust, Ripley Arts Centre, 24 Sundridge Avenue, Bromley BR1 2PX Charity Registration number 1187209
Note 3
| 2 months to | 2 months to | 2 months to | |||||
|---|---|---|---|---|---|---|---|
| Analysis of resources expended | 31.3.2021 | ||||||
| £ | |||||||
| Costs ofgeneratingvoluntaryincome | 0 | ||||||
| Fundraisingtradingcosts | 0 | ||||||
| Charitable activities | 25,023 | ||||||
| Governance costs | 0 | ||||||
| Resources expended | 25,023 | ||||||
| All costs incurred related to staff costs(includingeight out of nine staff members | |||||||
| who were on furlough arrangements), premises and standingoffice charges. | |||||||
Note 4
| Paid employees | Paid employees | ||||||
|---|---|---|---|---|---|---|---|
| 2 months to | |||||||
| 4.1 Staff costs | 31.3.2021 | ||||||
| £ | |||||||
| Gross wages and salaries and benefits in kind | 15,339 | ||||||
| Employers national insurance costs | 0 | ||||||
| Pension costs | 745 | ||||||
| 16,084 | |||||||
| Employers national insurance costs were covered by | |||||||
| bythe small businesses exemption . | |||||||
| 4.2 Average number of full-time equivalent employees | 31.3.2021 | ||||||
| Number | |||||||
| Charitable activities | 1 | ||||||
| Support staff | 4 | ||||||
| Total | 5 | ||||||
| 4.3 Defined contributionpension scheme | |||||||
| Contributory pension scheme operated by | |||||||
| the Pensions Trust. All members of staff areparticipating. |
Bromley Arts Trust, Ripley Arts Centre, 24 Sundridge Avenue, Bromley BR1 2PX Charity Registration number 1187209
Note 5
Tangible fixed assets
Premises transferred to the Bromley Arts Trust in January 2021 at the Bromley Arts Council net book value £186,713.
The freehold property known as the Ripley Arts Centre is located at 24 Sundridge Avenue Bromley including the flat known as 24a, was professionally valued at £1million in June 2004.
Note 6
| Debtors andprepayments | Debtors andprepayments | Debtors andprepayments | 31.3.2021 | 31.3.2021 | |||
|---|---|---|---|---|---|---|---|
| Amounts falling due | |||||||
| within oneyear | |||||||
| £ | |||||||
| Other debtors | 14,268 | ||||||
| Other debtors related to furloughpayments andgrants | |||||||
| which were received within one month of theperiod end . |
Note 7
| Creditors and accruals | Creditors and accruals | Creditors and accruals | 31.3.2021 | 31.3.2021 | ||||
|---|---|---|---|---|---|---|---|---|
| Amounts falling due | ||||||||
| 7.1 Analysis of creditors | within oneyear | |||||||
| £ | ||||||||
| Creditors | 2381 | |||||||
| Other creditors | 13166 | |||||||
| 15547 | ||||||||
| 7.2 Security over assets | ||||||||
| Nat West Bank have a charge over the freeholdpropertyas securityfor the £53,000 | ||||||||
| loan taken out in January2021 to repaythe £51K Nat West loan loans taken out bythe former | ||||||||
| charity,BromleyArts Council |
Nat West Bank have a charge over the freehold property as security for the £53,000 loan taken out in January 2021 to repay the £51K Nat West loan loans taken out by the former charity,Bromley Arts Council
Bromley Arts Trust, Ripley Arts Centre, 24 Sundridge Avenue, Bromley BR1 2PX Charity Registration number 1187209
Note 8
| Long Term Loan | Long Term Loan | |||||
|---|---|---|---|---|---|---|
| 31.3.2021 | ||||||
| £ | ||||||
| Nat West Bank longterm loan which is repayable | 48,584 | |||||
| over eightyears at an interest rate of 3.67%over base rate | ||||||
| Duringthe two monthperiod there was a repayment | ||||||
| holidayfor the first six months dduringthe Government lockdown. |
Note 9
Related party transactions
There were no related party transactions during the period to 31 March 2021. No trustees received either remunerationor benefits in kind during the period.
Bromley Arts Trust, Ripley Arts Centre, 24 Sundridge Avenue, Bromley BR1 2PX Charity Registration number 1187209