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2021-03-31-accounts

Charity number: 285125

Company number: 01615990

(England and Wales)

Chisenhale Art Place Ltd

Report of the Trustees and Unaudited Financial Statements

For the year ended 31 March 2021

Chisenhale Art Place Ltd Contents Page For the year ended 31 March 2021

Report of the Trustees 1 to 13
Independent Examiner's Report to the Trustees 14
Statement of Financial Activities 15
Statement of Financial Position 16
Notes to the Financial Statements 17 to 23
Detailed Statement of Financial Activities 24

CHISENHALE ART PLACE LIMITED

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31ST MARCH 2021

COMPANY REGISTRATION NUMBER: 1615990

CHARITY REGISTRATION NUMBER 285125

LEGAL AND ADMINISTRATIVE INFORMATION

DIRECTORS & TRUSTEES:

N Brown (Chair, resigned December 2020) M Regan J George (resigned December 2020) J Baines M Calderwood K Hardy E Chell N Onuba S Goyal (resigned December 2020) C Demoisy

COMPANY SECRETARY: A Davidson

REGISTERED OFFICE: 64‐84 Chisenhale Road London E3 5QZ

REGISTERED INDEPENDENT EXAMINERS: CounterCulture LLP

BANKERS Unity Trust Bank plc Nine Brindleyplace Birmingham B1 2HB

CHARITY REGISTRATION NUMBER: 285125

COMPANY REGISTRATION NUMBER: 1615990

CHISENHALE ART PLACE LIMITED

DIRECTORS' AND TRUSTEES' REPORT

The directors/trustees present their report and the financial statements for the year ended 31st March 2021. The information on page 1 forms part of this report.

DIRECTORS' RESPONSIBILITIES

Company Law which is also applicable to charitable companies in England and Wales requires the directors, who are also trustees of the company, to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the results of the company for that year.

In preparing those financial statements, the directors/trustees are required to:

The directors/trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In accordance with company law, as the company's directors we certify that:

1. STRUCTURE, GOVERNANCE AND MANAGEMENT

Governance and Organisation

The company is called Chisenhale Art Place and is governed by its Memorandum and Articles of Association dated 22 February 1982. The company is limited by guarantee and has no share capital. The guarantees of individual members are limited to £1. The company is a registered charity (285125).

A Board of Directors is responsible for the Charitable Company's overall management and control. During 2020‐21, the company employed three staff on a part‐time basis. Day‐to‐day running of the company and operational matters including finance, employment and policy implementation are undertaken by a Board appointed Executive Director, who works 28 hours per week. This position is

held by Andrea Davidson. The public programme is delivered by two Co‐ordinators: the Public Engagement Co‐ordinator works 12 hours per week and the Artists’ Development Co‐ordinator works eight hours per week. Freelance staff help deliver targeted projects and events in keeping with organisational aims and objectives, including public benefit. All report to the Executive Director.

In line with HM Revenue & Customs guidelines, all regular staff are employed on a PAYE basis and the Executive Director prepares the monthly PAYE calculations. Short‐term, project‐based staff are appointed on a freelance basis for a specific number of days.

Members of Chisenhale Art Place (CAP) include Chisenhale Dance Space, Chisenhale Gallery and 38 studio artists. Chisenhale Dance Space and Chisenhale Gallery are independently managed member organisations with their own elected Board of Directors. Chisenhale Gallery is a registered charity (1026175) and registered company (02851794). Chisenhale Dance Space is a registered charity (288149) and registered company (1740641). The Studios are directly managed by Chisenhale Art Place, and its artist members contribute to the running of the studios through an annually elected Artist Advisory Committee and activities such as building maintenance.

Recruitment and Appointment of new Trustees

The Chisenhale Art Place Board of Directors meet a minimum of four times a year and trustees are actively involved between meetings. All new trustees are identified and nominated by Members, which includes existing trustees, and voted in at the Annual General Meeting. The Board of Directors is entitled to co‐opt and appoint further trustees after discussion at Board meetings and in accordance with the Memorandum and Articles of Association.

One third of Trustees stand‐down each year in rotation at the Annual General Meeting and are eligible for re‐election unless it is decided that a vacant post will not be filled. In 2020‐21, the rotation included Nigel Brown, who was Chair of the Board for ten years. A new Chair is to be appointed, following an open recruitment process, currently underway.

