2021-03-31-accounts - Firstsite Limited

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Trustees		Mr G CArmitage
		Mr TField
		Ms Rosie Millard OBE
		Mr RA Polom
		Ms CFrancis
		Ms DLeacock
		Ms SPui San Lok
		Mr PTibber
		Mr M Durham
Chief Executive		Ms SShaw MBE
Charity number		1031800
Company	number	2884347
Registered	office	Lewis Gardens
		High Street
		Colchester
		Essex
		CO1 1JH
Auditors		Whittles
		Whittle &Partners LLP
		The Old Exchange
		64West Stockwell Street
		Colchester
		Essex
		CO11HE
Solicitors		Ellisons
		Headgate Court
		Head Street
		Colchester
		Essex
		CO1 1NP

	Page
Chair's statement	1-2
Trustees report	3-9
Statement ofTrustees responsibilities	10
Independent auditor's report	11-13
Consolidated Statement offinancial activities	14-15
Consolidated Balance sheet	16
Charity Balance sheet	17
Consolidated statement ofcash flows	18
Notes to the accounts	19-39

		Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
		funds	funds		funds	funds
		2021	2021	2021	2020	2020	2020
	Notes				6
Income and endowments	from:
Donations and legacies		1,316,314		1,316,314	1,068,725		1,068,725
Charitable activities
Learning &education Artistic programme Investments		12,522 21,264 21,454	17,917 176,744	30,439 198,008 21,454	25,528 40,910 23,110	286,303 171,405	311,831 212,315 23,110
Other income		328,476		328,476	441,036		441,036
Total income		1,700,030	194,661	1,894,691	1,599,309	457708	2057017
~E* d'I
R~ii h d
Costs ofgenerating voluntary income Trading costs		25,253 125,036		25,253 125,036	35,718 237,011		35,718 237,011
		150,289		150,289	272,729		272,729
Charitable activities
Learning &education Artistic programme	8 8	421,972 793,935	107,256 158,042	529,228 951,977	417,563 924,991	150,202 244,260	567,765 1,169,251
Total charitable expenditure		1,215,907	265,298	1,481,205	1,342,554	394,462	1,737,016
Total resources
expended		1,366,196	265,298	1,631,494	1,615,283	394,462	2,009,745
Net gains/(losses) on investments	13				(20,000)		(20,000)

Gross transfers	between
funds					(41,595)	41,595
Net incoming'(outgoing)
resources		333,834	(70,637)	263,197	(77,569)	104,841	27,272
Other recognised gains and losses
Revaluation of	tangible
fixed assets						64,520	64,520
Net movement	in funds	333,834	(70,637)	263,197	(77,569)	169,361	91,792
Fund balances	at1
April 2020		86,910	281,856	368,766	164,479	112,495	276,974
Fund balances	at31
March 2021		420,744	211,219	631,963	86,910	281,856	368,766

				2021		2020
			Notes	f.		f.
Fixed assets
Tangible assets			16		35,621		34,257
Heritage assets			15		79,400		79,400
Investment properties			17		175,000		175,000
					290,021		288,657
Current assets
Stocks			20	32,527		37,357
Debtors			22	161,600		126,897
Cash at bank and in	hand			428,403		31,401
				622,530		195,655
Creditors: amounts	falling	due within
one year			23	(235,588)		(115,546)
Net current assets					386,942		80,109
Total assets less current liabilities					676,963		368,766
Creditors: amounts	falling	due after
more than one year			24		(45,000)
Net assets					631,963		368,766
Income funds
General restricted funds				146,699		217,336
Revaluation reserve				64,520		64,520
			28		211,219		281,856
Unrestricted funds					420,744		86,910
					631,963		368,766

			2021		2020
		Notes			f.
Fixed assets
Tangible assets Heritage assets Investment properties Investments		16 15 17 18		35,620 79,400 175,000 100		33,351 79,400 175,000 100
				290,120		287,851
Current assets
Debtors			205,501		119,436
Cash at bank and in	hand		365,762		25,457
			571,263		144,893
Creditors: amounts one year	falling due within	23	(228,060)		(104,433)
Net current assets				343,203		40,460
Total assets less current liabilities				633,323		328,311
Creditors: amounts	falling due after
more than one year				(45,000)
Net assets				588,323		328,311
Income funds
General restricted funds			146,683		217,336
Revaluation reserve			64,520		64,520
		28		21],203		281,856
Unrestricted funds				377,120		46,455
				588,323		328,311

