Chority Reglstratlon No. 800143 Comparry R•gistrèkn 2150619 IEngland and wa$1 ARTSWORK LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
ARTSWORK UMITED TRUSTEES REPORT FOR YEAR ENDED 31 MARCH 2021 Lry•l and Admlnlstratlve Informallon Trust005 NnO Betièmann lappoinled May 20161 Rk Hall laptN)inted Septembef 2004) HÈlary P Durman Iresignaj DOCnber 20201 Sabita Kumari-Dass lappointed Jung 201SI Fiona Parkinson (appointed May 20161 Dr Emma Oyer (appointed February 20171 Ama Afrifa-Tchie laprxmnted Clewber 2018 and resigned September 20211 Jason Jones- Hall lappoinled Decembar 20181 Hadey Russèll lapw'nted Oecernber 20191 Victoria Edwards18pwnted February 20201 WanjikLt Nyaoh88 (appnted December 20201 Chair N BgtJ.oMn Chiaf Exeojlive L Govier SeLYetsry S Wa1 Charity numt)er 800143 Cclnpany number 2150619 Registered offi 7 FILX)r, Latimèr House &7 Cumb8rtand PL3 SOUTHAMPTON S015 28H Aijdrtors FAndw Tovell St&J Gates House 63164 Thé Avenue Southampton S017 1XS Bankers Unty Twst Bank PIC BrIndY PLice 4 Oozells Square Birmingham B12HB Sanlantlw UK Pk Bvsiness and C¢xporate Banking Operations BTidle Road Booue Mersgyside L30 4GB Tricths Bank UK Deanery Road Bristol BS1 SAS C(¥Ct DetaiL8 inl art5work.or www artsw rk. .uk
ARTSWORK LIMITED CONTENTS Trvstses report In(Jependent auditofs reF 12-14 Stat•m•nt offinal 15 Ba18n sheat 16 ststet ¢rfh flov 17 Notas to financt81 statements 18-31
ARTSWORK LIMITED TRUSTEES REPORT FOR YEAR ENDED 31 MARCH 2021 The Trustees prbsènt thèff and financial statem9nls for thè yoar ondad 31 March 2021. The financTral ststwnents have been prepared in 8ccordance wih the w)unting policie$ set out in note 1 to the ffinanrial statements and coMY with the charity's MenTh)randum and Artides of Association, the Companies Act 2006 ar Statbmentof R8commend6d Practice."Accounting an¢J Reportiro by Chariknes". issued in March 2CK$5. subsequentty upd8ted with effgd from January 2019 IFRS 1021. Introduction Al Artswork we strive lo m8kett 8rt$8nd crealivty 8vai18bb to absolutgty 8v8ryong. Weatm to breakthrough barriers and devesop rthv ways for people lo d4scx)ver the success. gmpowerment and $lwjoy Ihat the arts rKI ueativity can brir¥J to dassrooms, communities and cafeers. Imagine rf... all our thiktrw happy arwj confidont. strorKJ Én their sense of s•K and the world that they live in. Imaginè IF... ovary ehild- lrrweCts of race. background. wealth. hlenlity or ability- felt Yak, heard and represented. Imagine rf... we gave Ihem all the OPKM)rlunty to exphxe 8nd fu11 their potw)ti4 in 8 future Ihal we are 811 rnaking toget1r. Imlne if... kept a sertse of worJer. cTrativity and leaming Ihn)ughoul our li¥85. Th8 Artswork team works wionally, natiCallY ar¢d intemationally to make these aspirations a realty. Chalrfs Statement 2020121 This year we were rernindetl than ever of th& imrMytan( of arts. cutture a cxeativity to the ltrrfes of children and young people. Our work to advocate. empower and level up the opportunth$ f( ¢xeativo erwm8frt and culiural aducation has never been more vital. During 2020121 Artswork respded to the need for dynamism by rapidly innovating the way our PfcJramme5 are delNere(l ulilising digital 8ngagemènt when many of the tradsts'onal ways of ceSsIng the arts were PTohibit&d. We recx)gnised ts negd ts ftèxibty in wr Brtyè programmes, workt"roJ wth partner to ensure quabty delivery rxxjld rtinUe whertr w3ssibl8. and suppoth'ro them whilst plans e¥(Aved. We thank Arts CouAl England fr)r their enabling approach 8nd guid8n¢%. The case for imw)rtsnee of ¢Jeatsvity for all children and young people w83 txought IK•me wrth the fe5urgence ofthe Black Lives Matter prot8sts against race inequity. the disproporlionate impact of th& pandemic on children and young pgop195' w01lb8ng and Irfa chans. the climate and tiodiversity crisis the growing voice ofchildren and youry in dem8r1rrfJ SUstnb structur81 aThJ swelal (tha. Exlsting 1neqJaleS as a re5uh of disability. 8¢ornI¢, e(lucati(wl aTKI s¢xi disadvantage, arKJ gsography have widoned, and our work must be ambitious and transfNm lo meet these challenges. New partnerships arhd ways of working arè 8t thè hè8rt of this èvolution. This ar we worked nationally wrfh stralegic and gTr8sr(xJts pyrtrws to dolNorts supplies to children in lockdown. reachtng 6980 yOLtng peoplo in communities in the sclh.Ea5t. As library servi{ were int8rruptgd, ArtSWOFk $uptth8d lh8 distribution of 62.5C(l &Jmmer Reading Chalknge packs &ross Hampshire, Buckn.nghamS"rè. Portsmixrth and Oxford. We are erUsty grateful to our pathers. st8kghohYgr5, lIa1x)rt0rS and cr4111 friends who VOfk ts¥Kle us to delNer our mutual aims and to those fvnders. advocates and the many that m&le generous donatio this year. This annual report also provides m6 with the opportLtnity to extend my appratiOn and ajmwation the Artswork staff team, for their dedication and cy)mmitment and energy in a drfficuli year. l also pay trrbute lo the strotwJ teadershsp proved by both Jane Bryant, Artswork's outgo¢ro CEO, and to Louise Govier. our new CEO as she takes the organisat1c IopA*ard in this next chapter of our wcrf
ARTSWORK LIMITED TRUSTEES REPORT FOR YEAR ENDED 31 MARCH 2021 I woukl 8150 like to thank my fdknys Tmstees for lh8 additK)nal time and suppcwt ihey have provKlthJ over the st yèar their o)ntinuing expertise, wÈsdtxY) arml inswt. I look fonyard b) w01n9 with thèm and the stsff team OVSF the wming 12 months as we dèlivèr a refreshed mission and bu&ness plan that WTII ensure the The tlustees. wks are also dtr8ctors for ths PLirpose of company law. and who sefyed in the year were.. Norinne Bety'amann lapp(Nnted May 20161 Rick Hal lapFX)inled Seplember 20041 Hilary P Durrrar¢ Irestw Decèmbsr 21)201 Sablta KunwFDass (ap)In1 Jun9 20151 Fiona Paikinson lappoinle(l May 20161 Dr Emma Dy8r18pp04nted Febwary 20171 Ama Aftrfa.Tchie lappointed D8mber 2018 And r$sigr September 20211 Jason Jones- Hall (appointed DeCeMr 20181 HaeY RLsell lappointed December 2019} Victori8 Eth¥8rds lapwnted February 2020} W8niiku NYaCh {appointed Dac8mber 2020} ArtSwO L•ader5hip Team 2020121 Jar Bryant- Chief Executive {until September 20201 Louise Gov¢er- Chief Executive Ilft)m August 20201 Sarah WaFwKk- Head ol Financè & Operations Arbrhabel Cwk- Hea1 of Education. SkFlls and Enterprise Donna Vose- Contracts & Policy Manager Lucy-Jan$ Fitzpatrick- Senior Manager, Comrnunutions & tlevolwTrgnt BeaFes- Slrategic Manager Lw Marder- Strategic Manager Beatrice Prosser-SnellitYJ- Stratw"¢ Mana38r Ruth Tayk- Strate9ic Manager Soo full Artswork team: .ukJa iner51 At AJtswork we believe in th powsr of Ihe arts and creativty to: fijndomentslty Shape happier and h&olthier ¢hildren and young broaden horizons. ¢¥>en opw)riunrfJ"es enrich the livgs of children and young people make a differerK6 bth. sing before we talk. wè dan¢0 before we walk help develop skills and exFeriences •nab14ng 811 thiFdrert aryj y(yJrKJ p8ople to thrive, progress and aChv$ enable and Ins19 8Xprlon for everyone At Ar15woth we Stri to make the arts and creativty 8V8i18ble lo absolutely everyone. We aim to break throLtgh barriers and devek)p new w8y5 tr people to dlscover the success. empowem1I sheer joy that the arts and wtNity ean bring to (1assrw. commurMtS and cr5. Vvo athieve this through.. sJpportTrng partnerships across cuttural or98nisalions and edLThtion that will create lasting chan devisiry and ddivering inclusNe programm8s Ihal empower thè urKler-reFfesented in sou8ty ¢Jevelowng youro peo)le's skiU5, for lh8 ¢)*n gro¥Ah arKI as future culiural Weys
