2021-03-31-accounts

Company registration number: 01394985 Charity registration number: 277021

ISLINGTON ARTS FACTORY LIMITED (A company limited by guarantee and registered charity)

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

(A company limited by guarantee and registered charity)

ISLINGTON ARTS FACTORY LIMITED

CONTENTS

	Page
Reference and administrative details of the Charity, its Trustees and advisers	1
Trustees' report	2 - 5
Independent examiner's report	6
Statement of financial activities	7
Balance sheet	8
Notes to the financial statements	9 - 21

ISLINGTON ARTS FACTORY LIMITED

(A company limited by guarantee and registered charity)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021

Trustees	Terry Slater, Chair
	Michael O'Keefe, Vice Chairman
	Katherine Gardiner, Treasurer
	Janet Fleming
	Andrew Reid (resigned 11 February 2021)
	Hugh Andrew Ross (resigned 11 February 2021)
Company registered number 01394985 Charity registered number 277021 Registered office 2 Parkhurst Road London N7 0SF Secretary and Director of Centre Elizabeth Lerpiniere Bankers Allied Irish Banks plc 629-635 Holloway Road London EC4V 6BJ Independent Examiner MHA MacIntyre Hudson Chartered Accountants 910 The Crescent Colchester Business Park Colchester Essex CO4 9YQ

Page 1

ISLINGTON ARTS FACTORY LIMITED

(A company limited by guarantee and registered charity)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021

The Trustees present their annual report together with the financial statements of the Charity for the year from 1 April 2020 to 31 March 2021. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Principal objects and activities

The objects and purpose of the Charity, as per its the Memorandum and Articles of Association, are to promote, maintain, improve and advance education, particularly by the teaching of dance and visual art and the encouragement of the arts including choreography and music.

Islington Arts Factory, founded in 1977, is based in Holloway, an area which suffers from significant deprivation, high unemployment, low levels of achievement at school and other problems of inner city life. It is the only multi-arts community centre in the London borough of Islington.

Achievements and performance

a. Going concern

After making appropriate enquiries, and full consideration of Charity’s position during the pandemic, the Directors have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Page 2

ISLINGTON ARTS FACTORY LIMITED

(A company limited by guarantee and registered charity)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Achievements and performance (continued)

b. Activities and performance

The main activities undertaken in relation to the purposes of the Charity as per its Memorandum and Articles of Association and in furtherance of the public benefit are as follows:

A full, busy and successful 2019/20 ended abruptly in March 2020. Our last classes for adults and children were taught on 17th March. From 22nd March until 6th July 2020 the building was closed to the public and to private hirers; our children’s and adults’ teaching programmes and our exhibition programme were all indefinitely suspended. Through the Government’s Furlough Scheme, the one-off grant to the Leisure industries of £25,000 which we received in May, and the rents from our single artists’ studios, we were able to keep a skeleton staff in the building, dealing with administration and much needed refurbishment.

On 6th July 2020 we were able to re-open, but there was very little take up of our services. The majority of our income is earned through studio hires to actors, dancers and musicians but with theatres and music venues closed there was little or no demand for dance or music rehearsal studios. Adult teaching was re-introduced in July but with very little take up. Social distancing meant that classes were too small for tutors to adequately cover their costs and we soon learnt that people were very reluctant to exercise as part of a group indoors. We did not feel that tutors or staff could be adequately protected in children’s classes and therefore did not attempt to reintroduce children’s teaching. In November with funding from the Morris Trust we offered a series of small pottery workshops to children who had previously attended our art and clay classes. Take up was not high, and attendance was sporadic as children were often required to be isolating at home, however several children did manage to create candlesticks and snuffers in time for Christmas. We are grateful to the professional choreographers who made efforts to use our spaces whenever possible for video and film rehearsal, and to the tutors who continued to offer classes in African, contemporary and belly dance, tai chi and pottery from July to November, when the tier system meant we were once again closed to the general public and teaching came to a second abrupt end. Two of the vulnerable groups who use our space, New Art Studio which offers art therapy to asylum seekers and Mencap, were able to continue their classes through to December.