				2021		2020
			Notes
Cash flows from operating	activities
Cash generated from operations					374,036
Investing activities
Purchase oftangible fixed	assets			(27,035)		(4,641)
Interest received				1		3
Net cash used in investing	activities				(27,034)
Financing activities
Proceeds ofnew bank loans				50,000
Repayment ofbank loans						(16,057)
Net cash generated from/(used		in)
financing activities					50,000
Net increase in cash and cash equivalents					397,002
Cash and cash equivalents	at beginning		ofyear		31,401
Cash and cash equivalents	at end ofyear				428,403

Plant, equipment	&auditorium	33.3%straight line
Fixtures and fittings		20% straight line
Gallery equipment	&IT	25% straight line
Office IT		25% straight line

3	Donations and legacie	s
					Unrestricted	Unrestricted
					funds	funds
					2021	2020
						6
	Donations and gifts Grants				89,800 1,226,514	57,198 1,011,527
					1,316,314	1,068,725
	Grants receivable for	core activities
	Arts Council England				'1 079514	814527
	Essex County Council Colchester Borough Council				50,000 97,000	97,000
	University ofEssex					100,000
					1,226,514	1,011,527
4	Charitable activities
			Learning &	Artistic	Total	Total
			education	programme		2020
						f.
	Sales within charitable	activities	30,439	198,008	228,447	524,146
	Analysis by fund Unrestricted funds		12,522	21,264	33,786
	Restricted funds		17,917	176,744	194,661
			30,439	198,008	228,447
	For the year ended 31 Unrestricted funds	March 2020	25,528	40,910		66,438
	Restricted funds		286,303	171,405		457,708
			311,831	212,315		524,146

			Unrestricted	Unrestricted
			funds	funds
			2021	2020
			6	5
	Rental income		21,453	23,107
	Interest receivable		1	3
			21,454	23,110
6	Other income
			2021	2020
	Other income		288,504	209,981
	Room and	venue hire	25,439	101,395
	Auditorium	programme	14,533	129,660
			328,476	441,036
7	Raising funds

					Unrestricted	Unrestricted
					funds	funds
					2021	2020
						5
Costs of		eneratin	voluntar	income
Staff costs					25,253	35,718
T	M
Direct trading costs					125,036	237,011
					150,289	272,729

			Learning &	Artistic	Total	Total
			education	programme	2021	2020
			2021	2021
			6
Staff costs			175,225	384,579	559,804	528,177
Direct costs			121,419	153,916	275,335	368,270
			296,644	538,495	835,139	896,447
Share ofsupport costs (see note 9)			217,609	386,861	604,470	771,267
Share ofgovernance		costs (see note 9)	14,975	26,621	41,596	69,302
			529,228	951,977	1,481,205	1,737,016
Analysis by	fund
Unrestricted	funds		421,972	793,935	1,215,907	1,342,554
Restricted funds			107,256	158,042	265,298	394,462
			529,228	951,977	1,481,205	1,737,016
For the year	ended	31March 2020
Unrestricted	funds		417,563	924,991		1,342,554
Restricted funds			150,202	244,260		394,462
			567,765	1,169,251		1,737,016

Support costs	Support costs
		Support	Governance	2021Support costs		Governance	2020
		costs	costs			costs
Staffcosts		281,240		281,240	297,647		297,647
Depreciation		25,671		25,671	41,028		41,028
Office costs		3,285		3,285	13,814		13,814
Insurance		27,842		27,842	27,100		27,100
Communication		24,481		24,481	47,206		47,206
Recruitment	and
training		5,748		5,748	8,889		8,889
Utilties		82,920		82,920	132,041		132,041
Building costs		99,712		99,712	145,314		145,314
Computer and telecoms		40,398		40,398	46,238		46,238
Licence and
subscriptions		13,173		13,173	10,440		10,440
Bad debts					1,550		1,550
Audit fees			9,807	9,807		8,750	8,750
Accountancy			3,000	3,000		3,000	3,000
Legal and professional			13,691	13,691		42,740	42,740
Board and committee
expenses			5,290	5,290		860	860
Bank charges			9,808	9,808		13,952	13,952
		604,470	41,596	646,066	771,267	69,302	840,569
Analysed between
Charitable activities		604,470	41,596	646,066	771,267	69,302	840,569