Trustees Induction and Training

All potential new trustees are asked to submit a profile of the skills and experience they bring to the Board. They meet with at least two members of the Board before attending a board meeting as observers, before being co‐opted for two further meetings. They are also given the most recent Annual Report and Accounts and other information relevant to the Company.

All trustees must agree and sign a Trustee Code of Conduct and are provided with information about responsibilities of being a trustee, if required. No formal training is undertaken except as it relates to functions such as being a bank signatory.

In the year 2020‐21, we have three new Co‐optees, who have received this induction and will attend Board meetings before formally being appointed to the Board and ratified by Members at the AGM 2021. These are Sian Harding, Sarah Kate Wilson and Sandi Macrae. Sandi has since stepped back due to ill health and Sarah Kate Wilson will be on maternity leave, aiming to re‐join later in the year.

Organisational Development

In addition to the public benefit that runs throughout the public programme, the Trustees, Members and staff regularly identify and review additional areas for strengthening the organisation.

The current Strategic Business Plan for Chisenhale Art Place covers the five‐year period 2017 through 2021. The process of review each year helps ensure that staff and all Members ‐ the two constituent organisations and 38 studio artists – work together to deliver and focus on our charitable objectives and commitment to arts education while ensuring the organisation remains financially and physically sustainable with effective governance.

During the financial year of 2020/21, the Mayor of London’s Culture at Risk team provided a period of consultancy to help members, staff and trustees strengthen that commitment and governance structure, as well as explore the steps needed to create a sustainable future for all. This was particularly timely, as members and staff connected more strongly and supported one another as the impact of the COVID pandemic continued to grow. The result is an organisation where the value of membership is better understood and appreciated, and the desire to work together to achieve a shared future is stronger than ever. There is still work to be done but the values and shared visions will lay the foundations of the strategic planning to take place in 2021‐22, which will be led by the incoming Chair of CAP.

Related Parties

The Company has no subsidiaries. The company has a working relationship with London Borough of Tower Hamlets, from whom the company leases the premises. The Company also has a close working relationship with its two member organisations which are separately constituted: Chisenhale Dance Space and Chisenhale Gallery. Currently, one trustee from each member organisation is able to join the Chisenhale Art Place Board of Trustee. This policy is currently under review, to enable the member organisation to appoint either a trustee or a senior member of staff.

2. PRINCIPAL ACTIVITY AND CHARITABLE OBJECTIVE

Objectives

The objects for which the company is registered are to promote, maintain, improve and advance education for the benefit of the public, particularly by the encouragement of the Arts including the arts of painting, drawing, sculpture, photography, design, architecture, printmaking, film, music, singing, poetry, literature, lithography, ballet, dance and drama.

Principal activity and membership

The principal activity is the provision of affordable workspace for the making, rehearsing, experimenting, and presenting of contemporary art and dance. The occupiers of the workspaces are all members of Chisenhale Art Place. The two member organisations; Chisenhale Gallery and Chisenhale Dance Space, are long established members who hold sub‐leases with CAP and are themselves registered charitable companies. The 38 Studio members, five of whom are original founding artists, hold licence agreements which govern their participation as members. The agreements also serve to provide long term security to artists, in a sector that all too often provides little assurance of longevity.

As individual artist members’ practice and needs evolve, some studios become vacant on average two or three times a year. Any upcoming vacancies are advertised on a dedicated mailing list of artists seeking a studio with us, which is regularly promoted and always open for new subscribers.

The advert highlights the relatively low cost of our London studios and state that priority will be given to applicants struggling to afford a dedicated daily studio practice and whom are willing to actively participate in our organisation and contribute to our public benefit. Applications are encouraged from Black, Asian and Minority Ethnic artists who are significantly under‐represented in the national affordable artist studios network.

Received applications for new members are read by a selection committee formed of the Executive Director and a rotation of representatives of the Artist Advisory Committee, with shortlisted artists invited to interview. We aim to create a fair system for accessing our studios and to provide a vibrancy in artistic activity by members at all stages of their careers. Several studios are also made available on a more temporary and cost‐free basis, through Residencies and Awards which enhances diversity of artistic exchange and more opportunities for public engagement with artistic processes.

