THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 CONTENTS P4e Charity infomatpjn Report of the Chair Report of the Tru$lee5 Rep¢yt of the Independent Examiner 10 statement of FinarKial ActNitEs 11 Statement of FinClaI PositK)n 12 Notes to the FinarKial Statements 13-17 The followng pages do not form part of the st8tu1oryfinWia1Sfatefften.. & Expenditufe Ac£ount IG8nwa FutMI) 19 Page 1
THE SPACE REPORT AND RNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 CHARITY INFORMATION Charity Name The Space is the working name of the St Paul's Arts Tnjst. registered charty number 801587 Trustees serving during the year and slnce the yearryend: Elizabeth Dowd- Company SecTrt8ry Clare Hayes Guymer Pradeep Jeyaratnam-Joyner- Chair Caroline Jeyaratnam-Joyner Kale Osbome Nichoks SMrt Vre-chair Andrew Straw- Treasurer Lesley Young Martin Young Trustees leaving during tho y8ar and since the yearryend Reglstered Address 269 West Fery Road Isle of Dogs. London E14 3RS Dlrector Adam Hemming Bankers CAF Bank Ltd. 25 Kings Hill Avenue. Kings H1 West Malling. Kent, ME19 4JQ Solkltor4 Denton Wilde Sapte 5 Chancery Lane, Lond EC4A 1BU Founder Robert Richardson Patrons Sir lan McKellen Marie McLaughlin Page 2
THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 REPORT OF THE CHAIR Hello and welcc¥ne to my report as Chair of St Paul's Arts Trust. The last year was a y&ar of celebral#)n, in rnre ways than one. 2021 wa5 the 25th Anniversary of the Space's opening and it was a delight to celebrate the venue, past and present staff arKI the Trust's ongoing role in the centre of the communty. The quarter-cenlury birthday was marked further as we resumed normal operations after the COVID-19 lockdown lifted. As atways, the team were resilient and creative in keeping our audbences and arti8ts safe while creating a welcoming atmosphere for all. I was particularfy Impressed with the continuation of our online and live-streamed work. What was created from the dark days of lockdown has become a vital shuwcase for our artists aThl a way ft)r the Trust to access new audiences and share great work. The St Paul's Arts Trust (rradingl Ltd was set up to manage the re-opened Space Bar. To get to thi8 Stage has inVoed a large amount of remedial woth. staff training and inlemal organtsalion. This alongside opening hosprtality business in drfficult trading conditDns has meant that the entire leam has been wotking flat out. Getting the bar operational and managing the asscKiated IMpt on the venue has been much of the board's focus. Meaning the strategic plan and proc&Jure review have been delayed. We all hy for a retum to more business as usual in the next year. My personal highlight was joinir¥J the creatNe team fc* Spe25 and wothing with an extra)rdinary group of artists. It was a reminder of the brilliant talent the Space has fostered overthe last 25 years and the affection wf(h whh the venue is held by Peop who have worked with us. It was fantastic to see old friends on and behind stage and in the audEnce. Sadty. at Space25 we said gcodbye to our twre mar)ager Keri Chesser as she left us to pursue opportunities as a freelance Sound Designer. Keri has lived and breathed the Space and is the embodiment of our values of inclusivty, artist qualty. and creativty. Vrfe wish her and Tom well. I'd like lo thank the board, arts committee. event management committee. volunteers. and intem$, Adam. Matthew, and Melisande for their extraordinary work over the year. This year Méli8ande has taken on an increased role. and we have wekomed Catherine van der Hoven and Bethany Sharp to the staff team. Mélisande, Catherine. and Bethany have had a bng as%)ciabon with the Space as artists and volunteers so it 15 brilliant lo be working wrth them even more. Their presence has bn crucial in alkhving the Spa¢9 Bar to build as a business while not compromising on the smooth running of the spe. Pradeep JeyaratnartJOYner Ch8ir. Sl Pauls Arts Tmst 24 January . 2023 pe3
THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 REPORT OF THE TRUSTEES The Trustees present their Report and the Financial Statements of The Space for year ended 31 Mah 2022. CONSTITUTION The Spe is the working name of the Sl Paul's Arts Trust Iregislered charity 8015871, whh is govemed by a Trust Deed adopted on 21 April 1989. ORGANISATION OF THE CHARITY The governance of the charity is carried out by a Board of Trustees, and the daY4daY running of The Space is delegated lo the Director, who Mane$ a small team of staff and a soeable number of volunteers. APPOINTMENT OF TRUSTEES Trustees %Mth the appropriate skills needed are appointed to the Board of the charty with the assent of the majority of the Trustees at a Board meeting. The Board has procedures for the induction and training of Trustees appropriate to the size arKI nature of the charity. OBJECTIVES AND ACTIVITIES The objectNes of The Space are the prowsion of a ccffimunity centre wi the fom)er St Paul's Presbyterian Church in milall, London and the promotion of the music. dramatic, cinematic and other arts. To achwe its objeetives, the charty runs a perfomiing arts and communty centre based in a converted chUh in Wesrferry Road on the Isle of Dogs, East London. Since May 2015 rt has also run a new performance space in the Crossrail Place Roof Garden in collaboration with the Canary arf Group,. this occurs from May to August alongside the usu81 year-ri)und actmties at the original Westferry Road site. The charity is ccffimitted to promding a broad range of everrts and cwortunities perfomets of all kinds. It believes in gNing people... ..THE SPACE TO ENJOY We schedule a year-round theatre programme, with additional Mus, comedy and dance events included. We work Mlh new, emerging and established theatre-makers to present work that exci(es, entertains and engages. We host over 250 perfomiances per year. ..THE SPACE TO EXPLORE Spaceworks, our participalcxy theatre company. provKles creative opportunit$ for chiklren and adums. Spaceworks delivers workshops and Ferfomiance (pportunities for local re$entS wth a focus on creative leaming. pwsonal and social grcmth and corr¥nunty cohesK)n. .THE SPACE TO BE INSPIRED Our in-house theatre company. Sp&e Productions has been nominated for six Off West End Awards. We create quality theatre, providing employment lor artists and further publ engagement opptnitIeS. Our Artist Development S¢heme includes a programme for assock8le theatre eompanies and Scriplspace, a feedback service for playwrights. ACHIEVEMENTS & PERFORMANCE We marked our 25m anniversary by fcffiiing a ccrfnpany of 25 theatre-makers to create 5 new short play8. on the theme of silver, for Space 25. COVID continued to impact the beginning of the year. bul our ability to livestream theatre enabled us to continue providing for artists and audiences until the latter were allowed to return to Ihe Space. Our protocols proved successfvl 8nd gained praise from those WI wsried. Page 4
THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 REP RT OF THE TRUSTEES A second Culture Recovery Grant from DCMS and Arts Council England enabled us to delwer gbbal majorty showcase, Who Can l Be? arKI audio playlvisual art exhibition, Arnalgam. We re-opened our Scriptspace feedback Servi for playwnghts with earty draft work and staged 4 plays that came through Scriplspace in our 2nd Foreword Festival (Labyrinth Diet by Laura Horton, Look Who's All Grown Up by Abigail chandr. Refuge by KalE Duncan and Mi8fts by Lekha Desai Morrison), all of which received crttul praise. Labyrinth Diet was a150 awarded an Offcomm 84vaTd from ofvestend.com We hosted the London HoTror Festival for th8 fifst timè and WOrkj wrth Rising Tides on Good COP, Bad COP, a climate crisis festival. HighlvJhls from visiting ccfflpanies Irluded Don't ASK Don't Get Baby by Happy Accident Theatre {another offvyestend.com award winner}. Dancing to Disco by northemwater, Nne and the Obanle Chlld by Shanti£hi and The Plunge by Dity F*t Theatre. We were delighted lo welcome so many new companies to the Space and enjoyed a continued ¢ollaboration wrth YellN Coat Theatre Company