Auditor's remuneration	Auditor's remuneration
The analysis of auditor's remuneration			is as follows:
Fees payable tothe	group's	auditors	and associates:	2021	2020
					6
Audit ofthe groups	annual	accounts		9,807	8,750
Non-audit services
All other non-audit	services			3,000	3,000

				2021	2020
				Number	Number
General				59	54
Employment costs				2021	2020
Wages and salaries				791,161	778,285
Social security costs				47,229	57,205
Other pension costs				27,907	26,052
				866,297	861,542
The number ofemployees	whose annual	remuneration	was 660,000or more
were:
				2021	2020
				Number	Number
660,000 - 570,000				1	1

									2018
At	1	April	2020						79,400
At	1	April	2020	and	at	31	March	2021	79,400

Tangible fixed assets	Tangible fixed assets	Tangible fixed assets
Group
			Plant,	Fixtures and	Gallery	Office IT	Total
			equipment	fittings	equipment
			&		&IT
			auditorium
Cost
At 1April 2020			192,080	337,396	370,244	48,708	948,428
Additions					27,035		27,035
At 31March	2021		192,080	337,396	397,279	48,708	975,463
Depreciation	and impairment
At 1April 2020			174,135	330,555	360,773	48,708	914,171
Depreciation	charged	in the year	10,369	6,841	8,461		25,671
At 31March	2021		184,504	337,396	369,234	48,708	939,842
Carrying amount
At 31March	2021		7,576		28,045		35,621
At 31March	2020		17,945	6,841	9,471		34,257
Charity
			Plant, Fixtures and		Gallery	Office IT	Total
			equipment	fittings	equipment
			&		&IT
			auditorium
Cost
At 1April 2020			186,310	337,396	370,244	48,708	942,658
Additions					27,035		27,035
At 31March 2021			186,310	337,396	397,279	48,708	969,693
Depreciation	and impairment
At 1April 2020			169,272	330,555	360,773	48,708	909,308
Depreciation	charged	in the year	9,463	6,841	8,461		24,765
At 31March 2021			178,735	337,396	369,234	48,708	934,073
Carrying amount
At 31March 2021			7,575		28,045		35,620
At 31March 2020			17,038	6,841	9,471		33,350

17	Investment property
	Group and charity
		2021
	Fair value
	At 1April 2020 and 31March 2021	175,000

Fixed asset	investments
Charity
			2021	2020
		Notes	B
Investments	in subsidiaries	19	100	100

	Name ofundertaking	Name ofundertaking	and country of	Nature of business	Class of	%Held
	incorporation	or residency			shareholding	Direct
	Firstsite Enterprises		Limited United Kingdom	Trading arm ofcharity	Ordinary	100.00
20	Stocks
					2021	2020
	Shop stock				29,933	33,235
	Bar stock				2,594	4,122
					32,527	37,357

21	Financial instruments	Financial instruments	Financial instruments
	Group							2021	2020
									f.
	Carrying	amount offinancial assets
	Debt instruments		measured		at amortised		cost	117,130	122,924
	Canying	amount	offinancial liabilities
	Measured atfair		value	through		profit or	loss
	Measured at amortised			cost				270,322	100,248
	Financial	instruments
	Charity							2021	2020
									6
	Canying	amount	offinancial assets
	Debt instruments		measured		at amortised		cost	166,663	116,104
	Carrying	amount	offinancial liabilities
	Measured	at amortised		cost				263,389	89,135
22	Debtors
	Group
								2021	2020
	Amounts	falling	due within		one year:			6
	Trade debtors							57,225	57,963
	Other debtors							73,910	65,602
	Prepayments and		accrued income					30,465	3,332
								161,600	126,897
	Debtors
	Charity
								2021	2020
	Amounts	falling due within			one	year:
	Trade debtors							53,961	51,143
	Amounts	owed by subsidiary			undertakings			52,797
	Other debtors							68,278	64,961
	Prepayments and		accrued income					30,465	3,332
								205,501	119,436

