The Bexley Music Centre was incorporated as a private company on the 19th July, 1991. The principal business was to provide general secondary education.
Its name was changed by Special Resolution on the 11th July, 2005 to the Bexley Academy of Music & Performing Arts. The Company is limited by guarantee and not having a share capital. In the event of a Liquidation the members have guaranteed to contribute the sum of £1 each towards the Company’s assets.
The directors of the company are;,Kenneth Drummond (Financial Manager);Gillian Ducharme (Consultant); Glyn Jones (Retired policeman);Donald McClune (Management Consultant); Michael Purton (Chief Executive of Bexley Centre); Ian Russell (Consultant); Martyn Skinner (Economist)Alastair Wilson (Retired).
Ian Russel terminated his directorship on the 29th June, 2006. Michael Purton terminated his appointment as a director on the 31st December, 2006.
The last accounts for the company were filed on the 23rd January, 2007. Only two directors received a salary Mr M.Purton and K.Drummond. (£49,451)
The importance that Bexley Council showed to this enterprise can be best judged by its annual grant which was in excess of £400,000 a year!
The council own the sprawling buildings occupied by the Music Academy who rented it for £70,000 per annum and rates of £20,934.
The Academy paid Townley Grammar school the sum of £20,000 which was a one off donation in order to become a joint partner in an application for special status award for running a performing arts centre which the Academy can enjoy the benefits.
Had the company not paid the £20,000 the loss for the year would have been £139!
A quick study of the centres last filed accounts reveal no information that one would believe closure was imminent. The only outstanding items were the amount of money paid out for legal services (£9,662) and the donation to Townley Grammer school. The accounts were signed off in January 2007. At that time the directors would have been obliged to satisfy themselves that the business was a viable going concern.
Likewise, the auditors, Opass Billings would have done the same. So whatever has happened to force the directors to take such drastic action occurred after the accounts were signed off in January! With over 800 members on its books it is understood the company had not approached students/parents suggesting fee increases.
Insolvency practioners of Sidcup, Abbot Fielding have arranged a creditors meeting to be held on the 27th June at the Civic offices in Bexleyheath.