ARTSWORK LIMrrED TRUSTEES REPORT FOR YEAR ENDED 31 MARCH 2021 en8bling ehfidren and young k)W from any backgroui¥J tts thèir v0e and encwragirYJ ottrs to listen to aThJ support Ih8ffl delNerng cr8alive trawmro Ihat nurtures 1nrth1atic and progress Thg otyoctives of the charity are to promote, mairtsin, improve and adva publ education. apprecaation aTrJ understarwling ofyouth arts. The dn18b1e companycorrtinUOSto èxFAcwe new ways of imtKoving provision for children and young poop in creatN8 %tivities. Publlc benefft alms Public nefit is at the heart of what Artswork d. In Iho Ihwd year of our lTren1 business plan. Art$Wr deliverNw its missiC thrryjgh Ihè folkwA"ng key Publ iwefft aims.. Lead and ytrgngthen arts and cultural engagement with chik1r young people Reccgnise. facÈlttat• and lèad the develtymant of opwrtunilies th4fyased leamW, employabilty gnd entrepTeneursttip th by children 8nd youry people Build and facilitate cross-sector partnwships betrefi IIM)se w(wking in the arts arKI ¢ulturo and thjsg wrmking wilh chddrnn and Y(ng people Actively promotè neorkIng, partrwship and collaboralion Pwtit effecttve governance. leadership and m8nag8ment of Artsw(¥k We deENer our aims through a rarMJè of str8tWC [raMMe$. As the Arts Counciklunded Bridge organisation for the styjtheasl region. wfmking straiegicalty to connect childreri and young peOe wth arts and cu¢tUFe. This r(Ae is cOnfiFM by Ajts CourKil EngL4nd f a fvrllw phase. up to the end of Match 2022. Through our LeadeTrhip. Skills aThJ EntwlSe work. whth indudgs.. o Building leJership, ont8rprsg. skims and workfoTh tleveWment- thalty. regionalty and nationalty- in rdation to lJ)th young pèopte and to those who WO with them o AVy, championing and relw(ks- Ictdty. nationalty and internal)nal o StrategK partnwship projects fftaling evidence of 9xc8llwt wactKe. Truslees monrttx pèrfmnce 8 quarterty b15 arKI mgasure this agairKs1 key p8rfom7anc8 indi¢ators. budget 8lt¢xation and Srt. The Year kn HUMr9 During 2021121. Ajiswork.. Had 9465 direct engagMents Ylith dwktrsn and youTh3 peopl# through our programm95 Worked wth over 420 arts. culiure arJ heritago org8nisations aThJ youth parIrS
ARTSWORK LIMITED TRUSTEES REPORT FOR YEAR ENDED 31 MARCH 2021 SupF4)rted 15 Culiural Education Partnèrshtps C)tracted 6 P8rtrw5hip Investrnents, with rnalch ftjndiro of£1.$0 for every £1 of Artswork inveslment gJpFNted the trrintng of 154 new Arts Awanj adv"F¥ors 65 s91tHS Artsmark, creatir¥J a tcrtal of 782 settings 8ng8g8d D8liverBd 7T ArtSW PrLrfesSnel DeveFopiwt i11)USe 8rxl open trainiThJ courses r&%ing 938 Sup[ted 5 youNJ pewe our Creatwo ApprenthIp programme Distribuknj 480 creative Christmas boxes to children and y(wng people thrryjgh scknls. youth aThJ f(h)d banks. maje pc6sible ty indiwduol dO4t1r A full summory of 4ctlv5tles and a¢lements Is contalnod In th¢ AM)wdlx to thlj TWL Flnan¢l•l Rgvogw 2021)121 ArtsvA)rS inrx)me in the financial year 2020121 incrnased modèratsty Cornred to 2019120. TS was duo artty to additK)nal funds received to deliver Lel's Create arts and crafis kS during Covid-19. We have now comrleted year 3 of Phasè 3 of AFts Coun¢rf EnglaThY's grant of £6m over 4 years for our work as Ihe Bridge OTganisation for the S(wtIE8St Further incowne was awarded by the Dop8rtmert for Edu¢xtion to widen s(xJpe ofthe Bridge role p¢us Artswork r1Ved a mcwjgst infi8b'onary increase from ACE. 2020121 therefore saw investnRnt of £1.547.354 from Atts COU11 Englar and £94.OtIO from the D8parknent for Educ4tK•n. rtsvK>rk has again bÈen su(t8ssful ¥n pnerating prcJTamme lcOn from a rangè of sour. inclu(Jing k and national 8$. KI via delivery and receipt of training and want [ts. Artsw(¥k IntrOlS expeThJilute well, t4)th wrthin m and pro&t budgets. We also maintain hèallhy reswves. Artswork's ProfessK41 Development Prtyjramffle continues to generate a steady and suslainable ifKX)me stream. The ory)ing use of effectwe czjntrot and tracking systems {rrtdudiry purthase ordS and owirwJ tntarroyatad Ouog8tsrvJ) has pr(Ced darity in short.tsrm and I(g.tmi financTral planning arKf ManageML Regu18f revws of Artsworys financial planning and managefflenl aCcLIn[S at Trustee trd m48th"r¥Js have enabled the Trustees to maintsin a (8151et a1 detailed overv7ew of the chanivs ffirwci31 prow and evamènts. Pwlnclpal fundlng sourrns and aetl¥ltl•s 2020121 ArtSV+Drk achieved incomè from a rar¥Je of sovrces durwu 2020121. We also maTrntsirte(18Xfllent a¢xx)unts and financial pcSeS- eviJerKd by 8 MplImentary reExJrt on thè yg8r from our aLKlitors, Fiander Tovell. Funds rais* included: Arts Councd ETrand- £1,547.354 to ddivw tho southeast Brkyge ro Departrnent for Education- £94,IKJO to our schools eThJagement work EasUep3h College- £18.601 to dèllvèr thg Cro8tive Apprentice Programme Let's Create- £26,358 lo delivor creativo arts and craft packs of whith £6.193 wa$ frchn Artsworl('s indiwdual giviThJ campaigns Reserves Pollcy Artswork. like many sm8H ¢h8ri1ies, has opFortunity to generatè un$117Cted I)me. Thfough continLtad cxrefvl btmlget fOrasting. applicati for fvll cost rgcov8ry vAwe w)sSie. slrKt management ol expenditure and ub"IwtiM of gh interest bank accounts, Artswork has (x)ntinued to bLtild up reserves of £366.047 lor general conlingency requiren7ents. Artswork aims lo retain at least £200.OCIO of Ltnreslricted
ARTSWORK UMITED TRUSTEES REPORT FOR YEAR ENDED 31 IAARCH 2021 fvnds. D8signated funds are estsNtshed by Trustees spec¢fic futLtre spending pkqns tKoiects. and after makn'n9 these deSnatS, the Trustees seek to retain a general fund to cover 12 months core runnitrvj costs arKI dosurg costs. not specifically met by wcgrammè grants. Covi&19 and a Golng Concern In moving Enueh of its work rx)li, Artswryk h8$ suitessfully mitigatgd many ofthe potential impacts of Covhg- 19. We have kept th• doors open and given priority to nurbJring and nfOrcing relalionships with partners and stakehdder3 whibt undertakir¥J a thorough bvdgot to find operat#)nal economies that havo en8bl8d us to respo1 to new opportunTrti6s in this time. s[ficallY. thè follow highlights the rationab for Artswork regartling itseK as a going ¢(Cern. 11 Arts Councl Erland Ik9$ Confirmod it will accept applicalkY15 for an ext8nsw)n year until end of Marth 2023. Artswork is able to and will apply for a gt at the samtr 1oVg1 as 2021122. 2} Artswork reewett all ms of tho 2020121 and 2021122 budgels and ronegotialgd several key supplaers to find op8ratwal savings. This has enab us to allocale £120,000 iTrto r prcwJramme t1elÈvery and pos¢t*)ns us wel to dgliverour Business Plan effectively over the next years including ils realignmgnt to Arts Counul EngtaThts's Let'$ Creat8 strate9y. 31 Artswork has ¢arelulty budgeted its widg1 progr8mmes ofwcKk and through online d¥liv8ry and fomial inrbovation, and with good carry lo3[{1 from preVuS years, we are confident that the budget for 2021r22 is sound and vable. 4) Artswth will activety seek to impF&m8nt its lundraising strategy seeking fund$ from a rarye of sourc8s to 0Tb it to dgfiver its pkns for the wK1gr progranmes. 51 Artswork has an a(klitional amount of free reservès laftw agreed allocations aFKI design8tiorts} •ch Prowdes a furltL¥r cushion for our wider prrrfjrammes rf required. lor 21122 on74wards Artswork has moved swifuy and tynaMIlY over the last 12 m(xiths to transfomi the way it ddNers its Yth. Thts had led to innovation and new opportunities to delsver our misston 8nd eate new partnerships lo ensurg our work rgach$s tmse most in rb8ed. Wé are reframing our business plan 2021122 and have re5wnded to Ihe opportunity ts) apY for an extension year to 2023 for our Brkyge rd8. To alvJn to Arts Council EnglarKI'$ 1(kyew strategy. LeY5 Crnate. we are develoyng on the grwnd partnerships to errt)8t1 •ts and Cfeativty in a range of seNces delNgrwJ by the voluntary and public wtors. We are Teviewing everyth[j we do through the of r8¢6 aquty and undertakiTrJ mora (x)nsulialion aF¥ li$1gning thars ever befcye. This wÉll include WOrkg with an èxtemal educator and facililalor to provk1e an extend8d wogramme of awareness r81Stng. trainiw and guhtied leamir¥J. In a year of flisrtjptive gducation thal was challenging for 811 children and young peopte, espe(u81ty for those alreadyfaung disadv8nla96 or approaching educatw)n81 tr8nsition, we undertook the grou1v( for a cr6attve programme to be deVered ovor the next years. Working with school leaders we will deliver CPD, an Artsmark Champions progrwnrnè. a Creative Careers strand for primary pupils, and Creative Steps. 