In January and February we were once again legally required to be closed and all staff were full or part furloughed, with only a skeleton administrative staff keeping the building functioning for our artist studio holders. In March 2021 we received government funding via Islington Council for the various periods of partial or full lockdown, and after the year end in April and May we received a £15,844 Restart grant. This money will be used to implement social distancing and cleaning controls to help keep covid-19 out of the building and make it feel safe for future users and to subsidise staffing costs as the Furlough Scheme comes to an end. As we make a tentative return to some degree of normality, with careful financial management we feel that we will be able to continue until the organisation is once again fully financially independent.

c. Staffing

Due to the pandemic, two members of our administrative staff were made redundant in in October 2020. We thank Francis Angol our Director of Dance and Eleanor Pearce our Director of Art for their respective 18 and 16 years of service and very much hope that we will be able to work with them again in the future.

Six artists, despite rent reductions from the beginning of the pandemic, were unable to maintain their studio spaces here, and have moved on, but we were fortunate to be able to find new artists to take their places.

Page 3

ISLINGTON ARTS FACTORY LIMITED

(A company limited by guarantee and registered charity)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Financial review

a. Financial review

The Charity’s activities in the year were severely curtailed by the pandemic and lockdowns. While earned income dropped 70%, costs only dropped by 28%. With the leisure lockdown and furlough grants, we were able to aim for break even, and then with the receipt of lockdown grants of £15,221 just before the year end in March 2021, we are showing a surplus of £16,650 for the year (2020 - £2,722). This money, together with a Restart grant received after the year end of £15,844, will help the Charity to rebuild our activities in a safe way in 2021-22.

b. Reserves policy

The Directors have examined the Charity’s requirements for reserves in the light of the main risks to the organisation and the reliability of income sources. A policy has been established whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be at least three months of ongoing expenditure in an ordinary year, excluding the pandemic. This gives a target of around £49,000 in general funds.

This level of reserves allows the Charity to meet the everyday requirements of the Charity and the Directors are confident that if there was a significant drop in funding, this would give the Charity the time to continue and adapt its activities in a managed way. The level of reserves at the year-end is £68,238, which is materially in line with the target.

c. Investment policy

Aside from retaining a prudent amount in reserves each year most of the Charity's funds are to be spent in the short term so there are no funds held for for long term investment. The policy of the Directors is to invest the amount that it has available and grants received in advance in short-term bank deposits.

d. Public benefit

The Board confirms that it has complied with the duty in section 4 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit, ‘Charities and Public Benefit’.

e. Financial management

The Directors aim to ensure that year on year Islington Arts Factory achieves a balanced budget with sufficient money being set aside to cover building maintenance and the replacement of equipment to ensure that the charity is able to keep operating.

Structure, governance and management

a. Constitution

The charity is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 19 October 1978 and updated on 18 January 1980.

Page 4

ISLINGTON ARTS FACTORY LIMITED

(A company limited by guarantee and registered charity)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Structure, governance and management (continued)

b. Directors

The members of the board are the Directors of the charity. Those who served during the year are listed on page 1.

c. Governance and Trustee appointment and recruitment

The affairs of the charity are governed by the board of Directors, who are also trustees of the charity, and who meet 3 to 4 times a year. The board ensures that there is an appropriate strategic plan and that this is being carried out effectively. The day to day management of the charity is delegated to staff through the Director of Centre. Board members are appointed following an open recruitment process ensuring that there is a balance of skills within the board. Induction and training is carried out as necessary.

d. Risk management

The Directors regularly consider the risks to which the charity is exposed, and take necessary action to limit exposure and the impact of significant risks. The Board believe that appropriate structures and reserves are in place to minimise foreseeable risks.

This report has been prepared taking advantage of the small companies’ exemption of section 415A of the Companies Act 2006.

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................