Public Benefit

The other key activity of CAP is the provision of programmes for public engagement, learning and artistic development. When artists take on a Chisenhale studio, they not only agree to contribute to the running of the collective Studios but also to contribute to the programme of arts activities delivered in and out of the building with community, educational and other art partners.

Our classes, workshops and open studio sharing events promote a wider enjoyment and understanding of artistic processes and the benefit of using creativity for wellbeing. Participants in classes and workshops are largely from our local community, but everyone is welcome.

We also run activities to help artists develop their practice and careers. These take the form of short residencies and year‐long programmes such as our flagship Into the Wild course. Participants come from Greater London and throughout England.

All activities delivered directly by Chisenhale Art Place are offered at no cost to participants. Artists also run their own courses, which are fee paying, but kept affordable by the free use of our accessible ground floor Education Studio.

Specifically, Chisenhale Art Place supports its aims by:

The trustees confirm that they have referred to the guidance contained in the Charity Commissions general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.

3. ACTIVITIES AND ACHIEVEMENTS DURING 2020‐21

It was the financial year that start and finished with the COVID pandemic. April brought panic for artists as almost all their externally contracted work, commissions, projects, exhibitions and performances were cancelled, taking associated income with them. As the pandemic developed, local authority and government grants threw a financial lifeline to many of our members, and a grant from Creative Land Trust enabled CAP to offer a 20% discount on monthly licence fees to all members for three months. For the remainder of the financial year, CAP offered members a deferment of 20% of their monthly licence fee; this was achievable through restricting expenditure to essential work only.

The pandemic also had a dramatic impact on our Public Engagement and Artists Development programmes in 2020‐21. Finding ways to continue drove us to experiment, learn and think about news means of meeting the needs of our communities, both local and artistic. Some projects were able to adapt and move online, with permission from funders to revise delivery structures and outputs. But other activities were less able to change direction; for example, Studio4 Summer Residencies, which involve artists physically occupying a space and inviting in local audiences, became unfeasible during lockdowns.

Despite the challenges, we started to see people coming together in ways not seen before, and online engagement quickly became the norm. Using video conferencing tools such as Zoom; we were able to offer activities that more widely connected people and widened participation. People could come together online without leaving home, to improve their creative skills or to just enjoy the activity to relax. Other groups, such as Into the Wild, pushed the boundaries further and ran workshops to explore and share ideas of how to use Zoom more experimentally for learning and engagement.

Staff from across the wider organisation also came together more often via Zoom, meeting regularly to support one another and to explore how to better share knowledge and resources. A stronger collaborative approach was fostered, aided through a period of consultation to explore organisation development and governance. By the end of the financial year, relationships were stronger than ever and members had a renewed desire to work closely together to achieve a sustainable future. We also have a better understanding of the needs of artists and of our local community and are better at connecting with those groups. All in all, it was challenging year financially but rewarding in terms of artistic, community and member growth.

Public programme highlights in 2020/21 include:

Potential Redevelopment of Brewery Site

Chisenhale Dance Space occupies the entire top floor in the premises adjacent to the Main Building. The remainder of that site was initially occupied by a brewery, which closed in the 1980’s and has been unoccupied since that time. The Landlord (London Borough of Tower Hamlets) has not been proactive in its redevelopment and the site has become very derelict. In view of the terms of our Lease, development of the site cannot proceed without the agreement of CAP. Any consideration received from a developer / Council would also be beneficial in bringing the main building up to a contemporary standard.

We view development as an important opportunity for all the organisation and for the community, and during 2020‐21, our three charities have been working together towards a shared vision for the site. We are all committed to collaboratively working with the Council to develop a viable, creative, communal future for the full site (including derelict space) and are open to exploring a range of options for ownership, governance and management to make this possible.

CHISENHALE GALLERY

In 2020‐21, Chisenhale Gallery was closed to the public for the majority of the year due to the Covid‐19 pandemic. Exhibitions were rescheduled and the Gallery instead produced Online Commissions with ten artists and a series of Reading Lists distributed via fortnightly newsletters. Additionally, Chisenhale Gallery was one of nine partners to support the artist run initiative TRANSMISSIONS, an online platform that commissions artists to share their work within a classic DIY TV show format.

In the Autumn, Chisenhale Gallery reopened with an exhibition by artist Thao Nguyen Phan, before the escalation of the pandemic forced the second closure of museums and galleries from December 2020 until May 2021.