8 pe¢r- led supky)rt and mentoring programme for sch)oL8 not currenty u$irYJ arts and creatmty Io SUPFh)rt scho priorbties and improvement outcom9S. Lk1j ahead we wll w the rotum of our Portsmoth CTraliv8 Skills pnjgramme that delivers 3 vital Okwrtunity for care leavers arn1 IrKA¢ed-after young pwle to develop Irf& skn"Ils. confidence and a 5en5e of possI.11ty. This innovative partnership wbth Portsmouth Crty Council Childrnn's Services and the Portsmouth Virtual sch1, enhances Ihe conltion b&twe&n education and the workplace" gIng yOLtro people opportunities to engaJe in arts 8¢tsvihès wrth professional art, devek)p soo81. communication. team and p¥ofessional sktlls and gain a nationally rectyJnised qualifThtion. Rwnising th8 dwmporlionate impacl of CovMJ-19 on lob opw)rtuniti8s for young people, we will 59ek new opportunrbes to ddiv•r employability programrrns thal embwj ènhanced training to burfd aspiralion. sè1t- estoem anrt improve lrfe chances. Louis• Govi•r. Chlèf Executlve, ArtST•ork
ARTSWORK UMITED TRUSTEES REPORT FOR YEAR ENDED 31 MARCH 2021 StrUCre. Govomance and Managemgnt The Ofganisat¥)n is a charrtable company. lÉmitod by guarantaè, incorp(ntwl on 27th July 1987 and registered as a charity on 5th October 1988. The company was esl8bli%hÈd under a Memorandum ofAss¢xiation. which esta1Shed the objects and pow8ts ofthe tarilabJ8 company aruj is govem8(l urxter its Arttdes of Assc¢iaticffl. Artswork has an tive aThJ commiited Board of Trnstees wrth th$ r8ssary skills arKI expen8nce to guide and govem charity. NÈW trustaos are wruited using a varigty of mgthLxls: vra'Boaril Bank. lincluding e.g. Inclustvè Boardsl,. pèrsonal rec(xnrn8ndatws by Chair, tWSte83, senKir martagement team arhd other staff; Irom our pool of vcAunteers'. through recnjitment adverts. Trustees. Skills Aud¢ts identify potential skilLs gaps the Board and infom) Artsuk's Board T8cruilment strategies. Prospective new trustees meet wTrth the Chair and Chief ExecErtive pn.or to appointment 8rKllor may bo invrted to a m(xe formal intsrvvw prcc9ss. Foifowtng atwintrngnt. they are supplied with a 'GoYwnarK8llnduclion Pack., containing.. Artswork constitution,. history ol Artswork,. all approved Artswork policS, irttuding those £tFInIng Artsw(¥k's commitment to Equalities and Safeguarding; most recent annual iepcKt. Charities Commission 'Rde of TrL¢Stees' booklet., most recent minutes" most recent auditot1 accounts.. g817t publifjty New Trustees attend a quarterty Board meelir¥J and are nominated by an existitvj Trustoe," thK% nomination is ss(tydèd by anoth8rTwstee IthÈs is minulèdl. AnniJly. Artsy[ oryanEsos a B08rd and Stsff '8way day. and all Tnthes afy encouraged lo attend Artswork's proiecl8, k¥Dgrammes and events. At qLArtedy meetiffjs. new kx)It¢ies are preSted to the 80ord for apw)val. Kèy exisling poliiafys arv also T8viewed (usuaty annuatlyl by Board and sèni¢x staff. Artswork's Business Plan an(J rdatèd annual w(xk p18ns and budget foreG8Sts are PTepare(I by senKJr staff and apwoved by the BoaTd. Management accounts are presented lo the Board quarter. The Chief ExeortiV8 is responsible l(x the day4041ay management of Artswork. She works wrth a senior team who hav8 an ov6twMv of tha Artswort's work (Head of Financè & 0(8tS", H&ad of Edu(2tions. Ski115 and Enterpris81 wth input and 1viCe from other members of the stnior 18adership t8am as tsquired as Wo118s the Contr8ds & Policy Managar and th9 communi¢8tt(X Manager. In 8dditNm. thgrp aty a smam number ol other organisatior7 teams who lead on our k&y arèas of work.. Bridgo: Ttt8 Str8t8gr Manager team is r8swJnsibl& for ovèrwtro 8nd im8mlrWj of fAJr BIKI ActK)n Plan workn"ThJ in conjunclion with the CEO. the Education Devek)pmenl Managers and the Leadership. Skills and Enterprise team FITra and Operations team Ccffimunications and Development leam vtho lead and detver our Cc¥nmunKations work ac$ Artswork. wtth a Senior manager leading on fijndraising. Trustees agree the BUS1r&S Pn and assocoted adion plans aThJ the staff team deliver this. reportiThJ back on prIxJre5s on a quarterfy basis. Trustee$ set thg sal8ry of thè Chièf Exg(xJtivg. Th$y also rsviow pay and remunerdtson on an annual basis agreeing appn)pri8te % increases in line w¢h inflatv)n {usualty up lo 2%). They also. on caSI)n, reVW specrfic PCKsts to ensure these are stilF in keepllw wtth Artsbth's anatysi5 of res)nSIbl1rt•.QS and sa leVelsand$. Funds h•ld as Custodlan Tn10• on Bohalf of othorn None. Risk R•vi•w The Chair and Chief Executive have carried out a risk assessment of the charitable CoMpanS activities. The risk assessmwt matrix prodLE¢ed as a resuh of ihis process aL80 conlains an assessment of fraud risk. The matrix has tsen fvlty rovlewed ty the Board of TnLStees at Bo&d Meetirwjs. AJI Tnjstees are satisfigj that the
ARTSWORK LIMrrED TRUSTEES REPORT FOR YEAR ENDED 31 MARCH 2021 appfopnate mechanisms afe In place foT thè diffofant ftlnclions ofthe organisats'on. The Board ofTruslees has greed to conbnue to monitor Art5work's risk assessment qL¢arterly ar revi ea¢h pr(Sect on an individ¢Jal basis annually. Risk Assessm8nt ts a standard agenda item at all Board Meetings and lh6 Chiof ExecutNe notifies Tnjstees of any polenb.al i55ues which could actrvate charw risk wwghtsrvJ. IAembers of th• Board of Trustoes IAernbers of the charrtablè company guarantee lo contribultt an amount Th)t exceeding £1 to th8 assets ol I Charitab cownpany in tho 8vont of SwlIng up. The tolal number of SUGh guarant$ as of 31st March 2021 was 10. The Trustees have complied wsth the duty in sectKJn 4 01 the Charities Ad 2006 to havè due regard to Fwblic benefft guirt Publis by tho Chanty CommissM)n. Responslbllrties of the Tnl••s The trustees (who are also directors of Artswork Limited forthe purposes of company lawl are responsible for preparing thg Truste8s' RèF)rt and the financtal stalem8nts ir7 COrdanCe wtth appli{e and United Kingdom Acc¥KJnling SlarKl8rd5 {Unrt8d "n9dln Geralty Accepted Acoxjnlifig Pradi¢¢). C(xnpany law requiros the trustees to prar& financtal statements for eath financ1 year whith giv6 a Inje and fair ofthe state of affairs of the tharitsble ¢x)mpany and of the IrMIj reSjrceS and appli¢xtion of resouri$, induding thè incclne and expendiiure, of Ihe charitablè company for the year. In preparing these finan(ial ststam8nts. trustees are reqLllre(I to: sdact suilable acoyjnting FdKies and then aY thgm consistenlly ot>serve ihe mèthods PTmCiFAes in the charit SORP make judgments and estwn¥tes that are r6asonable and prudent state wheth$r applKxbl8 UK AccountirvJ Standards have been frlkxvgd, suty'8Ct to any material departur95 di$¢105ed and explained in the financial slaternents prepare the financial 5ts1e1rts r)n the going ¢cmm basis unless it is lnaFvr0pr to presume that the Chatab company will (ntinUe in owrn¢ion. The tnjstees are resp(¥Ible for keeping prop8r 8ccovntirvJ records Ihat disclose with Teasonable acruwy 81 any time the fnanaal posibon of the charit8bb company and enable them to ensure Ihat the rmancl Stslements wmpty with tho Cwaniès Act 2006. They are also res)nsIble safgguaEdiwvJ the ats of the tharitatye u)mpany and herKe for taking reasonable steps for the preventi and detection of fraud and olher irregu1711e$. In $0 tsr 8$ the twustees we aware.. thero is no rel8vant audit inf¢)matTh of whr¢h thè charitstla company's auditors are unavrdre th8 trustees have taken all steps that they cwght lo hav8 18kon to make thgmselves aw8rg of any rva)t auth"t 1nfomwfn aTrJ to establish that Ihe audit(NS awe aww6 of th8t Infomwt¥. This re has been prepared in accordar#x with the spery81 Fxovisions r91atÉng to wall Ixjmpaniès wlthln Part 15 oftho Ccthpanies Act 201A. Aydl¢tys The auditors. FiandÈr Tovall LNntted. are deem to be reappointed UreT Se(*on 487121 Df the Companies A¢t 20(K. //1 ned on tehalf of trlte&S on ... ...........2021 Non"nn