on Pass It On. Spaceworks c¢ynpleled The Long Family Dinner project, funded by the London Borough of Tower Hamlets Small Grants Fund. We worked with the Friends of the IsLgnd History Trust and George Green's secondary School and were Subsequent asked to delNer sessions for the Year 7 enrhment prcgramme. Reviewer John Chapman named us as one of his 21 highlights of 2021 after we live-streamed online over 40 drfferenl shows from the venue. We continued to engage online by holdrng meet-ups for thealts-makers and audienees. During the Summer, we relumed to the Crossrail Place Roof Garden lo manage flee community perfom)ances on behalf of Canary Tharf Group. The winner of the Space's Launchpad Award, given to the )St promising at the DEBLrr festival from East 15 Acting Schwl's Contemporary Theatre course. was My Grandma's A Walrus by Genevieve Sabherwal. Wg Complet a research and development week for a new play inspired by local resident, David Grindley, who has cerebral palsy and were apphed by Ihe Arts and Events team at Canary Wharf to programme a 4 day festival in Summer 2022. During the year ended 31 March 2022. thg use of The S, and in bulkjinonIlTre attendar$ Ilasl year in brackets) have been as foll¢)WS'. Use NuMr Attendance 2021-2022 PrevKJu$ Year Previous Year 2021-2022 PartieslHire Communil Event Rehearsal Educational Pro ect Sub-Total 16 23 195 81 315 703 437 1,194 1,284 3,618 68 176 67 977 1,206 Public Arts Events 239 in person. 73 online 4.399 in person. 39,377 online 116 19,954 Total Attgndance In the griod 627 410 47.394 Page 5
THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 REPORT OF THE TRUSTEES ramme A rll 2021 - March 2022 The Covid-19 pandemio continued to aff1 tt)e first part of the year when onty livestreamed performances were allowed. Once restrictions were lrfted. we maintsined the livestreaming of shows alongside receiving audiences in the building Theatre The Space: The Fright Before Christmas. The Panto of Oz The Space & Online.. Lovefool. New M¢)on Monok)gues | May: Growing Together, The Dream Machine, The Cloak of Visibility, Labyrinth Diet, Loc 0.8 Al Grown Up. Refuge. Misffts, Helium. Launch FestNal. Don't Ask Don't Get. Baby, Helk) Georgie. Goodbye Best, Hop! Danung at the Disco. Triple. Selected Recordings of U5. Aaron & Julia, Space 25. When Rachel Mel Fiona, Timeless. Nne and the Obanje child. One Man Poe. Birdwalching. Irving Undead, Tdes of the Crypt Cabaret, To be a bat. St¢¥ It, Good COP. Bad COP (Letters. 2040. Aecidental Birth of An Anarchist. Evi4Jence.) Tartarus & Other Stories, Enter Mr Citrus Man. Astonishing Singing Fish, Incident at Marshfell, Almost Adult, The Highwayman. In The Heat of That Night, Room, Pass 11 On, Soldiers Arts Academy Showcase, My Car Plays Tapes. The Plunge. Piss and Bile, New Moon Monologues. Definitely Maybe Actualty Nevemiind Postponed.. Enter Mr Citrus Man. Helium. Donl Ask D't Get, Baby Online Shows: A Blue Something, Try Harder. RAFT. Brc4(en Link, Can l Be?, Lydia, Aaron and Julia watch party, Under Heaven's Eyes. Nightmare5 Watch Paty Events: Caffè Neurospace. Virtual Open House. The Great Pub Quri - 2021. Foreword Fest wrap party. nter Season Launch nvJht. Space 25. Space Xmas Shindig, Keri leaving drinks, EMC Meeting. Spring Season Launch event. Piano Recttal. Pub Qutz, I'm Muslamic, Don't Panik WIP sharing. Pass It On - Social Event Scriptspace Readings: Screwball. O%t for Nctht. Bbom. Ja¢k Workshops: wrth.ng for Zccth Workshop. Selected ROrding$ of Us w)rkshop, COP26 Climate Change Workshops. Cup of Ambition wort(shop. ACE furKling workshcp for visiting companies, Spring Season other funding workshop, Stephen Smtth Workshop, Directorfs Meet-up. Playwright's Meet-up, in Wonderspoons Roof Garden The Tempesl. Sumrner Rose Garden. Flores. ConversatKJns Aboui Mus.. Singers from Slepney All Saints School and Swanlea Schc Music A Head Full of Coldpw. MLtSiC @ the Space. Surely KnLrts. COP26 Mus, London Ocd(lands Singers Christmas Conc&t Fred Sirangebone Performs Ccffiedy.... Big Smoke Cfftty. The Aquarium Page 6
THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 REPORT OF THE TRUSTEES era Nabueco Audio Pla Amalgam1450. This Air We Breathe. A Weekend in March) Film Birthday Wrth Friends EMPLOYEES AND VOLUNTEERS We are grateful lo our dedicated theatre staff - Adam Hemmiro (fu114im8 DIrt0}, Matthew Lthvis (Jameson. full-time Deputy Direclorl throughout th& year and Keri Mason Ipart-time Theatre Manager until Odober 20211, Mélisande Pibarot Ipart-time Theatre Manager from May 20211. Catherine van der Hoven (part- lime Thealre Manager from September 2021} and Bethany Sharp Ipart-time CaliVe ProdLKer from December 20211. Thanks are due lo the staff employed by the Space Bar - Abagael Young. Alexandra Tudor. Amelia Brookins, Amelia PeIIegrinWhrte, Simn White. Catherine van der Hoven, Damell Marguefite, Dominic Poot5, Edward Bowman, Esther Mackay, Frida Fang. Joseph WeSttt. Konrad Jaromin, Louis Quinn, Mitton Charles. Natalie Pack. Naga Sindhuja Dodda, Suhas Maramreddy, Tommy Hogan, Vardan Berry, Will Rolhwell, Zac Rcche. Lois West. We engaged the following fr88lancers to run actNities: Tice Oakfieka (The Fantastical Tate of the Boy on the Run). Jane M¢Gralh, Gawn Dent (spaWOrkS}, Mike Carter. Pippa HIrhleY. Brendan Fleming,, Joanna Woznicka, Gabriele Uboldi. GeTaldine Brennan. Sam Essame. Katie Overslall, Sibylla Archdale Kalid.. Callie Nestlerolh. Alison Cowieson, Ariella Sto¢an. Hannah Landsberger. Joseph Winer, Raphael von Blumenlhal. Stephanie Pezolano, Lydia Orange IS¢riplSpace}. Grace Chapman and Isthl Dixon {mat1(eting workshops). Constsnce Villemol {Foreword FeslNal design) For Se ProdLKtions.'- ho Can l Be? Yusuf Niazi, Clementina Alknde IrHrte. Prashant Tailor. Zhaolin Zhou. Tanya BrKlgeman, Nadaav Soudry, Charlotte Everest. Sabrina Richmond. Antonia Kleopa. Jasmine K K Kambi, Talenda Malsvai, Christopher Tajah. Genesis Browne. Sanjay Lago. Carmina Bemhardl. Gavin Joseph. Kris ErKe. Lisa Pang and Caroline Lazarus Foreword FestNal Labyrinth Diet- AnIela Serra. Charlotte Everest. Laura Horton - Look Who's All Grown Up: Daniel Bravo. Shereener Browne. Ella Mur(thh. Abigail Chandr Prime. Joshua Lendon. Kalrfa Taylor. Stephanie Pezolano - Refijge.. Jess Barton. Anabefa Teixeira, Kat Duncan, Kristin Mc1uhaM. Maggie Evans. Katie Honan, Daina Karai - Misfts- Daina Karai. Deven Mcha. Palsy Price. Lekha Desai MorrEon. Lge Farrell. SelNla Holwani, Bethany Sharp PaJe 7
THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 REPORT OF THE TRUSTEE Space25 company: Adam Hemming, Matthew Jameson, Bethany Sharp. Mike Carter. Raphael von Blumenthal, Anthony Cozens, Tice Oakfield. Danu Coms. Esther Mackay, Pradeep Jeyaratnam-Joyner. Damian Coopef, Charfotte Everest. Ch1 Wade, Ali Perotto. Faye Maughan. Keri Chesser. Steven Shawcroft, Lvzzie S¢henk, Grace Chaprnan, Neil ShepFck. Andy Straw. Ann Fox. Sepy Baghaei. Franos Grin and Isabel Dixon The Space runs a successfvl volunteer pr(KJramme. prowding students and graduates with vital work experience lo supplement their education and increase their employabilty. We also have a thrNing volunteer base derived from the communty. We have been particulady grateful lo those that worked remotely across this last year. Ourth8nks go lo-.- Benjamin Tonks, Bethany Sharp. Catherine van der Hoven. Daisy Suffield. Destiny Cumbedand. Dominic Pools, Hannah Smf(h. Hannah Lyon. Harry Guest. India "ula, Marina Lebowich, Mélisande Pibarot. Minxuan Lin. Pamela Wallbank. Sasha Danswan. Shryu Lou, Sierra Hoss. Zac R¢xhe Special thanks are also due to Theresa Warren (finance). Donna Dairy Ipayroil) and Adrian He (IT support). PUBLIC BENEFIT The Trustees have complied with their dity to have due regard to guidance on public benefft published Charrty Commission" they recconise and welcome the need for the Space to cary out its charrtable activities for the benefrt of the general publ, and they retain this aim at the centre of their strategic planning. The harty ntInueS lo offer a wide range of art-foms to the publ at very aceessible priees. as well as allowing free admission to local residents