During the year, Chisenhale Gallery allocated its Schools Programme resources to embed an artist within Chisenhale Primary School, through a collaboration with peer charity Artis Foundation. Artist Julia Couto led weekly workshops with all of the children in Key Stage 2, embedding creativity across the school curriculum.

The Gallery also established a new partnership with the Coborn Centre for Adolescent Mental Health at Newham University Hospital, working with artist James Leadbitter on a collaborative, process‐led, project for young people titled, For they let in the light.

Chisenhale Gallery secured funding for three new fellowship opportunities, the Frieze x Deutsche Bank Curatorial Fellowship, the Asymmetry Curatorial Writing Fellowship and a Practice‐based Collaborative Doctoral Award in partnership with Kingston School of Art, all taking place across 2021 and 2022.

Audience figures for Chisenhale Gallery commissions are collected from footfall at the gallery while the works are shown there, plus national and international presentations of the works at other venues and of audiences that engage with online works and in the Gallery’s events and community activities. Total audience figures during 2020‐21 across all these platforms were: 68,588 .

Partnership working is central to Chisenhale Gallery’s commissioning process and in 2020‐21 partner organisations included: Spike Island, Bristol; Baltic Centre for Contemporary Art, Gateshead; The Whitworth, University of Manchester; Han Nefkens Foundation; Joan Miró Foundation, Barcelona; WIELS Contemporary Art Centre, Brussels; The Institute of Contemporary Arts (ICA); Kingston School of Art; NTS Radio; SPACE; Dazed Media; Werkflow; and BBC Arts; The Coborn Centre for Adolescent Mental Health, Newham; Artis; Chisenhale Primary School; Chisenhale Studios; Chisenhale Dance Space; and MUBI.

Chisenhale Gallery is a registered charity and one of Arts Council England (ACE)’s National Portfolio Organisations. The onset of the Coronavirus pandemic significantly affected the Gallery’s ability to raise funds through previously successful methods, with the result that donations from Friends and Patrons and earned income reduced by 30% and 50% respectively. In October 2020, Chisenhale Gallery was successful in securing a grant from the Culture Recovery Fund through ACE. In total, support from ACE accounted for 42% of overall income, compared with 25% the previous year.

While significantly reduced, the Gallery’s Friends and Patrons Programme continued to be a vital source of unrestricted funding and the Gallery continued to raise funds via the Commissions Fund – a major donor initiative that engages donors for at least a two‐year commitment with a donation of £10,000 per year. Significant donations were also secured from Frieze Foundation and Deutsche Bank, and the Asymmetry Art Foundation during the year.

CHISENHALE DANCE SPACE (CDS)

In years prior to 2020‐21, business model innovations led to a sustainable operating model for Chisenhale Dance Space with core costs covered by earned income from space hire and classes (63% of turnover) and varied project funding (33%), enabling a growth in programmes. CDS’ turnover increased by 59% year over the three previous years and continued expansion was planned for 2020‐21, anticipating turnover of £280k. As a result of the pandemic, turnover for 2020‐21 was £208k; earned income from space hire (21% of turnover), classes (3%) and varied project funding (62%).

In 2021‐21, CDS utilised the Job Retention Scheme for three out of four staff, leaving Director Daniel Pitt working with Trustees on fundraising. CDS received grants from The Backstage Trust, ACE Emergency Response, Mayor of London (MoL)’s Culture at Risk Business Support / Creative Land Trust, Sylvia Waddilove Foundation, and £12k from 144 individuals through crowdfunding and MoL’s Back to Business Fund. Local trust Action for Bow provided two grants for return of children’s dance classes. ACE Emergency Response (CRF1) ensured the core team and operations could resume and a ‘partial reopening’ and organisational review support from Sept 2020:

Risk Management Review

On a regular basis, Trustees actively review the operational and business risks which the charity faces and believe that maintaining financial reserves at current levels, combined with an annual review of the controls over financial systems, will mitigate these risks. Currently identified main areas of concern are:

RISK LEVEL MITIGATIONS
The landlord reviews the rent every 5
years. The 2016 rent demand
represented a 500% increase ‐ which
was disputed. Without robust financial
reserves the Charity would have suffered
significant financial discomfort in
servicing the back‐rent payable.
Member’s ability to pay their licence fee
/ rent is an increased concern in the
financial environment imposed through
the Government’s response to COVID‐
19.
The next rent review is due December
2021.		 High Risk The 2016 rent increase
passed on to Members has
caused, and will continue to
cause, considerable distress.
Robust reserves to be
maintained.
That one, or both, of the Member
Organisations either become incapable
of paying their Licence fees or choose to
leave the Company. Each member
organisation contributes approximately
15% of the running costs.
The risk of a shortfall in funds associated
with our member organisations has now
changed in character as both are more
dependent on ‘grant’ income for current
sustainability. Should either member
decide to leave, the large emergency
grants they receive would not be
available to new arts organisations that
may move in.
This risk of finding alternative tenants
also increases over time due to the aging
of the premises making them less
attractive.		 Medium
risk		 Prior to COVID‐19,
alternative tenants could
potentially be found.
Member organisations have
been successful in receiving
substantial ‘Resilience’
Grants available from
National Funders for support
towards the end of 2020/21.
The pandemic has fostered a
strong collaborative working
relationship throughout
Chisenhale Art Place, with
members working together
for a sustainable future for
all.
Income from the Artist Studios (about
67% of the total) is less of a financial risk
to the Company since demand for
studios in London has remained strong,
despite the pandemic.		 Low Risk Our operating has adapted to
accommodate artists use
more flexibly of studios while
maintaining a sustainable
income for the Company.
Artist members who have been unable
to afford the monthly licence fees, may
start incurring large arrears. Deposits on
studios are made when members join
the organisation and do not rise in
relation to licence fee increases. This
risk increased in 2020‐21 as a result of
the COVID‐19 pandemic, but towards
the end of the financial year arrears
have been minimised through part
deferral of studio licence fees combined
with increased government grants for
self‐employed people and for eligible
artists in ‘shared workspaces’.		 Low Risk Sensitive management of
arrears coupled with an eye
on demand will help contain
this risk.
The tile‐hung Mansard roof is in need of
replacement.
Water ingress from the main flat roof
and the flat roof over Chisenhale Dance
Space requires long‐term attention but is
contained.		 Medium
to Low
Risk		 The financial impact of
remedial work to staunch
leaks was contained by
calling on the guarantee for
the previous work.
An annual maintenance
programme is in place and
additional a_d hoc_repairs
undertaken within budget.
In addition to the flat and mansard
roofs, the overall condition of the
exterior fabric of the two buildings
continues to deteriorate over time. The
risk is that increasing maintenance
become unaffordable to the
organisation.
And that increasing the quality of the
building’s structure through aggressive
maintenance poses the prospect of
increased rent from our landlords with		 Low Risk Strategy has been one of only
undertaking essential, non‐
improving repairs and costs
are included in annual
budgets.
A building condition survey
would help identify future
requirements and associated
costs that could be discussed
with landlords.
accompanying hardships to our
Members.
Current lease, with London Borough of
Tower Hamlets, expires in 2031.
From a financial viewpoint therisk is low
to the Company but for an
organisational longevity therisk is high.
Securing the long‐term future of the
organisation is central to our planning.
With less than ten years left on the
lease, capital fundraising cannot feasibly
be undertaken to improve the building
and bring up to contemporary standards
that would enable us to remain in the
premises. Increased rent from our
landlords would further restrict our
ability to maintain the building.
To our knowledge, Tower Hamlets
Council has no real plans to develop
either our premises or the dilapidated
former Brewery above which Chisenhale
Dance Space is located. At the close of
this financial year, conversations with an
external consultant of the Council’s have
restarted engagement but yet to focus
on theincreasing the riskto our
longevity in our current premises.		 Medium
Risk		 As we enter the last 10 years
of our lease, we shall be
engaging with our Landlords
with renewed energy to
establish a shared
sustainable outcome for the
premises that we use.

INVESTMENT POWERS

The charity has no significant investments other than cash on deposit. Under the articles and memorandum, the trustees have the power to invest in anything the trustees wish.

ASSETS The movement in fixed assets is shown in Note 7 to the accounts.

RESERVES The financial reserve policy is to strive to keep a minimum of six month's expenditure. This is reviewed annually by the Trustees in line with good practice, as suggested by the Charities Commission.

AUDITORS The annual turnover of Chisenhale Art Place is approximately £336,000 which does not require a full audit, under section 145 of the Charities Act 2011.