ARTSWORK LIMITED TRUSTEES REPORT FOR YEAR ENDED 31 MARCH 2021 Appendlx to the report- Programme Hlghllghts 2020121 Culiural E0tallon Partnornhl Loc81 Culturvl E(lucalion PartneT5hips ICEPs} were launched nationalty in 2015 in response to Arts cour[1 ErvJlaThl's CuUral EdEKation Challenge. There are (yjrrently 15 in th6 S(xJth-Egst rggion and 911 supp(xi thiklTen and young peopte's arts ano culturnl opportunities through cw-sector p8rtn8rships and working practic6s. Thèy work to bring togèthèr arts and culiijral ory8ntsatiOn5. maximise the r8sOurS that support childrgn arNJ young pbople, verje fuTS tIMt woukln't oth&ISe bè 8¥8ilable for ts arKt ltural provisi¢)n, ¢J Shars kN)wledgo WKI best practi. Duriw 2020121. wo". Monitored and renegotialed existing development and tsitIOn gJPFNI investrftent by Artswork with CEPS in Bnghton & Hove. Buth'rohamshire, East KenL Hampshire, Isle of Wight, Milton Keynes. Oxford Crty & North Oxfordshirè, Portsmouth, RÈ8dEng. Southampton, Slough and West Sussex Dglivered an irFdepth priyamme of online training and professional development sessicms for CEP member5, including promotirwJ youlh vryce and increasiry diversity and indusion M&ntained an online pcmlal to glow CEP communication and mLrtual support We have WKlèly womotwl thè RSA"EvKlencè Champions, Hèndtxx)k" ar (x"Th to supp)rt our champions riwortt to use their skF115 to support evidenung imp8cl in CEPS CoMmissned new resources lof Cultural Educalion Partnerships to SUFVOrt their dovdopm8nt, structure and g)vemance and improve their engagement with schcols .,IllrI. )artnershi Parfnershlp Inv•stm•nt Partnership Investment allow$ us to f¢tU5 M Icrfytem sOFIrt$ fathw 1han t)lwl Inte.03, d)anging the Iwes of children aTrJ young people through lasting arxl meaningtul engagement. Through CInvestrDenI and collabofation wsth other organisations, we work to leverage match amounts in work that erns and cutiure in policy and practice. This accounts for ontrquarter ol our lotal Bridge Budget from 201W22. In 2020121 we.. Wofked wTrth cwr 4nveslment partners Eo safeguartl the Better Lives through Cullure programme$ and renegotiate timeframes for delivery. securiw the orvJin81 ¥81 of irweslmerbt in most cases Contracted 6 01 these investments representing £707 852 of AJlswork inveslment wilh a malth of £1058 260 srad from partnèrs Cmtinued to monitor d8ttvery of Arun Inspir6s. Brighton & Hove Fufvre Crealors. Milton Keynes Creative Skdls. Oxfoftlshire Nexl Goneratt(M) and th$ Surr8y S&KN)Js D8n¢o pwr8mm8 School Engagement This year saw substantial dÉsruption to schOS many of our eragement PrcraMrr and leadership n"8t1¥8$ pla1 on fK)kJ. Our Educati Development Managers worked tire1Y to maintali and nurture partrshipS and we are grdteful for the ¢Jeterniinalion from sonior and arttOTm ad8 across setting for their contsnued advocacy for creativity across the curriujlum and meetiro school impn)vement pribes. In 2020r21 we.. Engaged with 349 education setting5 Continued to promote (x)nnecti swJrwl up. with spg¢ific sefKX)Is offèr Furthèr d•velopod (xjr 8aseGamp to enabte the sharing of ad rescyjrces amongst sch¢)ols Htsst all or111t trainiThJ event for sec(M)dary school teachers expknfing the lack of ethnically diverse representatin in scFK)ol drama, theatre and performing arts ¢vrricuSums as part of 8 pwect ¢alled RepreseTrlalion in Drama IRinD), supwrted by the Ctjltural Le8rrHng Al1ran. association wilh th8 London Theatre Consortium. Woted to ensure our 10 Cultural EdLTrcation Partnership Schoo15 Connect progrdmme5 Uld b& r$s&duI as sch(KJLs d8art wth mUltie doyJr8s. .com wilh 237 arts a1 cultural organÉsalions now
ARTSWORK LIMITED TRUSTEES REPORT FOR YEAR ENDED 31 IAARCH 2021 Oelsvered a widety attendod S&S of online CPOL sessions for teachers, exploring topi(% such as how lo use ueatNity to prornotè w8llboing and imtwoved mental health as part of a recovèry curriculum. Artsmarft hrtsmark C3)ntInL to be str(mgty 8mb9ddod Artswork's JPpct for Cultural Edu¢ation Partnwships 8NI our apF¥oach to investment txiyjrgrnmes. DurirwJ 2020121.. 65 settings registered for Artsrnark. ol 32 w8r8 re-registrations A total of 782 ttIng$ wwe eTrJaged of which 608 wert aclsve and 174 were CuTnt award holders 01 the 37 s8th.ngs aw3n1 during Ihis year. 25 were awarded Sifver. 11 Gold and 1 Pl8kn"num A total 761 settings have engag&d wrth us through Artsmark since 2015 36 organlsatKS reg15teTed a5 Artsmark pa¥lneTS, gtving us a total of 179 We held 2 onltne Celebration Event taken up by 19 setttrigs We ran 4 creative le8thr CPD events attended by 46 atteFMJee5 We grew our Basecamp Artsmark forum by 18 $0th"ngs Communleation, Inlormatlon and Int•lllgence Dats 8rKI intetligert frum the data. informs our work, increases our focus arxl shapos our firt work wtth iklren and yourKJ pecplo across the SOLtheast. We work hard to sh8F8 thèse findtngs bèyond our own onJanisation to assist others working xross creative, culiural, ytyrth and e(lucalion 58th"rvJs. In 2020121 we." anatysed pupit premium, free sch(x)I mè81$ 8n¢J indic8s of deprivation data alongside consulialion witti Sen1 school leaders to tsrget 3 prr4Jrammè to support sclKds in reengaging pupils in areas that ve en d1sproport2tefy affected by the pandemic have a tothl of 234 resources, trIkit$ and reports for fr88 download M the Artswork bSrt8, an increasè of 8% on th& prewous year sent monthty newsletteT5 to m¢)rn than 2000 indidual$. organ¥salions and schools. shared and Cebrated with OUT Twtter following of 6336 and 2450 Inslajram arK1 Fa(book followers '. which aims to connect schools 8nd setting5 arKJ %wlh cultsjral edtjcation (trffèrs, Th)w features a total of 237 proffles of arts and cullural organisatsorhs. a 9% th¥ wevwJus year led 8 fundraising campaign to distribule arts craft packs to children and youThJ pwjle in challgIng ¢ir¢umsl2rw and raisod over £6&)D in indivKlual donations Arts Award Arts Avrdrd te delivered with any aFts or cuthjral a(iwty and In any organisats.tm - indudrrg schools. (x)Ig8s. Iheatres. galleries. museums, libraries, arts cenlres, herilage oryJanis8trons, attemativg education provisions. Ferfomiiru groups, youth justicè s8itings, youth clubs or community gr(¥Jps and heahhcafe sefvice5. It validales existiwYJ artists"c interests and can be a child or yOLtng person's first opportijnty to think and work creatively. The five 19vds IDbs(x)V8r. Explorg, Bronzè, Sifvor and Gok11 support ueativ6 prreSSi( from eady exploration to the developmenl ol the professwal skills required to be the next 98etIOn ol art¥sts and art leaders. Artswcffk leads an Arts Awwd Leadership Nelwort of 7 organi$8tions & illdivKltJ8ls who prowde mtIng to arts and CulTal opJaniswms to suptx)rt to emw and str9ngth9n th9irArts Award offer. We were unablg to deliver Aw8rd adv$[ tratniro courses during 2020121 bul instead 18unched a now series of well-attended online support sessbons including Oelivering Arts Award for the first tirng and FurKtTrng your Arts Award prciect. Cr•all¥• ApprnntIshIP PwogTamm• A key facet of our employability wot* ts the CatiVe AFprenthlpS F4ogramme that has been running for 9 y•ars. 202012021 saw thè wcxJrassion ol Cohort 7 in their Level 3 Event Assistant progtsmm6, th the frrst achieving a Disb"rton in their end POEnt assessment and b&"ng offered a Leaming Programme Laad matem )V8r posrtion with thèir org8nFsats"on.
ARTSWORK LIMITED
TRUSTEES REPORT
FOR YEAR ENDED 31 MARCH 2021
Work-based leaming provides an effective sdution for young pee to enter Ihe creative industrias and
pr(MJT&SS wlh confiden. In bjm. Apprenticeships benefit employers see Ihe posth.ve impacts of having
youih voice in-hjSe bringiThJ fresh rSpectIVes, energy and ideas.