for selected events, exhibttions and workshops. The charity also continues lo be heavily inVoed in education and ccnmunty VIk. seeking to involve people from the widest PQS3ible range of backgrourbds and abilrties in the Arts. FINANCIAL REVIEW AND RESERVES POLICY General Fund.. the eharity made a net defi¢it for Ihe year of £40.557 {2021: £30.683 surplus). Unrestricted Designated Funds: the charty made a nel defieit for the year of £10,487 (2021: £10,487 deficit). Restrted Funds: the ehanty rnade a net deficrt of £2.714 (2021: £3.450 surplus). All Funds.. there was a net defiot for the year of £53.758 (2021.. £23.646 surplu5}. aftercharging £11,980 {2021: £12,166) deprecialh)n on red a5sds linclLKlin9 Freehold ImprovenEnts). At 31 March 2022. the ehanty had tcrtal fvnds of £260,198 (2021 - £313.9501. including nel cuffenl assets of £33,698 12021.. £75,47n. The unrestricta fr reserves in Genal Fund al the yearnd amounted lo £45,434 (2021.. £8S,9911,' the policy of the TNslees i% lo buikl up sUfficnI free reserves to enab the chanty lo operate day40-day and. overtime. lo buikj a reserve whth Wck1 enab the ¢hanty to widen its acIMt in the future,. the Trustee5 consider that the reserves held a Ihe year-end are aJequate to fulfil the obligations of the Trust for the cc*ning year. RISK MANAGEMETr The Trustees confirn that they have identrfEd and rwvwed the rnaior risks to which the Trust is exposèd and have establishgJ systems lo Mgate those risks. FUNDERS The Trust is very grateful to the charthes. trusts. govemrnent l)c¥Jies and indmduals who have supported The Space. wi(hout whom the Twst would not have been able to achieve so much. Page 8
THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 REPORT OF THE TRUSTEES STATEMEPtr OF TRUSTEES. RESPONSIBILITIES It is the reswnsibilty of the members of the Board of Trustees to prepare fina1 sLements for each finatKial perd, which give a true and fair of the stale of affairs of the charity and of the surplus or def1t of the chty forthat pert(xl. In preparing those fina101 stalemenls, the Board iq required to.. select suitable nting pdKies and then appty thwn cortsi8tenlty; ke judgements and eStir that are reasonab and prL**ntr stale whether aPplb actounts.ng standards have been foll1, subject to any material departu disckjsed and eXplaid in the financk41 statem?nl$; prepare the financial statements on the corwn basts unless it is inappropriat& to presum? that the charty will ccfitinue in business. The Board of Trustees is resSIb for keeping proper &cc¥Jnling records which disclose with reasonable accuracy at any lime the financial pc6ith)n of charity and enable it to ensure that the financial statements Comp with the Charrties Act 2011. It is also responsib safeguardirKJ t1 assets of the charity and for taking reasonabl8 steps forthe prevent and detection crffraud and crther Irregular[tS. On behalf of the Trustees JgyataèhaM-3gynep Pradeep Jeyaratnam-Joyner Chair 24 January. 2023 Page 9
THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 INDEPENDEKf EXAMINER'S REPORT TO THE TRUSTEES OF THE SPACE I report to the tnJstee$ on my examination of the &eounts of St Pauf5 Arts Trust fTh8 Sw'l for the year ended 31 2022 whth are set out on pages 11 to 17. RP0¢t1¥? rponsIbIlItIeS of trustees and examlner The charty's trustees are resSIble for the preparation of the accourrts in accordance th the Charti Act 2011 rthe Act'}. I report in respect of my examination of the Trust's accounts carried out under SectHJn 145 of the 2011 Act and in carrying out ry exafflinatn I have the followed all the application Direclions gwen by the Charity Commission under $tion 14515llbl of the Act. Independent examlnerfs sLknent I have Compted my examination. I confirm that no merial matters have (X)ff to my attention lch give me cause to believe that in. any material resp&t.' the accountiro records were nsX kept in ar£Ordar with #ion 130 ofthe Art. or the aeeounts did nat ac wilh the nting re¢Cd$., the accounts did ncé ¢LYnpty wrth the aPpIable requirements ccmceming the fomi and content of aUnIS set out in the Charities (Accounis and ReKK)rtsl wuLgtions 2008 rther than any reqU1ment that the acwjnt gNe a Irue and fair viev/, whth is not a mattw consKlered as part of an indeFendent examination. I have no concems and have cm)e across no Ot matters in t4)nneLt wi(h the examination to vknich attention sh(NJld be drawn in this repryt in der to en¥bk a prcfw uThJer5tanding of the xcounts to be reacha. Theres&Anne Warren FCA CharteredAccountant GP Financial Management Ltd 8The Oid Yard Lodge Fam Business Centre C8Stlelhorpe Milton Keynes MK19 ES .2023 Page 10
THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 STATEMENT OF FINANCIAL ACTivmES Lknr•¥trkt•d General Fd Lknrostrkted D••l9nat•d Funds Fknstrktod Fund 202ZTot41 20217otal In¢omlng rowur¢•• I[C¢e charttatrle 48.191 48.191 8,125 fr¢Yn trzdir#J xtNts Rent receNth• Spthsors1¥1 Grants and th)natiorns 2&3 47.835 8.516 56,351 160.581 16 16 Totsl incoming I•)u•S I.050 8.516 138, 172.839 Rewurce$¢xp•ndod ExFeTrJiture on actlt in fiJrtr3re of the Trusfs ckniects 81.750 11.zdo 1tXJ.845 100,843 Cost of fiJndraisiro & pthlioty 57.9e8 1.311 11 59,299 23.631 Managem•nt and aLkniristrat 1,311 32.180 24,719 Total rowurco• 0xnded 170.607 10.487 11,2XI 192.324 149,193 N•t incominouOIngI r•¥)ur¢•¥ b•fore tranaf•rs 140.55n 110.4m (2.7141 (53.7581 Tr¥rBrs fijr Ngt mov•m•nts in funds 140,554 110.48n 12.7141 153.7581 FuThJ LElarKes broJ fiJMONI 85,991 224.SJ9 313. Fund lanCe hrward 214.IY22 736 280,192 313,950 The note5 on pages 13 to 17 fomi part otthese Fina1 Sta1effnts. Page 11
THE SPACE REPORT AND FINANCIAL STATEMEpifs FOR THE YEAR ENDED 31 MARCH 2022 STATEMENT OF FINANCIAL POSMON AS AT 31 MARCH 2022 2022 2021 Flx•d ¥ts TangIb fixed assets kntMents 226,499 238.479 238.479 ¢urr•ntAts Sto¢k Trade debt3 1.217 749 Prepayments aThJ aecDAd irKcffl¢ Other d8btU5 7.827 2,165 74.513 Ca$h at bank $4,824 57,858 85,569 Uabillll8 amountsfalllng due wlthln on• y•ar Trade Creditors 11.268 4,815 2.325 4,342 Ticket inccthe hekl txje to It1[ 5thhliary Accruals 5.916 1.(b7 2,418 other creditors 24.160 10,092 Not CurrentA•tslLlablllll••) 75,477 Net 2fj0,19 313.956 Represent by". R•strietsd fund8 Restricted fiJNJs 3.4 Unrstri¢tsd fund General fijnds 45.434 214.022 85,991 224,SC C*svJnated funds 259.4 260.192 310,5Cw) 313,950 Trust•erf capitsl Net Funds 260.198 313.9S6 24 Janua AthSett and opproved for issue by the Trustee5 on ................Y023. Pradeep Jeyaratnam-Joyner Chair The TheS pw 13 to 17 1M part crfthese Filwla1 Stateftts. Page 12
THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 NOTES TO THE FINANCIAL STATEMEKrs 1. ACCOUNTING POUCIES G&neral Infomiation The charty is estsbli8hed uThJer a Trust Deed adopted on 21 April 1989, with wistered charty number 801587. Statemont of Complianc8 The charity conslrtule$ a publ benefit gntty as defined by FRS102. The fina11 statements have been prepared in accordance with AuntIng and Reporbng by Charities." Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Finaneial Reporting Standard applicable in the UK and Republ of Ireland (FRS 1021. and the Charitiès Act 2011. Basis ofAccounting and Golng Concem These )Unts have been prepared an accnraL8 basis under the historical cost nVentIon wrth riems recogni5ed al cost or transacthn valL unless otherwi8e Stat in the revant note(sl to these acwunts. During the year the chaiity's onsite &ti4its have been severety rtai due lo the natK)nal restrictions appluble due lo the Coronavirus. However, the charity contin[d lo carry OLrt whal limited aclrvilies are Fenitted onsi(e. has develcp&J an online prograinme, has taken thanlage of the Govemrnenl's furfough scheme, and has worked SUC$1 lo obtain grant wd and donations tr) support ts ongoing costs. As a resurt ofthese signrficanl nsure$, combiwl with nurouS fijrther mi(KJating actions, the Trustees are of th8 cpinion that there are no material uncertainties ab(xrt the charty's abilty to continue as a goiThJ In¢ome Iorne is recognised in the financkgl slalements when the charty becomes entli1 to the Tesources. the