2022-03-31-accounts - Firstsite Limited

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Trustees		Mr GCArmitage
		Mr TField
		Ms RMillard OBE
		Mr RA Polom
		Ms CFrancis
		Ms DLeacock
		Ms SPui San Lok
		Mr PTibber
		Mr A Gamett	(Appointed	28March 2022)
		Mr JHarvey	(Appointed	1March 2022)
		Mr D Rosenberg	(Appointed	28March 2022)
		Cllr JYoung	(Appointed	4 March 2022)
		Mr M Durham
Charity number		1031800
Company	number	2884347
Registered	office	Lewis Gardens
		High Street
		Colchester
		Essex
		CO11JH
Auditors		Whittle s
		Whittle &Partners LLP
		The Old Exchange
		64West Stockwell Street
		Colchester
		Essex
		C011HE
Solicitors		Ellisons
		Headgate Court
		Head Street
		Colchester
		Essex
		C011NP

	Page
Chair's statement	1-2
Trustees report	3-11
Statement ofTrustees responsibilities	12
Independent auditor's report	13-16
Consolidated Statement offinancial activities	17-18
Consolidated Balance sheet	19
Charity Balance sheet	20
Consolidated statement ofcash flows	21
Notes to the accounts	22-41

		Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
		funds	funds		funds	funds
		2022	2022		2021	2021	2021
	Notes	6			f.	f.
Income and endowments	from:
Donations and legacies	3	1,730,312		1,730,312	1,316,314		1,316,314
Charitable activities
Learning &education	5	12,438	23,814	36,252	12,522	17,917	30,439
Artistic programme	5	27,058	417,213	444,271	21,264	176,744	198,008
Investments	4	23172		23,172	21,454		21,454
Other income	7	600,553		600,553	328,476		328,476
Total income		2,393,533	441,027	2,834,560	1,700,030	194,661	1,894,691
~E* BI ~Rl 9
Costs ofgenerating
voluntary income	6	25,253		25,253	25,253		25,253
Trading costs	6	301,183		301,183	125,036		125,036
		326,436		326,436	150,289		150,289
Charitable activities
Learning &education	8	415,983	115,320	531,303	421,972	107,256	529,228
Artistic programme	S	1,357,788	234,914	1,592,702	793,935	158,042	951,977
Total charitable expenditure		1,773,771	350,234	2,124,005	1,215,907	265,298	1,481,205
Total resources
expended		2,100,207	350,234	2,450,441	1,366,196	265,298	1,631,494

Net income for the year/	Net income for the year/
Net movement	in funds	293,326	90,793	384,119	333,834	(70,637l	263,197
Fund balances	at 1
April 2021		420,744	211,218	631,962	86,910	281,856	368,766
Fund balances	at 31
March 2022		714,070	302,011	1,016,081	420,744	211,219	631,963

		2022		2021
	Notes			f.
Fixed assets
Tangible assets	15		58,958		35,621
Heritage assets	14		79,400		79,400
Investment properties	16		175,000		175,000
			313358		290,021
Current assets
Stocks	19	52,040		32,527
Debtors	21	294,790		161,600
Cash at bank and in hand		599,988		428,403
		946,818		622,530
Creditors: amounts falling due within
one year		(209,095)		(235,588)
Net current assets			737,723		386,942
Total assets less current liabilities			1,051,081		676,963
Creditors: amounts falling due after
more than one year	23		(35,000)		(45,000)
Net assets			1,016,081		631,963
Income funds
General restricted funds		237,491		146,699
Revaluation reserve		64,520		64,520
	27		302,011		211,219
Unrestricted funds			714,070		420,744
			1,016,081		631,963

			2022		2021
		Notes	6
Pixed assets
Tangible assets		15		38,844		35,620
Heritage assets		14		79,400		79,400
Investment properties		16		175,000		175,000
Investments		17		100		100
				293,344		290,120
Current assets
Debtors			290,950		205,501
Cash at bank and in	hand		580,679		365,762
			871,629		571,263
Creditors: amounts	falling due within	22
one year			(186,176)		(228,060)
Net current assets				685,453		343,203
Total assets less current liabilities				978,797		633,323
Creditors: amounts	falling due after	23
more than one year				(35,000)		(45,000)
Net assets				943,797		588323
Income funds
Geneml restricted funds			237,491		146,683
Revaluation reserve			64,520		64,520
		27		302,011		211,203
Unrestricted funds				641,786		377,120
				943,797		588323