Unmjue io ArtsWCk'S offer is Ihat investment is in th8 indivbjual. We ar& bntergsted in thg b8rrMng
that lh• yourwj Fwson makas fwm Int1 to SLtt&sslul
ARTSWORK LIMITED TRUSTEES REPORT FOR YEAR ENDED 31 MARCH 2021 Open Up Music The Placè Sl(y)98p Dan¢ Company W(w¥ten 8nd Th8xtre Young Vic Artswork is indebted to the expert 8nd 8n8rgy (rf its training team and grateful for their work in ad8Pting tralfting to new contexts whilst ensuring a continuirhg h-qual offer. Artswork'5 Profession81 Dèvalopment bTcchure is available for further tnfoTMati. htt ..Ilèrtswork.or .uklresourceslartswor5- roles ion velo ment-brochurel
ARTSWORK LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ARTSWORK LIMED Oplnlon We have audited the financ4al slalem8nts OfArtSw Lmnited for year 31 Marth 2021 comprise st8teThent of finan¢i818ctiMtyes, the baLan¢e sheet, the statement of cash ftows arml the no18S to the finaEKial slatements, induding a summary of Srb[ficant aixx)uvth'ng w)li(yes. The finanryal rertifig frarnework that has been appld in their preparan is applicable law and Unrtgd Kingdom Ac(x)unbng Standards. induding Finan(ièl Reporting Stsnd8rd 102 The FwJ8rwl Rgwth'ng Slandard applKabl& in the UK and RewblK ofItand IUnit&Y Kingdom GenerdllyActepted Accounkn"ng Practieel. In ojrC4)inh. th¥ finartial stat8m8nt8.' give a true arKI fair view of the slate of Ihe charitable C<Thpan$ affaiTs as at 31 March 2021 and of rts incomirwJ resour arKI application of res(wrees, lor the then endY.' have been prOy pr6p8f¢d in alAd8 1 UnFt8d KgdCrfn Generalty Accepted Acc(wJnb'ro PraCte., and 8•$ls for oplnlon We cJ)nducted our audil in a)rdar with Intemational Standards on Audibng (UK) {ISAs (UK)) and 8ppli¢abF l&¥. Our rESnbilit5 und8r those standards are lurther dewbed in the Audilorfs SponSIbl1$ for the atsdrf of the fvmnoal statemgnts sectth of out report. Wa arè indondnt of ts th8ritstJg MpanY in acld3n¢8 vrith the elhvl requirements that 8Te rglevant lo our aLKlit oi the rmala1 statements in the UK, including the FRC'S Ethical Standard. and wo havè fulhlled our 0th9r 8thical responsibilities in ac(x)rdaThx Mth these requirements. We believe that the audit evidence we have obtsingd 45 suffiuent and 8ppfopFFate to PTOVKle a basis for our wnion. Concluslofis relatlng to going eoneom In audEbng thè finanoal statsmts. we ha¥8 corKI1 that the use of tl gowig corKem basis of arwJntirvJ in the preparation of the financrdl statomeftts is approprbgte. Based on thè WLMk we havè Fkn9d, we have not id&ntir1 any malerial unrrtainlie5 relatirvJ to events or ndilions that. indiwdualty or coHectivdy, may cast signifieanl doLtht on Ihe charitable company's abilty to r7tinu8 a going conrm ts a perKMI of at a$1 lVe months from wh&n the finanoal statements are Jr re5p)nsÈth'litie5 and the resFowbthilies of the ITUStees wth resF*d to cortem atè describéd in the rolovant se(Jiorts of this Fgport. (kher Informatlon The other infomiation comprises the inf0mtiOn Indud&Y in the amiual r8wt otlw than Ihe finanoal statements and our avdilots report thereon. The trustees a responble for the 0th8r informatM)n o)nt8ined wthtn the annual reFort. InK)n or7 Ihe fin8nci81 stst8rwits does nol cover the other infomiaiion and we do not express any lom) of assuran condus¥Jn therèon. (hJF reswjnsibdtty is to read the other information and. in d"n w. ry)rwJer whethgr the oth8r inf0mtIOn is materially inconsistent t the financial statements or our knowledge oblained in the course of th8 aud. or OtheSe appears to be materially misstated. If we tilentify suth material ino)nsistenc¢es or apparent material mtsslatements, we are reouirwl to detsFmine wthether Ihis gives iise to a materkql misstate1¥t irÈ the financial slatements themse0$. If. based tho work wè have perfOrn. that thefe is a mattritil mi55tsknnl of this other inlomiati)n, we are rIred to report that fad. We have nothiTrJ io rep)rt in this regard. 12-
ARTSWORK LIMITED INDEPENDENT AUDrroR'S REPORT (CONnNUED) TO THE TRUSTEES OF ARTSWORK LIMrrED Mattets on which wt are requlred to report by èxeeptlon We have rK)thing to rep)rt in resFd of the fvll¢Mng matters in rdation to whi( Ihe Chariligs IA¢ounts and Rep)rtsl Regulations 2(X)8 requirg us to to YOLE rf. in our opin)n.' the infoFmaliM gwen in thè fmncial statements is inconsistent in any matial rw the repori,. or suffmignt atKounts"ng records have rKt been kept,. or the financial stat8fflenÈs are in a9ment with the aOntIng rècorils,. OF we have rtot rec2iveil all the infomatv)n and explanalions we requi for our alIt. As explaingd rYKXè fully in the stalement of resp)nsibiliti8S, the tnjstees, vkno are also diredots of Ihg tharrtabte company for the purpk)se of ry)mpany law, a responsible for the preparati of thg finarrièl statements and for t9 881isfd that they give a tnje and fair view. and for S[h intemal contrd as the Injstees determine ts necessary to enable the paratIon of fin8nci81 statements that are free from material misstement, whether due to fraud or error. In preparing the financ481 statements. the trn¢stees are $Sm)nsIbte for asses%ng U)e charitable oynpartry's atmlity to contsnue as a going concem. disdosing, 8S 8pplIcatt, matters Te13t•Y to going (xjncem and using the going o)Th2m basis of accounting Unl the trusiees eiiher intend lo liquKI8t8 th8 djaritable company or trj case OpertKs, or have no all$¢ altemabve tA trj do so. Audltorfty r•¥pon#lbllltl•s tor th• audlt of the lIn•031 $tstem•nts We have been appointed as aL•Jito( under sectw)n 144 of the charit Acl 2011 and ieport in dance v the Aci aFMI rdevant Ulat4)nS made or having effe(1 th¢reunder. Our obie¢live$ are lo obtsin reasonabte assuran¢x about whether the finèncial statements as a OFe are f from material misstst6mènt. vthether due lo frdud or enur. and to issue an audilorfs Ihat indudes our opb'n40n. Reasonatle assuran is a high level of assu but is not a grantee that an Ix)ndu(aed in acCor(jar with ISAS IiIKI will 8fvAys delect a material mtsstatemgnl when it exists. Misslatements can a from fraud or 8rror and are consicsered material rf. indi¥lualty o¥ in the aggregate, they (ould &SOnatY bB expected to inftuence Ihe economK deosions of ¢Jsers taken on the basis ol the58 fiRanaal statements. Irregulaniies, ind31rj fraud, are instsrKs ol nOn-comlance with laws and regulations. W$ d¥s¥Jn proc<Js rn line our responsibilitie5, autlinerl above, to deieci malerial misstalements in respeci of ¢ffegularities. induding fraud. The gxtent tr) which our procayures cap8bl$ of Ilet•cting Irregularit. wding fraud. is delai b810w. Extent to whl¢h the audit Tmas u)nsldered capable of detecting irregularitiès. includlng fraud Our approach to identifwng arHI assessing the risks of material misstaternent in respect of iNegulaTslies, indudirKJ fTrud arKI rKm-U)mpliance ¥th laws and regulat)n8, was as follows". the engagement pathr ensured Ihat engagement le colleclivdy had th9 apprO"ale 0)mpele. c8p8biliti88 arKI skills to ijenbfy or recognise norHX)mpl1an wth aWicable laws and regulations. we identified the taws and FBgulali)ns applI(b to the company through discussions vAth diredots and olher rn8nagefft. and from wr (X)Mmeial know and experierKx. we focused on speufi¢ laws and regulations v+hic we considered nY have a dirert mat8rial 8ffect on the finanual st3tem&nts or the wrations of the MpanY. induding the Compan5 Ad 20[, taxalion legislation, data protectn. employmgnt, gnvironment81 and health and safety legislalion. we ass8ss&d the extent of a)MFlanCe th the lavts and regulabons k*ntrfied atrxive ItHwgh maknn9 enquiries of manwJement. 13-
ARTSWORK LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ARTSWORK LIMITED We assessed the suswtybrfty of the iyjmpany's finanrial stat$Wll8nts lo matèrFal mi&%tstèmanL induding otitsining an under5tsn(ling of how fra1 might 0(U, ty. makirvJ erwumes of rnarwment as to they conshjerad there was sUp"tty to fraud. their knowwge of adual. suskcted and al¢eged fraud. o)nsidering the inlemal controls in place to mrtyate rkS of fraud arKI n-MlanCO Wtth laws arKI Audit rnsports• to rfsks kkntlllod To addr8&8 th8 risk offraud Ihnwh management bias and override ol oythols. we.. rfomièd an01ICal prctedLtres to identsfy any unusual or unexpecknl relati0rhIps. tested ioumal enlries to Klentfy unusu81 transadiws. t8St8d a sam8 of BACS paym&nts to identify payments being m•Je to Uneyted bank ac(x)unts. perfomied tsansa¢tKnal testing on payroll $15 in respect of those ernOy vAih wnsibilrty or authority in connectb)n wtth the payrDII fiJncb"on. assessed whether judgement5 and assumplK)ns made in determining the wtsJniirrfJ ests'rnates were indicalive of wtential bias. investigatwj the rntIOna behind svJnifKanl or unusual tr4nsad$. vthich inclu(Fe(l. but weie Mt limit to.. . agmin9 financkil slalemert dFsdosur8S to undetyng SUPlKxtirwJ (lo(JJment21¥)n. enqusring of rnanagement &s to 8Ctu81 and potentsl I1trJat antt da•ts. There are inherent Itnwtations in our audit prcKxdurgs dèsui1Y above. The nv)re Temoved that laws and fegulalK)ns arp from fina1 traron5, the less likety tt i8 that we ¥¥ould become aware ol r4x)mplianCe. Auditing standards also timit the audit procedures rgquiTed lo idgntrfy rKM4x)mpliance wrth la and regulalions to enquiry of the dJrectoTr and other management aEKI th8 insptsdvm of WLFlatory and legal wwThYence, any. Material mtsslatem•nts that ar t1ue to fraLwJ can be harder to detecl than Itt arisg from èrror as they may invdve deliberAte con11nt or collusw)n. A further descFiPtw of our responsibilttw Fs avafièble on the Financial Reporting crmClI,$ EbSite aL https'.11 wWw.tr.OTWJ.ukJaudittirstssKxM)&.I1ioas. Thls descript fc¥ms part of our a410$ report. 13 December 2021 Flander TovoN Llmlle41 Ch#rt•r•d Attountsnts st89 G8t8s House SW ThgAvenkJ8 Southampton Hampshire S017 1XS Fiander Tovall Limilwl is digible to act as an audiior in tsms of 1212 of the Compani&sAct 2006. 14-
