## ## ## ## ||||||Page| |---|---|---|---|---|---| |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
of financial|activities||||13| |Balance sheet|||||14| |Statement
ofCash Flows|||||15| |Notes to the financial|statements||||16-27| ## ## |Trustees||||J.Allen, Chairman|J.Allen, Chairman||| |---|---|---|---|---|---|---|---| |||||I. Goodfellow|||| |||||M. Harding|||| |||||J.A. Hawes (Chair)|||| |||||D. Snyder|||| |||||C. Spring|||| |||||P Kember (Deceased)|||| |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|| |||||J.Allen||Trustee|| |||||I. Goodfellow||Trustee|| |||||M. Harding||Trustee|| |||||D. Snyder||Trustee|| |||||C.Spring||Trustee|| |||||P Kember
(Deceased)||Trustee|| |Independent||auditors||Chris Syrimis|&Co.||| |||||Chartered
Certified Accountants||&Registered|Auditors| |||||97Judd Street|||| |||||London|||| |||||WC1H 9JG|||| |Bankers||||HSBC Bank PLC UK|||| |||||London|||| |||||WC1V 6BJ|||| |||||CAF Bank Ltd|||| |||||Kings
Hill|||| |||||West Mailing|||| |||||Kent|||| |||||ME194TA|||| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ||||Unrestricted|Restricted|Total|Total| |---|---|---|---|---|---|---| ||||Funds|Funds|Funds|Funds| ||||2021|2021|2021|2020| |||Notes||F||| |Incoming Resources||||||| |Income and endowments|from:|||||| |Donations
and Legacies
Charitable
activities||2
6|43,478
1,327,618|140,100|183,578
1,327,618|190,723
1,198,568| |Other trading
activities
Investment
income||3
5|157,228
110||157,228
110|100,299
407| |Total Income|||1,528,434|140,100|1,668,534|1,489,997| |Expenditure
on:
Raising funds
Charitable
activities||4
8,9|202,197
1,041,823|140,100|202,197
1,181,923|174,082
981,791| |Total expenditure|||1,244,020|140,100|1,384,120|1,155,873| |Net Movement
in Funds|||284,414||284,414|334,125| |Total funds at 1 January|2021||1,507,308||1,507,308|1,173,183| |Total funds carried forward at 31 December 2021|||1,791,722||1,791,722|1,507,306| ## |BALANCE SHEET|||||||| |---|---|---|---|---|---|---|---| |AT 31 DECEMBER 2021|||||||| ||||||2021||2020| ||||Notes||||| |FIXEDASSETS|||||||| |Tangible Assets|||15||130,739||171,944| |CURRENT ASSETS|||||||| |Stocks|||16|21,340||9,850|| |Debtors|||17|466,633||688,019|| |Cash at Bank and|in Hand|||2,907,366||1,512,931|| |||||3,395,339||2,210,800|| |CREDITORS: Amounts||Falling Due Within|||||| |One Year|||18|(1,734,356)||(875,436)|| |NET CURRENT ASSETS|||||1,660,983||1,335,364| |NET ASSETS|||20||1,791,722||1,507,308| |The funds ofthe charity:|||||||| |Restricted
Funds|||||||| |Unrestricted
Funds|||19||1,791,722||1,507,308| ||||||1,791,722||1,507,308| ## |||||Notes|2021|2020| |---|---|---|---|---|---|---| ||||||Total|Total| |Net income/(expenditure)
for the reporting
period (as per the
financial
activities)||statement|of||284,414|334,125| |Adjustments
for:||||||| |Depreciation
charges||||12|59,646|60,297| |Loss/(Profit)
on sale offixed asset
Dividends,
interest and rents from investments
(Increase)/decrease
in stocks
(Increase)/decrease
in debtors
Increase/(decrease)
in creditors||||5
16
18|(110)
(11,490)
221,386
858,920|(407)
(350)
(446,990)
588,204| |Net cash provided
by (used in) operating
activities|||||1,412,766|534,879| |Cash flows from investing
activities:||||||| |Dividends,
interest and rents from investments
Proceeds from the sale of property,
plant and equipment
Purchase
of property,
plant and equipment||||5
15
15|110
(18,442)|407
(14,544)| |Net cash provided
by (used in) investing
activities|||||~18,332|~14,137| |Change
in cash and cash equivalents
in the reporting
period
Cash and cash equivalents
at the beginning
ofthe reporting
Cash and cash equivalents
at the end ofthe reporting
period||period|||1,394,434
1,512,931
2,907,365|520,742
992,189
1,512,931| |Change
in cash and cash equivalents
due to exchange
rate
Cash and cash equivalents
at the end, excluding
exchange
Cash and cash equivalents
at the end ofthe reporting
period||movements
rate movements|||52,917
2,854,449
2,907,366|(59,767)
1,572,698
1,512,931| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |S
AND LE|GACI|ES||||| |---|---|---|---|---|---|---| ||||Unrestricted|Restricted|Total|Total| ||||Funds|Funds|Funds|Funds| ||||2021|2021|2021|2020| |Donations|||248|110,000|110,248|90,156| |Legacies||||||12,824| |Coronavirus|Job|Retention|43,230||43,230|51,243| |Grants||||30,100|30,100|36,500| |Total|||43,478|140,100|183,578|190,723| ## ## ## |OTHER TRADING ACTIVITIES|OTHER TRADING ACTIVITIES||||| |---|---|---|---|---|---| |The charity rents rooms, galleries and other spaces when
Unrestricted||they are
Restricted|not in|use for charitable
Total|purposes.