				2022		2021
			Notes
Cash flows from operating		activities
Cash generated from operations			33		220,667		374,036
Investing activities
Purchase oftangible fixed	assets			(44,091)		(27,035)
Interest received				9		1
Net cash used in investing		activities			(44,082)		(27,034)
Financing activities
Proceeds of new bank loans						50,000
Repayment ofbank loans				(5,000)
Net cash (used in)/generated		from
financing activities					(5,000)		50,000
Net increase in cash and cash equivalents					171,585		397,002
Cash and cash equivalents	atbeginning		ofyear		428,403		31,401
Cash and cash equivalents		atend ofyear			599,988		428,403

	Unrestricted	Unrestricted
	funds	funds
	2022	2021
	f.	6
Donations and gifts	74,823	89,800
Grants	1,655,489	1,226,514
	1,730,312	1316,314
Grants receivable for core activities
Arts Council England	1,458,489	1,079,514
Essex County Council	100,000	50,000
Colchester Borough Council	97,000	97,000
	1,655,489	1,226,514

		Unrestricted	Unrestricted
		funds	funds
		2022	2021
			6
Rental	income	23,163	21,453
Interest	receivable	9	1
		23172	21,454

			Learning &	Artistic	Total	Total
			education	programme		2021
			6
Sales within	charitable	activities	36,252	444,271	480,523	228,447
Analysis by	fund
Unrestricted	funds		12,438	27,058	39,496
Restricted funds			23,814	417,213	441,027
			36,252	444,271	480,523
Forthe year	ended 31	March 2021
Unrestricted	funds		12,522	21,264		33,786
Restricted funds			17,917	176,744		194,661
			30,439	198,008		228,447

Costs of	eneratin	volunta	income
Staff costs
~Td
Direct trading costs

Unrestricted	Unrestricted
funds	funds
2022	2021
	5
25,253	25,253
301,183	125,036
326,436	150,289

Other income	Other income
		2022	2021
		6
Other income		469,709	288,504
Room and	venue hire	71,186	25,439
Auditorium	programme	59,658	14,533
		600853	328,476

			Learning &	Artistic	Total	Total
			education	programme	2022	2021
			2022	2022
Staff costs			131,774	297,146	428,920	559,804
Direct costs			124,276	512,145	636,421	275,335
			256,050	809,291	1,065,341	835,139
Share ofsupport costs (see note 9)			266,234	757,742	1,023,976	604,470
Share ofgovernance		costs (seenote 9)	9,019	25,669	34,688	41,596
			531,303	1,592,702	2,124,005	1,481,205
Analysis by	fund
Unrestricted	funds		415,983	1357,788	1,773,771	1,215,907
Restricted funds			115,320	234,914	350,234	265,298
			531,303	1,592,702	2,124,005	1,481,205
For the year	ended	31March 2021
Unrestricted	funds		421,972	793,935		1,215,907
Restricted funds			107,256	158,042		265,298
			529,228	951,977		1,481,205

Support costs	Support costs
		Support	Governance	2022Support costs		Gavemance	2021
		casts	costs			costs
Staff costs		487,387		487,387	281,240		281,240
Depreciation		20,753		20,753	25,671		25,671
Office costs		17,011		17,011	3,285		3,285
Insurance		33,832		332t32	27,842		27,842
Conununication		51,959		51,959	24,481		24,481
Recruitment	and
training		15,975		15,975	5,748		5,748
Utilties		146,216		146,216	82,920		82,920
Building costs		140,650		140,650	99,712		99,712
Computer and telecoms		58,384		58,384	40398		40,398
Licence and
subscriptions		50,112		50,112	13173		13,173
Bad debts		1,697		1,697
Audit fees			8,624	8,624		9,807	9,807
Accountancy			3,090	3,090		3,000	3,000
Legal and professional			7,628	7,628		13,691	13,691
Board and committee
expenses			1,689	1,689		5,290	5,290
Bank charges			13,657	13,657		9,808	9,808
		1,023,976	34,688	1,058,664	604,470	41,596	646,066
Analysed between
Charitable activities		1,023,976	34,688	1,058,664	604,470	41,596	646,066

11	Employees										(Continued)
	Employment costs									2022	2021
										E
	Wages and salaries									842,907	791,161
	Social security costs									64,346	47,229
	Other pension costs									34,307	27,907
										941,560	866,297
	The number of employees			whose	annual	remuneration	was	more	than
	860,000is as foHows:
										2022	2021
										Number	Number
	860,000 - 670,000
12	Auditor's remuneration
	The analysis ofauditor's		remuneration		is as	follows:
	Fees payable to the	group's		auditors	and associates:					2022	2021
	Audit ofthe groups	annual		accounts						8,624	9,807
	Non-audit services
	All other non-audit	services								3,090	3,000