ARTSWORK LIMITED STATEMEKf OF FINANCIAL ACTivmES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021 Total Unrestrwd RestrK#ed lunds 2020 unds 2021 2021 2020 Note¥ DDnalvMs and legacies ChItae adivib.es 18 119,810 1.720,685 1,840,495 6,424 6,424 5,095 17,299 1.022 154,539 1.686.897 1,841.436 10,577 10.577 Other inc¢)me 12,204 Total ineomè 131.347 1.736.553 t,867,900 168,138 1,686,897 1.853,036 Chalitae actitieS 135.384 1,643,453 1,778,837 141,426 1,742,897 1.884,323 Nèt {•Xp•ndIrèVc0Mè for the yearl Net movement In fund8 {4.0371 93,100 89,063 24.712 (56,OC¥)I 131,2881 Fund balances at 1 2020 459.218 1.530.843 1,989,861 434,5(13 1,586,643 2,021.149 Fund balances •t 31 H?h 2021 455,181 1.623,743 2.078.924 459,218 1,530,643 1.989,861 The stalennl of financi81 ac11vit5 indudes all gains and losses re(xonised the yew. l and exrwditure derive from ctintinuing athvil. The statement of financial activtti.es also complies with the requirernents for an irtcome aTrJ exFenditure accJ)unt under the ComparipsAct 21K. 15-
ARTSWORK LIMITED BALANCE SHEEr AS AT 31 MARCH 2021 2021 Flxed atysets Tangible assets 11 9.592 17,4( Debtor5 Cash at bank and in hènd 12 138,282 2.151.643 45.502 2.027.371 2,289,925 2.072,873 Credltor8: amounts faHlng duty wlthln 13 1220,593) {100.4181 2,069,332 1.972,455 2,078.924 1.989.861 Incom• fitnds Restri(Xed funds 16 1.623.743 1,530.eA3 Designated funds Gerw81 unrestri(Xed fvThJs f 7 25.2 429.891 3.228 455,181 459,218 2,078,924 1,989,861 These finanei81 statements have tw) prnpargd ift acD)rdance vth the pft)vInS appIe to ¢xJmpanieg subject to the sm811 7panieS regrme. Iz The financF81 ststemenis w¢ro approved by thè Trustees on....... .......... ...... N Brnan Chalr Company Reglstratlon 140. 2150619 16-
ARTSWORK LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021 2021 2020 Cash generated fromllabsorbed by) 119.347 49.9221 Inv•stlfig actl¥ltlg• Purch8s8 of tangle fixèd assets Interest 11.4991 6,424 116.8101 10,577 Not generated frnml{used lTrl 4,925 16.2331 N•t eash ln finandng actlvltl•s Ngt Increasel{decreafjel In Cash and ¢ash •qulvthnts 124.272 156.1551 Cash and cash eqiJiv81wts al beginning ofyear 2.027.371 2..528 Cash and u$h oqulvalents at end of yo•r 2.151,643 2.027.371 17-
ARTSWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Cl)mnY Informatlon Artswork Limrted is a thtyrltab company li11tit by guarantee incorted in ErrfJland aFKI Wales. The reg4St8red office is Fwst Floor. Latirw HSe, 5-7 Cumberf8nd Place, Southamptffi, Hampshile, S015 2BH. 1.1 Accountlng convw ac(xyJnls have been prepared in a¢imJance wilh the ¢haritae companys Mèmorandum of ASSa, the C¢)mpanies Act 2006 and 'Ac(XMJnting ar RewyhTrJ by Chorities.. Statem8nt of Recommended Practice appli(ble to charrbes preparing their acwunts in accordan vitth the Financial Rewjrting Standard lcable Fn the UK and Republic of Ireland IFRS 1021. las arnended tor accounting per¥yJs o)mmen(%ng Inn 1 January 20161. The tharItab cempany is a put1¢ 8enefit Enbty as dèfined by FRS 102. The a(x))unts are prepafyd sn sterfing, is the fvnclKThI ojrrency of the 18rilatAe company. Morntary amounts in these financial ststements are rourmlsd to the nearest £. Th8 financial slalem8llts have been wFpared Jnder lh8 historThl o)st cx)nvantion. The prpaI acC0Jnti OMx&s adopted are set out below. 12 Golng concern At the time of 8pprovirKJ Ihe ac(x)unts, the trust885 have a reasonable expectatiors th Iha charitable company has adequate resour(s to ccnlinue in owatwal eXne• the f(wes88able future. Thus the Truslees continue to adopt the w'rvJ ¢y)rM basis of a(xx>untTrng in PTepaEirMJ the acc¥)unts. Thg Tnjthes have Cry1 the impact of the gtobal CovKI-19 pandemi¢ On Ihe ability of the (baritab16 (xjmpany io continue tradiNJ for the foreseeable fuiure. The Tnjstees havè conswjered the lèvel of funds d and exp6cte(l Ve1 of income and expenditu 12 rrNMths from authoristng Ihese farjaI slalemerts. The bLbdgeled income and eXperK1ibJ is suffjcBnt wAth the level ol re58Nes for the ch81itable cA)mp8ny to be able to wntinue as a going o)ncem. 1.3 Charftable fvf UnStil¢led frjnds S avarfable for Ltse at the disixgikn ofthe In Èn fvttherance ol their charitatAe Deggnated funds comprise funds whth have been set a&de at discrelion of the tnJsteÈs for SF purposes. Th8 purF¥)ses aj of the dewgnatad funds are sel OLFt in the notes lo thè financial statemtrnts. RestrKagd fiJrKts are subject to specific Condit by dorm as to how they may Ltsed. The and of the feslridod fvnds are set (Mrt in th8 rte3 lo th6 [maal 5tstgmgnts. 1.4 Incomln9 rnsource• Inuxne is iecognised when the charitable (x)mpany is jggajly enlilled to li after any perfoTman¢ condtbons have rW, thè anyyjnts be maasuTed reliably, and it is probable thal income will be ceived. has been nofi of the donatK)n, unless perf0mCe coThlitM)ns requiTr deferr81 of the amount. Incomè tax recovelab in relation to donalKts received under GiftA•J or de8ds of covenant is recwtsed atthe ttme of the flonatN)n.
ARTSWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Accountlr4J pollciB¥ LegarA"8s are remgnised on reIpl or oiherwise ifthe tharitable company has ten nolified of an impending distribution, thg amount i8 krthvn, and rece4Pt is exFWted. If the amount is not krK)wn. the legacy is trealed as a contM)gWrt 8sseL Grants ate recogniJ Fn full in thg Ststwwwt of Finnual Activity in the yr N) whth they are recervable. Grants related trj specific Pthrman oulputs or servv levd agreemenls a d855ifig<188 Incoming resources for charitable activitiès and 8re reLyJgniseO when tharitablg (x)mpany has eamed l.$ Re8ourw expended Li8bililies are recognised trn the pèriod lo whth tw ietate. Tha valua of any liabslty indudes irrecovef81Ae VAT Who Resourcw expended are amocaled dir• to the relevant actNity. propd or fimd as far as possible and in accordanr wth the agreed funding temts. 1.6 Tanglbl? fixed ass•ts T8ngiUe fixed assets are initialty mUr8d at wsl and subsequently me8surod at C4)st CK valuation. net of deprecialK)n 8nd any iMpa¥ent losses. DeplatIOn is reu)gnis8d so as to write off the c£tst or v8lLF8tion of assets ths therr sIdUal v8lues over their usehjl Irves on the f1oWFn9 basès." Fixlures and ffttin95 Compuier5 25% reducing balance 33% straight line The gain loss aiisrTrJ the disp08al ol an asset is as the drfferortt the sale proceeds and the rryIng value of Ihè asset. and is recognk8ed in net inrrjmellexpendituyel for thè y. 1.7 lmpalrnt offlxed a•s•ts At reKMXting date, the charitab ¢arY reviews the carrying 3Nx)unts of its tsThJible assats to det8mtn8 wh81her the is any indicalK)n that thoge assets have suffered an mPa118nt loss. If any such indNlion exists, the {X)verable amount of the assel is estimal8d in order to detem)Fne the extent of the impairment loss Irf any). 1.8 Cash and cash equlvalonts Cash and cash equNalents inclLJe cash in harwj. hdd c411 bonks. ots sh)rt-tenn IKltJwJ investments with ongin81 maturilies of three nnthS Ix tess, and bank ovenjrafts. Bank oveT(Irafts are Shown within t¥)N¢Ming$ in TTent liabilits. 1.9 Flnancw In$trum•nts Th8 charilable tx)mpany has electe£t to the provisions of SectK)n 11 'Ba&ic Financaal Instruments, SectKsn 12'0ther Fina18$ Instnsments Issues, of FRS 102 to all ol its finanaal $truents. Financial instnjments arg rgcognised in the Chantab company's balarKe when Ihe dthabIe comparry becomes party to th6 Contractu provisions of the instrumènL Financial assets and liabiliiks ar$ off59t, with the net amounts pfysented in the financ4al statements. there is a legally enforceable right to set off the recrynised amounts and is artr intention to settle on a net basis or lo reAEis8 the asset and set#e the It8bility ttaneOusly. 19-
ARTSWORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
Accounthw Wl¢kns
(Conllnuod)
B•8ie finanelal assets
Basic finarrial &8sets, vknid) includè debior5 and cash and b8nk balanrs, are initially measured at
transaction prte indLwJing trarJsaion rx)sts and are subsequenlly carried al amortised $1 using the
ffectNe interest Methl unle&8 the 8nangement constitutes a finanring transactioft, the transaction
is measur8d at lh8 pr85ènt wdlue ol the future receipts discounted at a mathet rate of interest. Financial
ImpalrmÈnt ol flnanclal •ets
Finanual assets. other than thos8 hakl at fair value ihnjugh tti¢om& and expenditure. are assessed for
indicators of irnpawrnent at each feporb'ng dale. Finarrial assets are impaired where thère kg obpdive
evlderw that, as a iesurt of one or rThxe e¥ents that cwjrred after the initwt reuNJnÈbon (rf the fmancial
8ssel, thè estimaied futu¥e cash flows h8ve been affe(led.