Total| ||Funds|Funds||Funds|Funds| ||2021|2021||2021|2020| ||E||f||| |Letting Income|157,228|||157,228|100,299| |EXPENDITURE ON RAISING FUNDS: TRADING ACTIVITIES|||||| ||Unrestricted|Restricted||Total|Total| ||Funds|Funds||Funds|Funds| ||2021|2021||2021|2020| ||E||f||E| |LETTING EXPENSES|||||| |Direct Cost
Staff costs|32,893
123,677|||32,893
123,677|35,061
98,367| |Support costs|45,627|||45,627|40,654| ||202,197|||202,197|174,082| ## ## ||||Unrestricted|Restricted|Total|Total| |---|---|---|---|---|---|---| ||||Funds|Funds|Funds|Funds| ||||2021|2021|2021|2020| ||||F|||E| |Bank|Interest|received|110||110|407| |||Unrestricted|Restricted||| |---|---|---|---|---|---| |||Funds|Funds|Funds|Funds| |||2021|2021
F|2021
F|2020f| |Arts sales
Education
income
Fees
Other income||1,247,550
12,804
11,821
55,442||1,247,550
12,804
11,821
55,442|1,017,193
10,242
5,686
165,447| |Total||1,327,617||1,327,617|1,198,568| ## ## |2021|2020| |---|---| |F|| |20,000|29,000| |10,000|7,500| |30,000|36,500| ## ## |8|EXPENDITURE BY CHARITABLE ACTIVITY|EXPENDITURE BY CHARITABLE ACTIVITY|EXPENDITURE BY CHARITABLE ACTIVITY|SUMMARY BYEXPENDITURE|SUMMARY BYEXPENDITURE|TYPE|| |---|---|---|---|---|---|---|---| ||||||Support||| |||Staff Costs
f|Direct Costs
f||costs
f|2021
f|2020f| ||Letting Costs|123,677||32,893|45,627|202,197|174,082| ||Charitable
activities
Exhibitions
Education|593,408
45,312||255,476
24,437|246,516
16,774|1,095,400
86,523|915,997
65,794| |||638,720||279,913|263,290|1,181,923|981,791| ||Support costs|13,495||295,422|(308,917)||| ||Total|775,892||608,228||1,384,120|1,155,873| ## |||Unrestricted|Restricted||| |---|---|---|---|---|---| |||Fundsf|Fundsf|2021f|2020f| |Letting Costs||202,197||202,197|174,082| |Charitable
Exhibitions|activities|985,400|110,000|1,095,400|915,997| |Education||56,423|30,100|86,523|65,794| |||1,041,823|140,100|1,181,923|981,791| |Total||1,244,020|140,100|1,384,120|1,155,873| ## ## ## |SUPPORT COSTS||| |---|---|---| ||2021|2020| ||F|| |Art &exhibition costs
Depreciation
of equipment
Art &other project costs
Depreciation
of Furniture
&fittings
IT &office equipment
costs
Professional fees|22,359
15,587
10,699
16,454
12,785
3,026|19,436
15,880
6,741
16,434
17,144
1,513| |Depreciation
of building
refurbishment
Telephones,
printing
&postage
Travel and subsistence|27,605
5,994
54|27,983
7,903
50| |Other admin costs
Rent &rates
Gas, electricity and water
Repairs and maintenance
Subscriptions
Governance
cost|5,062
112,867
14,778
26,418
10,034
25,195|4,431
92,297
11,956
22,516
6,925
24,039| |Total|308,917|275,248| ## |||Unrestricted|Restricted||| |---|---|---|---|---|---| |||Funds|Fundsf|2021|2020| |Auditors'|remuneration|11,700||11,700|11,000| |Staff costs||13,495
25,195||13,495
25,195|13,039
24,039| ## ## ## ## ||Thisisstated after cha|r|ing:||||| |---|---|---|---|---|---|---|---| |||||||2021|2020| |||||||F|F| ||Depreciation
oftangible
Owned
by the charity
Auditors'
remuneration||fixed|assets:||59,646
11,700|60,297