Katherine Gardiner

Date: 26 January 2022

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ISLINGTON ARTS FACTORY LIMITED

(A company limited by guarantee and registered charity)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2021

Independent examiner's report to the Trustees of Islington Arts Factory Limited ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2021.

Responsibilities and basis of report

As the Trustees of the Charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

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 accounts 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 in any material respect:

1. accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or

2. the accounts do not accord with those records; or

3. 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

4. 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 the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 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.

Signed: Dated: 26 January 2022

Cara Miller ACCA

910 The Crescent Colchester Business Park Colchester Essex CO4 9YQ

Page 6

(A company limited by guarantee and registered charity)

ISLINGTON ARTS FACTORY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021

Note Income from: Donations and grants 4 Charitable activities 5 Other trading activities 6 Investments 7 Total income Expenditure on: Charitable activities 8 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward 16	Unrestricted funds 2021 £ 97,107 59,180 11 19 156,317 139,667 139,667 16,650 51,588 16,650 68,238	Restricted funds 2021 £ 1,400 - - - 1,400 1,400 1,400 - - - -	Total funds 2021 £ 98,507 59,180 11 19 157,717 141,067 141,067 16,650 51,588 16,650 68,238	Total funds 2020 £ 1,547 194,626 2,965 49
				199,187
				196,465
				196,465
				2,722
				48,866 2,722
				51,588

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 9 to 21 form part of these financial statements.

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ISLINGTON ARTS FACTORY LIMITED (A company limited by guarantee and registered charity) REGISTERED NUMBER: 01394985

BALANCE SHEET AS AT 31 MARCH 2021

Note Fixed assets Tangible assets 12 Current assets Stocks 13 Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total net assets Charity funds Unrestricted funds 16 Total funds	641 1,998 83,284 85,923 (18,334)	2021 £ 649 649 67,589 68,238 68,238 68,238	641 5,977 63,549 70,167 (19,488)	2020 £ 909
				909 50,679
				51,588
				51,588
				51,588

The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................

Katherine Gardiner

Trustee Date: 26 January 2022

The notes on pages 9 to 21 form part of these financial statements.

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ISLINGTON ARTS FACTORY LIMITED

(A company limited by guarantee and registered charity)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. General information

Islington Arts Factory Limited is a company limited by guarantee and is registered with the Charity Commission (Charity Registered Number 277021) and Registrar of Companies (Company Registration Number 01394985) in England and Wales.

In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.

The address of the registered office is given in the Charity information on page 1 of these financial statements. The nature of the Charity’s operations and principal activities are detailed in the Directors Report.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: 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) and the Companies Act 2006.

Islington Arts Factory Limited meets the definition of a public benefit entity under FRS 102.

The Charity does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the Charity and rounded to the nearest pound.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.2 Going concern

The Trustees have assessed the use of going concern and have considered possible events or conditions that might cast significant doubt on the ability of the Charity to continue as a going concern, including the impact of COVID-19. The Trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. The Trustees have concluded that there is a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing these financial statements.

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ISLINGTON ARTS FACTORY LIMITED

(A company limited by guarantee and registered charity)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

For donations to be recognised the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfillment of those conditions is within the control of the Charity and it is probable that they will be fulfilled.

The Charity receives government grants in respect of furthering its charitable objectives. Income from government and other grants are recognised at fair value when the Charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the Charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

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ISLINGTON ARTS FACTORY LIMITED

(A company limited by guarantee and registered charity)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold buldings	-	100%
Music equipment	-	25%
Office equipment	-	25%
Other equipment	-	33%

2.7 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.8 Debtors

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

2.9 Cash at bank and in hand

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

2.10 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.

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ISLINGTON ARTS FACTORY LIMITED

(A company limited by guarantee and registered charity)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.11 Financial instruments

The Charity only holds basic Financial Instruments. The financial assets and financial liabilities of the Charity are as follows:

Debtors - trade and other debtors (including accrued income) are basic financial instruments and are debt instruments measured at amortised cost as detailed in Note 14. Prepayments are not financial instruments.