If an asset is tmpair•d, Ihe impaim)&nt loss is the drfter8ncè beiwoen the catrrng alTrn1 and thè pyesent
value of the e5tsmated cash flows di8cxJunted Ht the asset's original effectW8 int8r8St tt. The impairment
l¢)ss is reC¥)9nOd in net in¢x)mel{exp8ndrturel for the year.
Ir Ih8r8 is a tlecrease in impaiwrngnt Eoss arising from an event IWAJrring after the impaint was
nised, the impairnwnt is revèrsed. The reversal is such thBt the (yJrrent caryiThJ amount do8s not
exceed vthat Ihe rying Amount rId have b98n. had thè iMp"M)ent not t)8en rncwised.
The impairmenl reversal is ¢Cjnlsed in net irkcomellexpenditurel for thg year.
Owewnitlon ot finanetal assets
Financial ets are defentsed onty when the conlwtual rights to the cash fiows from the as8d ow.re
or are setU&J. or wthen ts chaiitable CpanY transfeTr th8 finanual asset and substantially all Ihe rFsks
and reward5 01 rywner5hw tD amther entity. or rf Some nCan1 r¢sks and rew8r(Is ot ownership are
retained iwt Ixmtrol of the asset has trartaNd to aTh)ther paty that is awe lo gèll th6 asset in lis entirety
to an unrelated third paty.
Bask financlal Ilabi11150s
Basic finanoal liatM'lrts, induding uBditors and bank kyans arg ini11ty rnISed at transa(kni pnce
unless the affangement cx)nstilutès a finanong IransactKJn, wh8rè Ihe debt irkstrument is maasur8d at the
presenl value of the fthure Yments dlscounted at 8 market rate of inleS1. Fina181 liabrltti.es classified
as payable within ontr are not amortiWI.
Dobt Irthijmtts are subSeqully at o)sL using the afferlvve inlere5t r9 Fr.
Trade crertrt(X5 artr to pay g
ARTSWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 A¢countln9 pollcle¥ IC¢)ntthuodl 1.10 Provlslons Provisions are reoyJnis&Y the charit8b company has 8 Wl or (x1nth pr8Wt oblJation as a re3u¢i of a past event, il is prObae that the Charitable o)mpany will be requi to selt1• that oblybon and a reliae Èstimate can bè made ofth8 ofthe oblwation. The amottrnt re(xJgnised as a prOViOn is the best estimate of the consJeralion requirbd to setue tF present ob1vati( at th8 rew)rtrng end date, tsking inio aTrI the iisks and uncertainttes $4Jrrounding tr obligation. Where the eff&a of the time value of money is material, the amount exFeCted to required to settre the obJig8tion rpcryntsed 81 presenl Value. When a provision rneasud at present value the unwindfftg of disa)unt is re(xNJnised a5 a finan (yJst in net IncorlIependIlTe) in the peryY it arises. 1.11 Employee beneffts The cosl of any UnLd holiday entillet is reoJgni£ed in period Fn the em0Ye'S sèr¥ are recved. Tenninalion benefits &e Teownised imnKdialety as an expensè l)èn tha th8rilaNo (>)mpany Trs deryk)nstrably (a)mff1ted to terminate Ihe employment ofan employee or to providtr tenIatiOn Lnefits. 1.12 R•l¥rement ben¥flts Payments to d8fin8d conlribulKJn retTrre benefft schen$ are as an expense as they fall 1.13 LM•es Rentals Payab under operating leases, indudtng any lease incontives rec•iv8d. are rtrged •$ an èXPon$e orl a straight ling basis over Ihe term of th& relevant lease. 1.14 Gwgmm•nt Grants Govemment grants relate to furtjgh damms arml are rec¥KJnised in tho SOFA in the sam8 perKJ as th8 sts to vthich they relate. In Ihtr app1KalK of ts drible rrmwny's xInting poliues, the trusteeg are requir1 to makè judgements. estimaies and assuMptiS about the amount of 8ssets and Itab[beS that are not readily aF)parent from other sources. The estimates and assctiated assuffpb.orks ar& bas&d on hisloEJC èxpèrten¢8 8fKI 0th9r that are consMJer•Y lo be relevant. Actual Sum$ may Irom these eslimates. The eskn"males and uThJertr assumptrons arè rèvièwed on an ongoing basis. ReviOn$ to acLY•unliThJ gstimatgs arg recA)gnwd in the period tn whi(* the estimate is revise(I whwe the rev¥5ion affe(ts lY that , or in the peiiod of the revision and future wicds where the aflecls ith 4)Jrrent and ftthre PgE¥ods. 21
ARTSWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Totsl Unr9Stricted nds gener81 2020 fund$ gengral 2021 furtds 2021 2021 Donations and gifts 18 3.664 3.682 1.022 Services prov4d&l contracl Perfomiance rdated grants 119.810 1,720.685 154.539 1,686,897 1,840.495 1.841,436 Anal8 by ILHKI Unrestricted funds. gerTal RestrKted kjnds 119.810 1.720.6&5 154,539 1.686.897 1,840.495 7,841,436 ACE - Brge plect Othe Isee full breakdo%wTr in note 16) 1.641,354 79.331 1,613,397 73,5LK) 1.720.685 1,686,897 lTrvostrnents funds gen¢ral 2021 fun(Ss gene¥al 2020 Interest retivable 6,424 10,577
ARTSWORK LIMrrED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Olh•r fneom• Unrestricted Roltrictsd fund# fvnds general 2021 Totsl Total 2021 Other income 5,095 12,14 17,299 2020 JO,167 9.313 829,282 867,519 7.428 994238 Deprec#ation and impawn*nl 1,768.7V2 1,889,185 10,075 15.138 1.778,837 1.884,323 Analysis by fund Unrestricted tunds- ger1 Re5tricte(I funds 135.384 1.643,453 141.426 1.742,897 1.778.837 1.884.323 2021 Support Goveman( 2020 ¢osts Audit fees Aeeountancy Lepl and profes081 7.0 1.080 1,9)5 7,338 4,8 1,080 4.8CM) 10.075 10.075 15,138 15.138 nalysed between Charitable a¢twitio$ 10.075 10,075 15.138 15,138 -23-
ARTSWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 None of InJ$toes lor any pèrsons conne¢ted wrth them) fecewed any rBmunw8tion during the yoar, but 4 of them were rmbutsed a total of £453 travelling eXpenl2020- 5 We reimbLSrwJ £6511. 10 Employees Ilumber of employ••s The average numberof ernoYeeS during the year was.. 2021 Numb•r 2020 Number Full b.me Part time 16 14 16 13 29 2020 Wages and s4lari&s Social security other pewon costs 839,352 75,208 15,607 782,202 70.794 14.523 930.167 867,519 The number ofenwtyees on a full lime equNalent basis was 2712020.. 261. The number of eMoeS ¥those amual remunerat)n was £60,000 2D20 Ilumber Number £60,0 lo £69,999 -24-
ARTSWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 11 Tanglljkn flx•d assets Cost At 1 April 2020 NAjditlS 1,516 63,598 1.499 65,114 1,499 At 31 Maich 2021 1.516 65.097 66.613 D•prnelation ar Impalrnwnt At l April 2020 DeFwakn ¢arged in Ihè ybar 1.499 46,209 47,708 9,313 At 31 March 2021 1.503 55.518 57,021 Carrylng amount At 31 March 2021 13 9,579 9.592 At 31 March 2020 17 17,389 17,4L 12 O•btr•rs 2021 2020 Amounts tslllng du• wlthln one year. Trayg debt(s Other debtors Prèpaymeftts aThJ ac(•Jed income 2.103 5.251 130,928 12,017 6,131 27,354 138,282 45,502 13 Cr•dltors: amounts faHlng due wlthln one year Other taxation and sryi81 swrTiy Defgrred incomg Tr&le creditors 18,224 5,452 184.236 12,681 17,563 6,800 57.780 18,275 14 220.593 100,418 -25-
ARTSWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS (COKnNUED) FOR THE YEAR ENDED 31 MARCH 2021 2020 Deferred in(xyne Is Inced in the ffir78rri81 stalements as fdkrws". 2021 2020 Currenl I11•lleS 5.452 6,800 6,800 Deferred in¢oTh rdates to o)uTre Ixy)kry fees Tecfft¢J in adva. The enlirely of the balwxe at 31 Mah 2020 had been released to SOFA in the yw 8fLded 31 March 2021. 15 Rthlrnm•nt b•n•fft schemes Defin contrfbutlon schemos The chariEatAe CL¥npany operates a defined 0)ntr1tl10n pension stheme fof all qualtyry ernoYeeS. The asset5 of xheme ar8 Sepatety f)ffl tIKw of charbtable H) an iThJ8pethUy admin¢stered Thè chwge to profft and loss in iuspocf of defir1 ntlYli0n schemes is SP*7 in note 9. £4,01412020. £3.6601 of these fA)nln"bLrtv)ns are Unpa &8 at the balance sheet dale. -26-
ARTSWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 16 Rostrfct•d fid9 The inrne furbds of the charity 1ndLe restncted funds wmprising thg followiThJ ur*xpended balances of donations anfl grant5 held on Injst for specific purtM)ses'. IAov•mènt In funds 1 Awll 2020 31 IQ21 ACE - Bridge indudiry Artsmark and DFE Creative WrentKe Crealivity Plus Portsm(Ath Sknlls Arun Levs Create 1,356,187 1,641,354 11,554.9891 9,760 19,143 117,0131 17,4941 7,494 27,867 12,204 144.323 30,000 26,358 1.442,552 11,890 (15,1751 {31,5LX)I (24,7761 24,8 142,823 1,530.643 1,736,553 11,643,453) 1.623,743 Aris Coundl England- Bridge Including and DFE fitrndlng In April 2011. Arts CoL¢ncil EngLand IACEI announ(%d a new n8tional netsrk of Brge, org8nisats)ns. to ensure all children and young people exrience the rtrchTress of the arts bolh in and outside of schoth. Ajtswork WAS Sele1 as one of the 10 8ridge organ¢satK)ns across Englaryj - inrti81ty from 2012 to 2015 - to work stralegiLally to develop and deliver increased access lo arts and cUttU, and bèttèr cK)nnect arts and CLtMural cKganisalions with thildren 8nd yOLJng people, familEs and schools. ACE )mmi1 sorne £4.5m over this period to lo deliver this ro. Tho funding o)mès fr(xy) £10 million 8 year of Loitwy money vthKh ACE has allocated 10 8upKM)rt their network of bridge organisalions. In 2014, ACE ConfiMl a further tranche of >year Bridge fvnding to ablg Artswork to deliver a se(x)nd phase from 2015 to 2018. ACE hav6 recenlty confirmed a fvrther tranche offu[lg to allowArtswork to u)ntintJe to deliver Bridge unbl 2022. Working in pathership wth EaSe[g College th cullural empkJyeT3 in Hampshi. Portsmoulh. Sryrthamplon and the Isle of Wtrjht. Artswork continues to delNer a CreatN8 Apprenticeship Program. This was de&gned tr) ueète new entry level TOUte$ into the creative aThJ cultural sector, to diversrfy th8 workforce. an¢J lo provide Yo)rk based Itamrng opw)rtunit18s for young people to equip them wrth praclical sklls and knedge redj to develop a car fft the alts anil ¢uNural $e(#ors. -27-
ARTSWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Icontlnuedl e) Creatlvlty Plus Artswork successfulty SUprtl Hampshire Chamber of Cornme to submit a bvj to the Arts Cotlrril's Grants for the Art5 prrJramme. This has Tesulte(l in 8 2-y6ar OrShiP corthct now extènd between thè Chamber ar Artswork whth wdl al Aim to t(1 a wKler arKI more diverse pcxjl of Creative an(J Cullural eM0yerS interestgj in SuppO.ng pgOta8 in thè rkplace., bl SupFyi the piloting of a rew Artistic Cr8ativ8 Enterprise Pmgramff for Y(9 people partripating in vrk based leamwvJ programme5 induding apprenliceship$ and cl Enabk Artswork to unrttsrtaktr some organisation d0pment at a time of raryd govgmmental change in the delivery of apprentiShips. Creativity Plus is about growing and securing the futu of an innovatNe programme of creat¢ve work-based 198ming in the Sotthmpton area arKI bèyond. Al its heart is thé CreatNe Case for Dwwgty, and ensurw of to eftty4evel jobs in the creative and CutlUr industries. d) Portsmouth creati Ski118 Programme Building on the ssS of the Creative Skills Initithe la nalK>n81 proyrammè for 1&21 year old$l. wè have begun delary of thè second year of a thre8-y8ar Portsmouth Crealive Skn'lls Programrne, which we a uThJertakn'rv4 wrfti Port¥mouth Crty Ccwnal's virtu Sth[ LeèvirKJ Cafe Thi5 funded through The Blagrav6 TnJsl, and forrr6 part of the w¢Jth of Portsmoth's CUltW Ed[tIOn Partnership, wrth 8ssooated Partnership Inveslmènl. Year 2 wll see aJditson81 knrKls from BBC Children in N8ad. •) Arun In MaTth J)18. follomng a $LS$E submission by AJtsworK the Board of Culture. Art and SF¥Jrt (Arunl Limited, a former provider to Dist1 Council, grfled £250.0(X) to Art5work to support arts development and growth in Arun. Enhanced by Partnership inves1mt (£1W,[l agreed by Art Trustees Art5 Counul England, Arts%%vk is.. al Supporling Ixjr delivery partner. Chichester Faslivd Theatre, on a programme Ihal indu(lès." Antibullwng project IAdvoracy in Schoolsl SthooLs' Fest la (%lebwab"on ol young peoplg and tha 8rtsl Inclus and Diversity working wrth vulnerable young people in Liittehampton ar¥J Bogr bl DeveloFir¥J a businwJs plan againsl three Klentified pwioribas . Rawjg A5W"Talions.' ImprtsvirwJ Ment heatth and 1bIn9 tmtO)rrS for CYP through 8rt$ and culture. Embedding the work in 8conom regereration and inrxBased pride of place in Arun fj Lefs CrgJte Artswork partr(ipated 7 a national in41i8tive deliVert by Bridge organisaliorks to (rnale and delNer pac*s of alls ar¥J crafts materials to thildien and young peOe in nee(1 <x f8(ing disadvantage the south east. Inalty funded by Arts counc Engknd and the Crafts CouThil. wth furthw fuThJs from The Art Fund, the proJramrne delivered to coincide with the 2020 spring. summer arKI autuffln scfKx)I holidays. A further Clvislmas iniliattrve was made w)5s1e through donatws r8iwl through Ajtswork's indwidval giwng ¢2mpan. Packs werv distsibuted to children arts oanISatls. edL¢cation settirys in¢ding SEND schods. food banks. libraries and youth organi5atKJnS.
ARTSWORK UMITED NOTES TO THE FIIWICIAL sfATEMEMrs {copinNUEDI FOR THE YEAR ENDED 31 MARCH 2021 14.426 31.W7 $25 34•9 148.6361 IT.1aii 28.7 •476 21977 S3T 10.r 39J17 152.0401 123.971) 14.753 537 lor 56.C48 )4.299 156.744? 29.7 3&311 trn.(Mn 25 •) In¥••ihth th#FF Irt 201$, wa$ *JM5 Catatyst Evth fu. Th13 aims
ARTSWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 18 Analysls ol net b&tween fvnds TJtsl Unrestricled Restiided frJnd$ fvnds 2020 2020 Tolal funds 2021 funds 2021 2021 2020 Fund balan(s al 31 March 2021 are reprewnted by.. Tangible assets Current assetsl (lithlitiesl 17.406 17,4( 2,069.332 2,{9.332 441.812 1.530,643 1.972,455 2,078.924 2,078.924 459.218 1,530,643 1.989,861 In 2019, nei assets were allocat ben the funds vith E1,586.643 of assets hdd for restricted fvnd$. The baLarKe of ¢wrrent assets (£426.4831 and fixed assets1£8,0231 held for unrestrKted fvnds. 19 Financlal commltmènts, guarantèas and contlng•nt IlablHti86 The tharrtabie c<npany is commrtiad to pay £856,052 I20 £1,199,929) in reLatron to funding ag{een{S agreod with PFDvJers for pro9fdmme ddivery where paymeni ¢Mdrtion5 have r¥)t yel been met. 20 Operating lease commllmnts At the rewtn9 end date the charitabte ojnpany had OLtslandiz¥J (x)mmthests tr firture minimum 18ase payments under nOnanlIable operating leases. which fall due 85 floWS.. 2020 Within one year Between bvo arKI fN6 years 63,846 63,846 61,148 127.6¥2 61,148 DurirvJ the riCl. Ihe (#ritae mpanY fecoJnised £65.33612020- £65.3381 of lease (x)sts in reskwa of leases dola1 Trn this not8.
ARTSWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 21 Ral p4rty transactlons R•munerallon of key manag•mont pgrsonnel The remuneration of kèy m8na98rnenl personnel. i8 8$ frAIow3. 2021 2020 Aggragale (aynper¢3atw)n 338.114 358.716 None ofthe key rnanagernt penI are Itee$ or di. 2021 2020 Surplu{deJtl lor the year 89,LK3 (31,2881 Adjustments ." Investment income re(x)gnK¥ed In 8tstement of financ* adivib.es Deweuat¥)n and nlMI9n1 of tarrfJie fixed assets 16.4241 9,313 {10,5771 7.428 Movements in wothitVJ C8Pital.. Ilncreasel in debtors Inuease in credrtor¥ IDecfv8581 in deferr•Y Inne 192.7801 121,523 (1,3481 (22,2861 9.237 12,436} 119,347 {49,9221 23 Analysls of ¢hanges In net funds The charrtable company had no debt during thg yèar. 31