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|---|---|---|---|---|---|
|Reference and administrative||details ofthe charity,|its trustees|and advisers||
|Contact details for the|charity|||||
|Report ofthe Trustees|||||3-9|
|Independent
auditors'|report||||10-12|
|Statement
offinancial|activities||||13|
|Balance sheet|||||14|
|Statement
of Cash Flows||||||
|Notes to the financial|statements||||16-27|
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|Trustees|||J.Allen, Chairman|J.Allen, Chairman|||
|---|---|---|---|---|---|---|
||||I.Goodfellow||||
||||M. Harding||||
||||J.A. Hawse (Chair)||||
||||D. Snyder||||
||||C.Spring||||
||||P Kember||||
|Charity registered||number|327032||||
|Principal Office|||24 Old Gloucester Street||||
||||London||||
||||WC1N 3AL||||
|Secretary|||J.A. Hawes||||
|Key Management||Personnel|J.A. Hawes||Director|&Trustee|
||||E.Lalouschek||Artistic|Director|
||||S.Abadian-Crone||Director|ofOperations|
||||J.Allen||Trustee||
||||I.Goodfellow||Trustee||
||||M. Harding||Trustee||
||||D. Snyder||Trustee||
||||C. Spring||Trustee||
||||P Kember||Trustee||
|Independent|auditors||Chris Synmis|&Co.|||
||||Chartered
Certified Accountants||& Registered|Auditors|
||||97Judd Street||||
||||London||||
||||WC1H 9JG||||
|Bankers|||HSBC Bank PLC UK||||
||||London||||
||||WC1V SBJ||||
||||CAF Bank Ltd||||
||||Kings
Hill||||
||||West Mailing||||
||||Kent||||
||||ME19 4TA||||
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||||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|---|
||||Funds|Funds|Funds|Funds|
|||Notes|2020
6|2020
F|2020
F|2019f|
|Incoming
Resources|||||||
|Income and endowments|from:||||||
|Donations
and Legacies||2|64,223|126,500|190,723|82,972|
|Charitable
activities||6|1,198,568|-|1,198,568|1,162,075|
|Other trading
activities||3|100,299||100,299|246,022|
|Investment
income||5|407||407|623|
|Total Income|||1,363,497|126,500|1,489,997|1,491,692|
|Expenditure
on:
Raising funds
Charitable
activities||4
8,9|174,082
855,291|126,500|174,082
981,791|184,396
1,241,900|
|Total expenditure|||1,029,373|126,500|1,155,873|1,426,296|
|Net Movement
in Funds|||334,125||334,125|65,395|
|Total funds at 1 January|2020||1,173,183||1,173,183|1,107,788|
|Total funds carried forward at 31 December 2020|||1,507,308||1,507,308|1,173,183|
##
|BALANCE SHEET||||||
|---|---|---|---|---|---|
|AT 31 DECEMBER 2020||||||
||||2020||2019|
|||Notes||||
|FIXEDASSETS||||||
|Tangible Assets||15|171,944||217,697|
|CURRENT ASSETS||||||
|Stocks||16|9,850|9,500||
|Debtors||17|688,019|241,029||
|Cash at Bank and in Hand|||1,512,931|992,189||
||||2,210,800|1,242,718||
|CREDITORS: Amounts|Falling Due Within|||||
|One Year||18|(875,436)|(287,232)||
|NET CURRENT ASSETS|||1,335,364||955,486|
|NET ASSETS||20|1,507,308||1,173,183|
|The funds ofthe charity:||||||
|Restricted
Funds||19||||
|Unrestricted
Funds|||1,507,308||1,173,183|
||||1,507,308||1,173,183|
|The financial
statements|were approved|by the trustees|on ... ... .. .......(..........and|signed on their|behalf by:|
|4~&A||||||
|J.A. Hawes||||||
|Tt|||Trustee|||
##
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||||||Notes|2020|2019|
|---|---|---|---|---|---|---|---|
|||||||Totalf|Total|
|Net income/(expenditure)
for the reporting|period (as per the||statement|of||||
|financial activities)||||||334,125|65,396|
|Adjustments
for:||||||||
|Depreciation
charges|||||12|60,297|93,427|
|Loss/(Profit)
on sale offixed asset||||||||
|Dividends,
interest and rents from investments|||||5|(407)|(623)|
|(Increase)/decrease
in stocks|||||16|(350)|(1,250)|
|(Increase)/decrease
in debtors||||||(446,990)|268,086|
|Increase/(decrease)
in creditors|||||18|588,204|(1,747,688)|
|Net cash provided
by (used in) operating|activities|||||534,879|1,322,651|
|Cash flows from investing
activities:||||||||
|Dividends,
interest and rents from investments|||||5|407|623|
|Proceeds from the sale ofproperty,
plant and equipment|||||15|||
|Purchase
of property,