Cash at bank - is classified as a basic financial instrument and is measured at face value.

Liabilities - trade creditors, accruals and other creditors will be classified as financial instruments, and are measured at amortised cost as detailed in Note 15. Taxation and social security are not included in the financial instruments disclosure. Deferred income is not deemed to be financial liability, as in the cash settlement has already taken place and there is simply an obligation to deliver charitable services rather than cash or another financial instrument.

2.12 Staff benefits

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year. Redundancy and termination costs are recognised as an expense immediately at the point the Charity is demonstrably committed to terminate the employment of an employee before normal retirement date.

2.13 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.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

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ISLINGTON ARTS FACTORY LIMITED

(A company limited by guarantee and registered charity)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:

• Allocation of support costs

• Depreciation rates for tangible fixed assets

4. Income from donations and grants

Unrestricted funds 2021 £ Donations LB Islington 42,222 Job Retention Scheme 54,563 Other donations 322 97,107	Restricted funds 2021 £ - - 1,400 1,400	Total funds 2021 £ 42,222 54,563 1,722
		98,507

In the year, government grants of £54,563 were received under the Job Retention Scheme, and a further £42,222 was received from LB Islington in relation to COVID support. At the year-end date, there were no unfulfilled conditions or other contingencies associated with this income.

	Unrestricted	Total
	funds	funds
	2020	2020
	£	£
Other donations	1,547	1,547

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(A company limited by guarantee and registered charity)

ISLINGTON ARTS FACTORY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

5. Analysis of income from charitable actvities by type

Dance fees Visual Arts fees Young factory fees Building and equipment fees	2021 £ 160 9,925 - 49,095 59,180	2020 £ 3,998 28,521 23,466 138,641
		194,626

All income from charitable activities was unrestricted in both the current and prior year.

6. Income from other trading activities

Unrestricted funds 2021 £ Goods sold - Cafe rent - Equipment hire 11 11	Total funds 2021 £ - - 11 11	Total funds 2020 £ 1,810 960 195
		2,965

7. Investment income

	Unrestricted	Total	Total
	funds	funds	funds
	2021	2021	2020
	£	£	£
Bank interest receivable	19	19	49

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ISLINGTON ARTS FACTORY LIMITED

(A company limited by guarantee and registered charity)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

8. Analysis of expenditure by activities

Charitable activities Charitable activities	Activities undertaken directly 2021 £ 120,983 Activities undertaken directly 2020 £ 163,605	Support costs 2021 £ 20,084 Support costs 2020 £ 32,860	Total funds 2021 £ 141,067
			Total funds 2020 £ 196,465

In the prior year, all expenditure was allocated to unrestricted funds.

Analysis of direct costs

Wages and salaries Temporary staff Dance Visual Arts Young factory Building and equipment Office costs Premises and equipment Volunteer travel	Total funds 2021 £ 117,430 720 6 1,839 - - 153 835 - 120,983	Total funds 2020 £ 128,231 720 21,736 3,602 211 3,091 3,263 2,449 302
		163,605

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ISLINGTON ARTS FACTORY LIMITED

(A company limited by guarantee and registered charity)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

8. Analysis of expenditure by activities (continued)

Analysis of support costs

Depreciation Office costs Premises and equipment Governance costs	Total funds 2021 £ 260 5,141 11,311 3,372 20,084	Total funds 2020 £ 129 9,573 19,636 3,522
		32,860

Governance costs have been analysed further in Note 9.

9. Governance costs

Independent examiners remuneration Board meeting expenses and other professional fees	2021 £ 3,372 - 3,372	2020 £ 3,372 150
		3,522

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ISLINGTON ARTS FACTORY LIMITED

(A company limited by guarantee and registered charity)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

10. Staff costs

Wages and salaries Social security costs Contribution to defined contribution pension schemes	2021 £ 109,982 4,571 2,877 117,430	2020 £ 118,545 6,571 3,115
		128,231

The average number of persons employed by the Charity during the year was as follows:

Arts co-ordinators Administration Cleaning and premises	2021 No. 1 2 2 5	2020 No. 2 2 2
		6

No employee received remuneration amounting to more than £60,000 in either year.