11,000| ||Pension costs|||||96,582|16,886| |13|STAFF COSTS||||||| ||Staff costs were as follows:|||||2021|2020| ||Wages and salaries
Social security costs
Other pension costs|||||624,131
55,180
96,582|593,705
55,367
16,919| ||TOTAL|||||775,893|665,991| ||The average
monthly|number||of employees|during the year was as follows:|2021|2020| |||||||No.|No.| ||Education|||||1|1| ||Exhibitions|||||12|12| ||Support staff|||||2|2| ||TOTAL|||||15|15| ## ## ## ## ||L/Term||||| |---|---|---|---|---|---| ||Leasehold|Plant and|Fixtures|Office|| ||Property|Machinery|and fittings|Equipment|Total| ||F||||| |COSTS
At 1 January 2021
Additions
At 31 December 2021|805,561
805,561|38,447
38,447|329,971
12,130
342,101|87,651
6,312
93,963|1,261,632
18,442
1,280,074| |DEPRECIATION
At 1 January 2021
Charge for the year
As at 31 December 2021|727,016
27,605
754,620|28,644
9,799
38,443|252,389
16,454
268,843|81,639
5,788
87,427|1,089,687
59,646
1,149,333| |NET BOOK VALUE
At 31 December 2021|50,941||73,258|6,536|130,739| |At 31 December 2020|78,546|9,803|77,582|6,013|171,944| ## |||||||2021f|2020| |---|---|---|---|---|---|---|---| |Finished|goods|and|goods|for|resale|21,340|9,850| ## |DEBTORS|||| |---|---|---|---| |||2021|2020| |Trade debtors
Other debtors
Prepayments|and accrued income|456,694
5,647
4,292|520,650
150,809
16,560| |||466,633|688,019| ## ## ## ## |AMOUNTS
FALLIN|G DUE WITHIN ONE YEAR||| |---|---|---|---| |||2021f|2020f| |Trade creditors
Taxation and social
Pension|security|(1,553,186)
(17,976)
(4,783)|(825,051)
(26,732)
(3,474)| |Other creditors
Accruals
&Deferred|income|(1,644)
(156,767)|(7,228)
(12,951)| |||1,734,356|(875,436| ## |||Brought
Forwardf|Incoming
Resourcesf|Resources
Expendedf|Transfers
in/outf|Gamed
Forwardf| |---|---|---|---|---|---|---| |DESIGNATED FUNDS
New artist and operating
Fixed assets
Roof replacement|costs|200,000
171,944
172,000
543,944||(59,646)
~59,646|18,441
28,000
46,441|200,000
130,739
200,000
530,739| |GENERAL FUNDS||||||| |General Funds||963,364|1,528,434|(1,184,374)|(46,441)|1,260,983| |Total Unrestricted
funds||1,507,308|1,528,434|~1,244,020||1,791,722| |RESTRICTED FUNDS||||||| |Education
Exhibition|||30,100
110,000|(30,100)
~110,000||| ||||140,100|140,100||| |Total Funds||1,507,308|1,668,534|1,384,120||1,791,722| ## ## ## ## ## ## ## ## ## ## ## ## ## ## |The carry|ing
valu|e oft|he cha|rity's
financial
instruments||are as follows:||| |---|---|---|---|---|---|---|---|---| ||||||||2021|2020| |Financial|assets|||||||| |Debt instruments||measured||at amortised
cost:||||| |||||Trade debtors|||456,694|520,650| |||||Other debtors|||5,647|150,809| |||||Cash at bank and||in hand|2,907,366|1,512,931| ||||||||3,369,707|2,184,390| |Financial|liabilities|||||||| |Measured|at amortised||cost:|||||| |||||Trade creditors|||1,553,186|825,051| |||||Other creditors|&|accruals|158,411|20,179| |||||Other taxes and|social security costs||17,976|26,732| ||||||||1,729,573|871,962| ||||||||1,640,134|1,312,428|