At the AGM 2018, a resolution was proposed that new auditors be sought, after numerous successful years with Frank Lachman. This was agreed by members. It was also later proposed that the associated costs of audits were no longer good use of company resources and that an Independent Examination would replace the audit.

After a tender process, Andrew Wells at Counterculture LLP was appointed by Trustees, to prepare the Annual Accounts and undertake the future Independent Examinations. This appointment was reconfirmed at the AGM December 2020.

DIRECTORS & TRUSTEES The directors/trustees set out below have held office during the whole year unless otherwise indicated:

M Regan N Brown (resigned Dec 2020) M Calderwood E Chell J George (resigned Dec 2020) J Baines S Goyal (resigned Dec 2020) C Demoisy K Hardy N Onuba

PUBLIC BENEFIT

In shaping the Charity, the trustees have considered the Charity Commissions Guidance Section 4 Charities Act 2006 on public benefit.

This report has been prepared in accordance with the provisions of Section 419(2) of the Companies Act 2006 applicable to companies subject to the small companies regime.

This report was approved by the board on

and signed on its behalf by

………………………………………

Secretary

Chisenhale Art Place Ltd Independent Examiners Report to the Trustees For the year ended 31 March 2021

I report to the trustees on my examination of the accounts of the charitable company for the year ended 31 March 2021.

Responsibilities and basis of report

As the charity Trustees, who are also directors for the purposes of company law, 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 Company 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 your 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 examiners statement

Since the Charitable company’s gross income exceeded £250,000, your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination by virtue of my membership of Association of Accounting Technicians, which is one of the listed bodies.

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 that in any material respect:

  1. accounting records were not kept in respect of the Company 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 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.

Andrew M Wells FMAAT Counterculture Partnership LLP Unit 115 Ducie House Ducie Street Manchester M1 2JW

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Chisenhale Art Place Ltd

Statement of Financial Activities (including Income and Expenditure Account) For the year ended 31 March 2021

Notes Unrestricted Restricted 2021 2020
funds funds
£ £ £ £
Income and endowments from:
Donations and legacies 2 4,499 16,600 21,099 31,593
Charitable activities 3 269,634 (16,000) 253,634 304,068
Investments 4 87 - 87 296
Total 274,220 600 274,820 335,957
Expenditure on:
Charitable activities 5/6 (253,216) (9,838) (263,054) (273,125)
Total (253,216) (9,838) (263,054) (273,125)
Net income/expenditure 21,004 (9,238) 11,766 62,832
Reconciliation of funds
Total funds brought forward 248,453 20,284 268,737 205,905
Total funds carried forward 269,457 11,046 280,503 268,737

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01615990

Registered Number :

Chisenhale Art Place Ltd Statement of Financial Position As at 31 March 2021

Notes
Current assets
13
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
14
Net current assets
Total assets less current liabilities
Net assets
The funds of the charity
Restricted income funds
15
Unrestricted income funds
15
Total funds		 £
2021
11,730
401,810
413,540
(133,037)
280,503
280,503
280,503
11,046
269,457
280,503		 £
2020
43,998
238,057
282,055
(13,318)
268,737
268,737
268,737
20,284
248,453
268,737

For the year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The financial statements were approved and authorised for issue by the Board and signed on its behalf by:

0

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Chisenhale Art Place Ltd Notes to the Financial Statements For the year ended 31 March 2021

1. Accounting Policies

Basis of accounting

The financial statements have been prepared under the historical cost convention, except for investments which are included at market value and the revaluation of certain fixed assets and 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) (effective 1 January 2019)’, Financial Reporting Standard 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Companies Act 2006.

Chisenhale Art Place Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Going concern

The financial statements are prepared, on a going concern basis, under the historical cost convention.

Incoming resources

All incoming resources are included in the statement of financial activities when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy.

Resources expended

Liabilities are recognised as resources expended when there is a legal or constructive obligation committing the Charity to the expenditure.

Allocation and appointment of costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs may include any back office costs, finance, personnel, payroll and governance costs which support the charities programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities where applicable. The bases on which support costs have been allocated are set out in the notes to the accounts.

Taxation

As a registered charity, the company is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes only. Value Added Tax is not recoverable by the company, and is therefore included in the relevant costs in the Statement of Financial Activities.

Tangible fixed assets

Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Land and Buildings Over period of lease Fixtures and Fittings 25% Straight line

Operating leases

Costs of operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term.