During the year, the Charity made termination payments totalling £6,208 to 2 staff members.

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ISLINGTON ARTS FACTORY LIMITED

(A company limited by guarantee and registered charity)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

11. Trustees' remuneration, Key Management Personnel and expenses

The Charity considers its Key Management Personnel to comprise the Trustees and Company Secretary and Director of Centre. The total amount of employee benefits received by Key Management Personnel in the year, including employer National Insurance Contributions, was £48,743 (2020 - £48,957).

The Trustees neither received nor waived any remuneration during the year (2020 - £Nil). During the year ended 31 March 2021, no Trustee expenses have been incurred (2020 - £ Nil).

12. Tangible fixed assets

Cost or valuation At 1 April 2020 At 31 March 2021 Depreciation At 1 April 2020 Charge for the year At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020 13. Stocks Art and dance materials	Land and buildings £ 60,753 60,753 60,753 - 60,753 - -	Music equipment £ 11,520 11,520 11,520 - 11,520 - -	Office equipment £ 17,801 17,801 16,892 260 17,152 649 909	Other equipment Total £ £ 36,717 126,791 36,717 126,791 36,717 125,882 - 260 36,717 126,142 - 649 - 909 2021 2020 £ £ 641 641

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ISLINGTON ARTS FACTORY LIMITED

(A company limited by guarantee and registered charity)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

14. Debtors

Due within one year Attic studio rent Prepayments and accrued income	2021 £ - 1,998 1,998	2020 £ 4,700 1,277
		5,977

15. Creditors: Amounts falling due within one year

Trade creditors Other taxation and social security Other creditors Accruals and deferred income Deferred income movements Deferred income at 1 April 2020 Resources deferred during the year Deferred income carried forward	2021 £ 2,359 2,763 4,374 8,838 18,334 2021 £ - 1,012 1,012	2020 £ 3,833 2,603 3,529 9,523
		19,488
		2020 £ - -
		-

The deferred income carried forward is included within the 'Accruals and deferred income' total of £8,838 above. Deferred income relates to booking deposits received in advance of the following financial year.

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ISLINGTON ARTS FACTORY LIMITED

(A company limited by guarantee and registered charity)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

16. Statement of funds

Statement of funds - current year

Balance at 1 April 2020 £ Unrestricted funds General funds 51,588 Restricted funds The Morris Trust - Total of funds 51,588	Income £ Expenditure £ 156,317 (139,667) 1,400 (1,400) 157,717 (141,067)	Balance at 31 March 2021 £ 68,238
		-
		68,238

A donation was recieved from the Morris Trust in the year as a contribution towards childrens workshops. The fund was fully utilised in the current reporting period.

Statement of funds - prior year

				Balance at
	Balance at			31 March
	1 April 2019	Income	Expenditure	2020
	£	£	£	£
Unrestricted funds
General funds	48,866	199,187	(196,465)	51,588

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ISLINGTON ARTS FACTORY LIMITED

(A company limited by guarantee and registered charity)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

17. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted funds 2021 £ Tangible fixed assets 649 Current assets 85,923 Creditors due within one year (18,334) Total 68,238	Total funds 2021 £ 649 85,923 (18,334) 68,238

Analysis of net assets between funds - prior year

Tangible fixed assets Current assets Creditors due within one year Total	Unrestricted funds 2020 £ 909 70,167 (19,488) 51,588	Total funds 2020 £ 909 70,167 (19,488) 51,588

18. Related party transactions

The daughter of the Secretary and Director of Centre is an employee of the Charity, and during the year was paid £24,322 (2020 - £26,730) for the role of Office Manager. The Secretary and Director of Centre was not present for any discussions nor were they involved in the setting of pay upon employment by the Charity, which is at market rate. There were no other Related Party transactions in either year.

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