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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|
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|||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|
##
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##
||||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||
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##
|Plant, equipment|&auditorium|33.3%straight line|
|---|---|---|
|Fixtures and fittings||20% straight line|
|Gallery equipment|&IT|25% straight line|
|Office IT||25% straight line|
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##
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##
##
##
##
##
##
##
|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|
##
##
##
|9|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|
##
##
##
##
|11|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|
##
##
##
|16|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|
|18|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||
##
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##
##
|28|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|
##
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##
|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|
##
##
##
|35|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|