2. Income from donations and legacies

Unrestricted Restricted 2021 2020
funds funds
£ £ £ £
Donations received (2) - (2) 3,264
Grants received 4,501 16,600 21,101 28,329
4,499 16,600 21,099 31,593

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Chisenhale Art Place Ltd Notes to the Financial Statements Continued For the year ended 31 March 2021

Analysis of grants received

Arts Council England
Creative Land Trust
Idlewild Trust
Job Retention Scheme Grant
The Art Society		 2021
£
-
16,600
-
4,501
-
21,101		 2020
£
23,829
-
3,000
-
1,500
28,329

3. Income from charitable activities

Unrestricted Restricted 2021 2020
funds funds
£ £ £ £
Advancement of the Arts
Licence fees receivable 294,120 - 294,120 290,719
Educational activities 4,281 - 4,281 4,027
Light and heat 8,900 - 8,900 9,322
Deferred reduction (37,667) (16,000) (53,667) -
269,634 (16,000) 253,634 304,068
269,634 (16,000) 253,634 304,068

4. Investment income

Unrestricted funds
Bank interest receivable		 2021
£
87
87		 2020
£
296
296

5. Costs of charitable activities by fund type

Advancement of the Arts
Support costs		 Unrestricted
funds
£
193,696
59,520
253,216		 Restricted
funds
£
9,838
-
9,838		 2020
2021
£
£
211,324
203,534
61,801
59,520
273,125
263,054

18 of 24

Chisenhale Art Place Ltd Notes to the Financial Statements Continued For the year ended 31 March 2021

6. Costs of charitable activities by activity type

Activities Support 2021 2020
undertaken costs
directly
£ £ £ £
Support costs
Advancement of the Arts 203,534 59,520 263,054 273,125
nalysis of support costs
2021 2020
£ £
Advancement of the Arts
Management 58,020 60,289
Governance costs 1,500 1,512
59,520 61,801

7. Analysis of support costs

8. Net income/(expenditure) for the year

This is stated after charging/(crediting):

This is stated after charging/(crediting):
2021 2020
£ £
Accountancy fees 1,500 1,512
Staff pension contributions 5,180 4,654

9. Staff costs and emoluments

Total staff costs for the year ended 31 March 2021 were:

Total staff costs for the year ended 31 March 2021 were:
2021 2020
£ £
Salaries and wages 42,475 43,152
Social security costs - 223
Pension costs 5,180 4,654
47,655 48,029

19 of 24

Chisenhale Art Place Ltd Notes to the Financial Statements Continued For the year ended 31 March 2021

2021 2020
Administration 1 1
Direct charitable activities 1 1
2 2

11. Comparative for the Statement of Financial Activities

Unrestricted Restricted 2020
funds funds
£ £ £
Income and endowments from:
Donations and legacies 3,264 28,329 31,593
Charitable activities 304,068 - 304,068
Investments 296 - 296
Total 307,628 28,329 335,957
Expenditure on:
Charitable activities (258,608) (14,517) (273,125)
Total (258,608) (14,517) (273,125)
Net income 49,020 13,812 62,832
Reconciliation of funds
Total funds brought forward 199,433 6,472 205,905
Total funds carried forward 248,453 20,284 268,737

12. Tangible fixed assets

Cost or valuation
At 01 April 2020
At 31 March 2021
Depreciation
At 01 April 2020
At 31 March 2021
Net book values
At 31 March 2021
At 31 March 2020		 Land and
Buildings
£
89,873
89,873
89,873
89,873
-
-		 Fixtures and
Fittings
£
25,062
25,062
25,062
25,062
-
-		 Total
£
114,935
114,935
114,935
114,935
-
-

20 of 24

Chisenhale Art Place Ltd Notes to the Financial Statements Continued For the year ended 31 March 2021