plant and equipment|||||15|(14,544)|(65,794)|
|Net cash provided
by (used in) investing|activities|||||~14,137|~65,171|
|Change
in cash and cash equivalents
in the reporting
period
Cash and cash equivalents
at the beginning
ofthe reporting
period
Cash and cash equivalents
at the end ofthe reporting
period||||||520,742
992,189
1,512,931|(1,387,823)
992,189
~395 634|
|Change
in cash and cash equivalents
due to exchange
rate
Cash and cash equivalents
at the end, excluding
exchange|||movements
rate movements|||(59,767)
1,572,698|(75,104)
1,067,293|
|Cash and cash equivalents
at the end ofthe reporting||period||||1,512,931|992,189|
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|S
AND LE|GACI|ES|||||
|---|---|---|---|---|---|---|
||||Unrestricted|Restricted|Total|Total|
||||Funds|Funds|Funds|Funds|
||||2020|2020|2020|2019|
|||||F|f|F|
|Donations|||156|90,000|90,156|75,972|
|Legacies|||12,824||12,824||
|Coronavirus|Job|Retention|51,243||51,243||
|Grants||||36,500|36,500|7,000|
|Total|||64,223|126,500|190,723|82,972|
##
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|OTHER TRADING ACTIVITIES|||||
|---|---|---|---|---|
|The charity rents rooms, galleries|and other spaces when|they are not in|use for charitable|purposes.|
||Unrestricted|Restricted|Total|Total|
||Funds|Funds|Funds|Funds|
||2020
6|2020
F|2020
6|2019
f|
|Letting Income|100,299||100,299|246,022|
##
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|EXPENDITURE ON RAISING|FUNDS: TRADING ACT|IVITIES|||
|---|---|---|---|---|
||Unrestricted|Restricted|Total|Total|
||Funds|Funds|Funds|Funds|
||2020
F|2020
f|2020f|2019
F|
|LETTING EXPENSES|||||
|Direct Cost|35,061||35,061|46,524|
|Staff costs|98,367||98,367|90,494|
|Support costs|40,654||40,654|47,378|
||174,082||174,082|184,396|
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||||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|---|
||||Funds|Funds|Funds|Funds|
||||2020|2020|2020|2019|
||||E|||6|
|Bank|Interest|received|407||407|623|
##
|||Unrestricted|Restricted|||
|---|---|---|---|---|---|
|||Funds|Funds|Funds|Funds|
|||2020|2020|2020|2019|
|||8|F|E|E|
|Arts sales||1,017,193||1,017,193|1,101,464|
|Education|income|10,242||10,242|9,368|
|Fees||5,686||5,686|27,960|
|Other income||165,447||165,447|23,283|
|Total||1,198,568||1,198,568|1,162,075|
##
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|8|EXPENDITURE BY|EXPENDITURE BY|CHARITABLE ACTIVITY SUMMARY BYEXPENDITURE|CHARITABLE ACTIVITY SUMMARY BYEXPENDITURE|CHARITABLE ACTIVITY SUMMARY BYEXPENDITURE|TYPE||
|---|---|---|---|---|---|---|---|
||||||Support|||
||||Staff Costs|Direct Costs|costs|2020|2019|
||||E|E|8|6|6|
||Letting Costs||98,367|35,061|40,654|174,082|184,396|
||Charitable|activities||||||
||Exhibitions||518,422|177,927|219,648|915,997|1,159,704|
||Education||36,163|14,685|14,946|65,794|82,197|
||||554,585|192,612|234,594|981,791|1,241,900|
||Support costs||13,039|262,209|(275,248)|||
||Total||665,991|489,882||1,155,873|1,426,296|
##
|||Unrestricted|Restricted|||
|---|---|---|---|---|---|
|||Funds
8|Funds
F.|2020f|2019|
|Letting Costs||174,082||174,082|184,396|
|Charitable|activities|||||
|Exhibitions||825,997|90,000|915,997|1,159,704|
|Education||29,294|36,500|65,794|82,197|
|||855,291|126,500|981,791|1,241,900|
|Total||1,029,373|126,500|1,155,873|1,426,296|
##
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|SUPPORT COSTS||||
|---|---|---|---|
|||2020|2019|
|||6|8|
|Art &exhibition costs||19,436|22,107|
|Depreciation
ofequipment
Art 8 other project costs
Depreciation
of Furniture
&fittings
IT &office equipment
costs
Professional fees||15,880
6,741
16,434
17,144
1,513|13,556
12,094
22,070
18,631
2,403|
|Depreciation
of building
refurbishment
Telephones,
printing
&postage
Travel and subsistence||27,983
7,903
50|57,802
6,095
46|
|Other admin costs||4,431|5,614|
|Rent &rates||92,297|87,286|
|Gas, electricity and water
Repairs and maintenance
Subscription s
Governance
cost||11,956
22,516
6,925