23	Creditors: amounts	falling due within one year
	Group
				2021	2020
			Notes	6
	Bank loans			5,000
	Other taxation and	social security		9,671	15,298
	Deferred income		26	595
	Trade creditors			44,810	20,990
	Other creditors			3,218	4,661
	Accruals and deferred income			172,294	74,597
				235,588	115,546
	Creditors: amounts	falling due within one year
	Charity
				2021	2020
			Notes
	Bank loans			5,000
	Other taxation and social security			9,671	15,298
	Trade creditors			41,487	14,657
	Other creditors			3,218	4,661
	Accruals and deferred income			168,684	69,817
				228,060	104,433
24	Creditors: amounts	falling due after more than one year
	Group and charity
				2021	2020
			Notes
	Bank loans			45,000
25	Loans and overdrafts
	Group and charity
				2021	2020
	Bank loans			50,000
	Payable within one year			5,000
	Payable after one year			45,000

Restricted funds
		Balance at 1	incoming	Resources	Balance at 31
		April 2020	resources	expended	March 2021
			6	6	6
First Site Developnrent	Appeal	1,251		(1,251)
Artwork fund		79,400			79,400
Col8ctors Group - Artists support		22,082	1,951		24,033
Tate - Circuit		437			437
Refugee Action Restaurant		1,912			1,912
TIre Britishness project		9,472			9,472
Royal Opera House		1,094			1,094
Coode-Adams Firstsite	Trust	2,000			2,000
Youth Music		25,349		(16,594)	8,755
Children in Need		1,774		(1,774)
Perci1 Bilton Charthj		500			500
New Geographies - Wysing		(3,151)		(5,000)	(8,151)
Garfretd Weston Lighting		37,334		(2,640)	34,694
Arts Council Collection		10,580	121,564	(143,127)	(10,983)
Holiday Fun		54,430	15,966	(70,838)	(442)
Black Essex		26,825		(3,536)	23,289
Art Fund		6,969			6,969
NHS COV)D project			30,000		30,000
Ar!Fund &BBCCommissioning			10,000		10,000
Holiday Fund Easter 21			15,180	1'3,287)	11,893
T1re Great BigArt Exhibition				1'17,247)	(17,247)
Otlur		3,598		(5)	3,593
		281,856	194,661	(265,299)	211,219

29	Analysis	ofnet	assets	between	funds
	Group

Analysis ofnet assets between funds Group
		Unrestricted	Restricted	Total
		f.
Fund balances at 31March 2021are represented	by.
Tangible assets		35,621		35,621
Heritage assets			79,400	79,400
Investment properties		175,000		175,000
Current assets/(liabilities)		255,139	131,803	386,942
Long term liabilities		(45,000)		(45,000)
		420,760	211,203	631,963
Analysis ofnet assets between funds
Charity
		Unrestricted	Restricted	Total
				5
Fund balances at 31March 2021 are represented	by:
Tangible assets		35,620		35,620
Heritage assets			79,400	79,400
Investment proper ties		175,000		175,000
Investments		100		100
Current assets/(liabilities)		211,400	131,803	343,203
Long-term liabilities		(45,000)		(45,000)
		377,120	211,203	588,323

under non-cancellable operating leases, which fall due a	s follows:
	2021	2020
Within one year	2,071	1,385
Between two and five years	3,279	2,859
	5,350	4,244

		2021	2020
		f.
Aggregate	compensation	67,993	71,427


Cash generated fro	m operatio	ns	2021	2020
Surplus for the year			263,197	27,272
Adjustments for:
Investment income	recognised	in profit or loss		(3)
Fair value gains and	losses on	investment properties		20,000
Depreciation and impairment		oftangible fixed assets	25,671	41,028
Movements in working capital:
Decrease in stocks			4,830	1,613
(Increase)/decrease	in debtors		(34,703)	88,619
Increase/(decrease)	in creditors		114,447	(137,494)
Increase in deferred	income		595
Cash generated from operations			374,036	41,035

Analysis ofchanges in net funds
	At 1 April	Cash flows	At 31March
	2020		2021
			f.
Cash at bank and in hand	31,401	397,002	428,403
Loans falling due within one year		(5,000)	(5,000)
Loans falling due after more than one year		(45,000)	(45,000)
	31,401	347,002	378,403