13. Debtors

Amounts due within one year:
Prepayments and accrued income
Creditors: amounts falling due within one year
Trade creditors
Other creditors
Accruals and deferred income
Movement in funds
Unrestricted Funds
Balance at
01/04/2020
£
Designated
-
Buildings fund
16,749
Education fund
General
231,704
General
248,453
Unrestricted Funds - Previous year
Balance at
01/04/2019
£
Designated
21,686
Education fund
General
177,747
General
199,433		 Incoming
resources
£
-
4,031
270,189
274,220
Incoming
resources
£
4,027
303,601
307,628		 Outgoing
resources
£
-
(4,031)
(249,185)
(253,216)
Outgoing
resources
£
(8,964)
(249,644)
(258,608)		 2021
£
11,730
11,730
2021
£
5,134
9,839
118,064
133,037
Transfers
£
11,700
-
(11,700)
-
Transfers
£
-
-
-		 2020
£
43,998
43,998
2020
£
2,720
9,098
1,500
13,318
Balance at
31/03/2021
£
11,700
16,749
241,008
269,457
Balance at
31/03/2020
£
16,749
231,704
248,453

14. Creditors: amounts falling due within one year

15. Movement in funds

21 of 24

Chisenhale Art Place Ltd Notes to the Financial Statements Continued For the year ended 31 March 2021

Purpose of unrestricted Funds

Education fund

This fund holds monies designated for educational purposes.

Buildings fund

The purpose of this fund is to support the increase in rents due for 2021-22 as a result of a stepped rent agreement and necessary maintenance expenditure.

General

Monies which can be used by the Trustees to further the objectives of the charity.

Restricted Funds

Balance at Incoming Outgoing Balance at
01/04/2020 resources resources 31/03/2021
£ £ £ £
Covid fund - 600 (600) -
Education fund 20,284 - (9,238) 11,046
20,284 600 (9,838) 11,046
Restricted Funds - Previous year
Balance at Incoming Outgoing Balance at
01/04/2019 resources resources 31/03/2020
£ £ £ £
Education fund 6,472 28,329 (14,517) 20,284
6,472 28,329 (14,517) 20,284

Purpose of restricted funds

Education fund

Funds are held for use in educational activities.

Covid fund

This fund is for grants given to assist the charity during the pandemic.

22 of 24

Chisenhale Art Place Ltd Notes to the Financial Statements Continued For the year ended 31 March 2021

16. Analysis of net assets between funds

Tangible Net current Net Assets
fixed assets assets /
(liabilities)
£ £ £
Unrestricted funds
General
General - 241,008 241,008
Designated
Buildings fund - 11,700 11,700
Education fund - 16,749 16,749
Restricted funds
Education fund - 11,046 11,046
- 280,503 280,503
Previous year
Tangible Net current Net Assets
fixed assets assets /
(liabilities)
£ £ £
Unrestricted funds
General
General - 231,704 231,704
Designated
Education fund - 16,749 16,749
Restricted funds
Education fund - 20,284 20,284
- 268,737 268,737

17. Commitments

At 31 March 2021 the company had annual commitments under non-cancellable operating leases as set out below:

Operating leases which expire:
After more than 5 years		 2021
£
145,425
145,425		 2020
£
145,425
145,425

23 of 24

Chisenhale Art Place Ltd Detailed Statement of Financial Activities For the year ended 31 March 2021

INCOME AND ENDOWMENT
Donations and legacies
Donations
Grants receivable
Charitable activities
Licence fees receivable
Educational activities
Light and heat
Deferred reduction
Investments
Bank interest receivable
Total incoming resources
EXPENDITURE
Charitable activities
Rent and rates
Utilities
Insurance
Building repairs
Education costs
SUPPORT COSTS
Management
Staff costs - wages & salaries
Staff costs - national insurance costs
Staff costs - pension contributions
Stationery and postage
Open weekend and publicity
Telecoms
Bank charges
Sundry
Administration and maintenance
Governance costs
Accountancy fees
Total resources expended
Net Income		 £
2021
(2)
21,101
21,099
294,120
4,281
8,900
(53,667)
253,634
87
87
274,820
(156,342)
(12,757)
(13,690)
(7,476)
(13,269)
(203,534)
(42,475)
-
(5,180)
-
-
(1,054)
(343)
(402)
(8,566)
(58,020)
(1,500)
(1,500)
(263,054)
11,766		 £
2020
3,264
28,329
31,593
290,719
4,027
9,322
-
304,068
296
296
335,957
(150,281)
(11,146)
(12,732)
(13,678)
(23,487)
(211,324)
(43,152)
(223)
(4,654)
(216)
(1,199)
(1,378)
(310)
(1,392)
(7,765)
(60,289)
(1,512)
(1,512)
(273,125)
62,832

24 of 24 This page does not form part of the statutory financial statements