24,039|18,992
33,775
9,777
22,461|
|Total||275,248|332,709|
##
|||Unrestricted|Restricted|||
|---|---|---|---|---|---|
|||Funds|Funds|2020|2020|
|||E|8|F.|E|
|Auditors'|remuneration|11,000||11,000|11,000|
|Staff costs||13,039||13,039|11,461|
|||24,039||24,039|22,461|
##
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|This is stated after ch|arging:||||||
|---|---|---|---|---|---|---|
||||||2020|2019f|
|Depreciation
oftangible fixed||assets:|||||
|Owned
by the charity
Auditors'
remuneration|||||60,297
11,000|93,427
11,000|
|Pension costs|||||16,886|15,244|
|STAFF COSTS|||||||
|Staff costs were as follows:|||||||
||||||2020|2019|
||||||6|8|
|Wages and salaries
Social security costs
Other pension costs|||||593,705
55,367
16,919|566,473
53,776
15,244|
|TOTAL|||||665,991|635,493|
|The average
monthly|number|of employees|during|the year was as follows:|2020|2019|
||||||No.|No.|
|Education|||||1|1|
|Exhibitions|||||12|12|
|Support staff|||||2|2|
|TOTAL|||||15|15|
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||L/Term|||||
|---|---|---|---|---|---|
||Leasehold|Plant and|Fixtures|Office||
||Propertyf|Machineryf|and fittingsf|Equipmentf|Totalf|
|COSTS||||||
|At 1 January 2020
Additions|805,561|38,447|322,400
7,571|80,679
6,973|1,247,088
14,544|
|At 31 December 2020|805,561|38,447|329,971|87,651|1,261,632|
|DEPRECIATION||||||
|At 1 January 2020
Charge for the year
As at 31 December 2020|699,033
27,983
727,016|17,099
11,545
28,644|235,955
16,434
252,389|77,304
4,334
81,639|1,029,390
60,297
1,089,687|
|NET BOOK VALUE||||||
|At 31 December 2020|78,546|9,803|77,582|6,013|171,944|
|At 31 December 2019|106,529|21,348|86,445|3,375|217,697|
|STOCKS||||||
|||||2020f|2019f|
|Finished goods and goods for resale||||9,850|9,500|
|DEBTORS||||
|---|---|---|---|
|||2020|2019|
||||8|
|Trade debtors||520,650|200,429|
|Other debtors||150,809|7,504|
|Prepayments|and accrued income|16,560|33,096|
|||688,019|241,029|
##
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|AMOUNT|S
FALLING DUE WITHIN ONE YEAR|||
|---|---|---|---|
|||2020f|2019
F|
|Trade creditors||(825,051)|(160,967)|
|Taxation|and social security|(26,732)|(5,396)|
|Pension||(3,474)|(2,256)|
|Other creditors||(7,228)|(2,014)|
|Accruals|&Deferred income|(12,951)|(116,599)|
|||~875,436|~287232,|
##
||||Brought|Incoming|Resources|Transfers|Transfers|Carried|
|---|---|---|---|---|---|---|---|---|
||||Forwardf|Resourcesf|Expendedf||In/outf|Forwardf|
|DESIGNATED FUNDS|||||||||
|New artist and operating
Fixed assets||costs|200,000
217,698||(60,297)||14,544|200,000
171,945|
|Roof replacement|||172,000
589,698||~60,297||14,544|172,000
543.945|
|GENERAL FUNDS|||||||||
|General
Funds|||583,486|1,363,497|(969,076)|(14,544)||963,363|
|Total Unrestricted|funds||1,173184|136,3497|~, 7 02, 9373.||,|1,507,308|
|RESTRICTED FUNDS|||||||||
|Education||||36,500|(36,500)||||
|Exhibition||||90,000|(90,000)||||
|Multimedia
Kiosk||||126,500|~126,500||||
|Total Funds|||1,173184|1 409,997|~7.755,873,||,|1,507,308|
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|ANALYSIS OF NET ASSETS BET|WEEN FUNDS||||
|---|---|---|---|---|
||Unrestricted|Restricted|Total|Total|
||Funds|Funds|Funds|Funds|
||2020
6|2020f|2020f|2019f|
|Fixed assets|171,944||171,944|217,697|
|Net current assets|1,335,364||1,335,364|955,486|
||1,507,308||1,507,308|1,173,183|
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|||||||||2020|2019|
|---|---|---|---|---|---|---|---|---|---|
|||||||||6|6|
|Financial|assets|||||||||
|Debt instruments||measured||at|amortised cost:|||||
||||||Trade debtors|||520,650|200,429|
||||||Other debtors|||150,809|7,504|
||||||Cash at bank and||in hand|1,512,931|992,189|
|||||||||2,184,390|1,200,122|
|Financial|liabilities|||||||||
|Measured|at amortised||cost:|||||||
||||||Trade creditors|||825,051|160,967|
||||||Other creditors|&|accruals|20,179|118,613|
||||||Other taxes and|social security costs||26,732|5,396|
|||||||||871,962|284,976|
|||||||||1,312,428|915,146|