Iruslees are virtualty certain they will receNe the resources and the rrK)netary value can be measured with sufflent relilIty, except for incoff receNed in resp of future ovenls whth is deferred to when the relevant evenl pe. Income from donations and core funding grants is recc¥Jni8ed when there is eden of entillemenl to that income. receipt is probable. and its amunt Can be measured reliabty. If there are conditions attached to the donation or grant and this requires a level of perfomiance before entr(lement can obtained, then income is deferred until those conditions are fulty met or the frjffilmenl of those conditions is within the control of the chanty and it is probable that they will be fulfilled. Expendlture All expenditure is accounted for an nIaL$ basis. liabilities being recognised as soon as there is a legal or constructive oblvJation committing the chatty to pay out resources. Costs in respect of future events are charged when Ihg reknnl event lakes pe. Flxed Assets Expenditure w langible fixed assets exceeding £5 is capitalised and deprecLgled on a straight4ine basis over the estimated useful lives of those assets. The building renovation of 269 West Ferry Road is depreciated over 50 years, the Steinway piano was deprech2ted over 10 years, and the other fvmiture and equipment is deprated cver 4 years. Stock stock is Valu at the cl ctst a1 net reIsable value. after ming due albMn¢e for obsolete and $lw moving items. Dèbtors and credltors re[vable I payable within one year Debtors and creditors with no slated interest rate and receNable or Payab within one year are rOrded at transaction price. Any h)sses ari8ing impairment are recognis&J in expendrtur8. Page 13
THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 NOTES TO THE FINANCIAL STATEMENTS Capltal Grants Cap(ial grants are treated as restrKted funds inibaty until the funds have been spent on the fixed assets for whth the funds were gwen. Once wuired, the restriction on the use of the funds i8 diseharged and the use of the fixed assets beC(eS Unrestted within the oty"eLts for Wh the thanty was established.. the fvnds are therefore transferred into an UnreStrted designated fund rellecting the net bcKsk value of the assets concemed. This desvJnated fuTrJ is then reduced over the useful Onom Ilfe of the assets in line wi(h their depreciation. Fund Accounting Restricted funds comprise grants donati¢S tha have teen reNed for $peCrf pury)oses or are subject lo specific nditionS Impos by the donor. Designed funds are unrestricted funds that have been designated for a $peCrf purFose by the Trustees. Unrestitted fiJnds may be used for the purp¢)ses of the charity at the Trustees, discretion. Any prOports" of a gran( whose rewpt ks conditK)nal upon completKJn of the prqect being fvndgj. dderr&l until the prw ¢xryletion date. 2. GRANTS AND DONATI¢JNS RECEIVED {GENERAL FUND 2022 2021 COVID S¢fft Grnrt - Arts cou1 England - London Borough of Tow Hlets - HMRC RelentK)n Scheme 27.098 89.196 21,485 14,648 125.329 36.632 OiherGranls ar Ck¥JètK¥ts.' Space reCory fitsrJ Sa ourTheatre Appeal Gift aid lax refiJnd5 Cth8r dwatioTh¥ ar member scknes 3.324 15,641 1,125 10,162 155.581 47.835 3. FUNDS MOVEMEKrs The m¢)vements in the General Fund are in the Statement of Finaal AL#Nilies. The movements on other funds during the yearwere as folkJvs: natedFunds nd b•Tr¢• ¢•rrfd lorward brought lorw4rd tpr•¢laih)n Tr•n¥l•r FreEhok* PrcFwty HtsJ$Wjs Fw 223.178 1.331 224.SB 19.1561 11.3311 110.48 214,022 214.022 Page 14
THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 NOTE O THE FINANCIAL STATEMENTS 3. FUNDS MOVEMENTS continued Restiicted Fu brought Ionvy donthh tsp•ndknr• rrbd for•rd London Borough of Tower Hamt$ Foreward Fe51N 3.45) 13,4501 17.7WJI Davhl'5 Play 3.49) 8,516 111.2301 736 4. TRANSFERS BETWEEN FUNDS There wero no trarbsfers bets¥een funds during year. 5. INFORMATION REGARDING TrUSTEES AND STAFF TtrE Trustees are Th)t remunerated and no expenses were reimbursed to Trustees during the year. The total staff costs, including expenses, for the year were £82.34012021 - £60,943). The averaJe head-Unt of contracted empbyees during the year was 6 (2021- 3). No empkiys receNed remunerdtion in excess of £60,000 6. TANGIBLE FIXED ASSErs Fr•11 knprov•m•nts. StPr¥ Church Freehohl knproY•m•M- 2S6nW••t F•rry Furnllur• •hM pkno ftNnltur• 4 44ulprn•nt TOTAL B8lanGe at 31 Mh 2020 Additions Balance at 31 March 2021 4,391 17.372 578,1C6 4,391 17.372 578.106 Deproclatlon Balance at 31 March 21r20 Charge frJr the year B¥an¢e at 31 March 2021 2rJ.201 9.157 9195T 1,097 1.097 2,194 17,372 339,627 11,980 351,607 17.372 N•l book valu8 At 31 Marth 2W21 224.302 1197 226.499 At 31 March 2020 238.479 Freehold Internst The freehold propeity, St Paul's Church, was purehased by the Trust on 30 June 1993 for £1. The Trustees do not consJer that the propety had significant value wn it was acquired becau$9 major repairs were required to bring it into use. the cost of whth are included above. P¥Je 15
THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 NOTES TO THE FINANCIAL TATEMENrs 6. TANGIBLE FIXED ASSETS eontinued L88sehol Int St Paul's Arts Tmsl has been granted leases from the London Borough of Tower Hamlets on the adjacent land at 267 Wesl Fery Road (Title No NGL 3415511 and 265 West Ferry Road (Title No NGL 3434801. These leases are for the tem of 125 years 7 October 1996. Clause 4b of the leases stales that, if by 7th October 2003 the Trust has ncl commenced construction of permanent building or buildings on the land, then the Council may. by giving six months. notice, detemiine the leases. The Trust carTied out clearance and other wotks on the srie at a cost of £5,000 in the period ended 31 March 20C6 - this expendrture w85 wriitell off in the aUnts when incurred. The Trustees will, as may be necessary. seek agreeffnt with the Council, either th worf(s carried out so far constitute construction as defin by the lease, or that a ne4V deadline for constructKJn of a peanent building can be negotiated. The leases impose Str condit$ on the Trust whth may onty use the land for it8 thvn direct benefit {it may not be sublet. leased etel and the pemiission of the Counc¢l is requir for any use, constnjction, etc. which must further the tharrtable ot¥'ects of the Trust. 7. INVESTMENTS Investments represents 100•A of the share5 of a whotly owned subsidiary undertaking, The St. Paul's Arts Trust ITradingl Limrted, a ccwnpany incorpcK8led in England and Wales. and estsblished for the purpose of carrying out the bar relat trading activities on behaw of the Charitab trust. The subsidiary wa$ incorporated on 5 August 2021 and ris first peiicxl of account is to 31 August 2022. NET ASSETS BY FUND 1Jtr•str•d htstrktfrd Jnd Fixed Assets Current Assets Current liabilities 226,4 57,122 4.159 2S9.462 226.499 57.858 24.159 260.198 9. RELATED PARTY TRANSACTIONS During the year received charitab dOnab"cS lotalling £7CW) fr(xn trustees by way of conlri)ution to festwal tNities. There were no further related paty transactr)ns during the year that wuire disclosure. Page 16
THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 OTES TO THE FINANCIAL STATEMEpirs 10. COMPARATIVES FOR 8TATEMETrrr OF FINANflAL ACVrnEs A statement of the movennts in the charity's funds kn the piewius year end&J 31 March 2021 15 set out Lknr•trkt•d Gen•Tal Fund Lknr•¥trki•d CknshJnat•d Fund• P••lrSct•d Fund¥ 2021 Totsi 20211Tots1 Ineomlng re•ouT¢•• lrtome from charit actNit 8.125 8.125 73,852 IoM• from tradir9 aCtiMti85 Rent recth•b 39.741 Spjnsorship 1,200 Grants donati¢)n5 2&3 1S5.581 160.581 23,283 oth8r irK¢ 147 Total Incoming rowur¢g• 167.839 172.839 138,2rJ Rexurc•8 ¢xp•nd•d ExndItuTe on actniti85 ifb fvrth8ran¢e Oft TnJsYs obi8cts 91.428 1¢.843 83,218 Cost dfvThJr3r6ing & a33) 1.311 23.631 26,033 Management alminktralh 1.311 24,719 25,646 Total rgwr¢•••xpondod 137.156 10.487 149.113 134,897 N•t Incomin(001n9) y?ul¢•$ before tr8nrs 110.48n Transkn betwEen bjnds N•t movements In fvnds {10,48n 3.326 Fund balcès broh1 knard 234. 286,978 Fund balan¢••earriod forward 85,9J1 224.XO 313.950 290.304 PaJe 17