									2018
									E
At	1	April	2021						79,400
At	1	April	2021	and	at	31	March	2022	79,400

Tangible fixed assets	Tangible fixed assets
Group
		Plant,	Fixtures and	Gallery	Office IT	Total
		equipment	fittings	equipment
		&		&IT
		auditorium
		f.
Cost
At 1April 2021		192,080	337,396	397,278	48,708	975,462
Additions		24,312	5,546	14,233		44,091
At 31March	2022	216,392	342,942	411,511	48,708	1,019,553
Depreciation	and impairment
At 1April 2021		184,504	337396	369,234	48,708	939,842
Depreciation	charged in the year	8,665	1,490	10,598		20,753
At 31March	2022	193,169	338,886	379,832	48,708	960,595
Carrying amount
At 31March	2022	23223	4,056	31,679		58,958
At 31March	2021	7,576		28,045		35,620
Charity
		Plant,	Fixtures and	Gallery	Office IT	Total
		equipment	fittings	equipment
		&		&IT
		auditorium
		f.	6
Cost
At 1April 2021		186,310	337,396	397,278	48,708	969,692
Additions		24,312	5,546	14,233		44,091
At31March	2022	210,622	342,942	411,511	48,708	1,013,783
Depreciation	and impairment
At 1April 2021		178,735	337,396	369,234	48,708	934,073
Depreciation	charged in the year	4,466	1,490	10,598		16,554
At 31March	2022	183,201	338,886	379,832	48,708	950,627
Carrying amount
At 31March	2022	27,421	4,056	31,679		63,156
At 31March	2021	7,575		28,044		35,619

Investment	property
Group and	charity
		2022
		f
Fair value
At 1April	2021and 31March 2022	175,000

17	Fixed asset investments	Fixed asset investments	Fixed asset investments
	Charity
											2022	2021
									Notes		f	f
	Investments in subsidiaries									18	100	100
18	Subsidiaries
	Separate company	financial			statements		are required		to be prepared	by law. Consolidated financial		stateme
	for the Firstsite Limited			Group are		prepared		and publicly available.
	Details ofthe group's		subsidiaries			at31	March 2022		are as follows:
	Name ofundertaking			and country		of		Nature ofbusiness			Class of	%Held
	incorporation orresidency										shareholding	Direct
	Firstsite Enterprises		Limited		United Kingdom			Trading arm ofcharity			Ordinary	100.00
19	Stocks
											2022	2021
											f
	Shop stock										37,426	29,933
	Bar and cafe stock										14,614	2,594
											52,040	32,527

20	Financial	instruments	instruments	instruments
	Group							2022	2021
								6
	Carrying	amount		offinancial		assets
	Debt instruments			measured	at	amortised	cost	261,771	117,130
	Carrying	amount		offinancial		liabilities
	Measured	at	fair value through			profit or loss
	Measured	at	amortised cost					221,786	270322
	Financial	instruments
	Charity							2022	2021
								6	f.
	Carrying	amount		offinancial		assets
	Debt instruments			measured	at	amortised	cost	263,422	166,663
	Carrying	amount		offinancial		liabilities
	Measured	at	amortised cost					203,120	263,389
21	Debtors
	Group
								2022	2021
	Amounts	falling		due within	one year:
	Trade debtors							15,160	57,225
	Other debtors							258,348	73,910
	Prepayments		and	accrued income				21,282	30,465
								294,790	161,600
	Debtors
	Charity
								2022	2021
	Amounts	falling due within			one year:			6
	Trade debtors							8,025	53,961
	Amounts	owed by subsidiary			undertakings			13,364	52,797
	Other debtors							252,960	68,278
	Prepayments		and	accrued income				16,601	30,465
								290,950	205,501

22	Creditors:	amounts	falling	due	within	one	year
	Group

22	Creditors: amo Group	unts	falling due within one year
					2022	2021
				Notes		6
	Bank loans			24	10,000	5,000
	Other taxation	and	social security		18,056	9,671
	Deferred income				4,253	595
	Trade creditors				57,173	44,810
	Other creditors				6,643	3,218
	Accruals and deferred income				112,970	172,294
					209,095	235,588
	Creditors: amounts		falling due within one year
	Charity
					2022	2021
				Notes	f.
	Bank loans			24	10,000	5,000
	Other taxation	and	social security		18,056	9,671
	Trade creditors				40,620	41,487
	Other creditors				6,643	3,218
	Accruals and deferred income				110,857	168,684
					186,176	228,060
23	Creditors: amounts		falling due after more than one year
	Group and charity
					2022	2021
				Notes	6	6
	Bank loans				35,000	45,000
24	Loans and overdrafts
	Group and charity
					2022	2021
					6
	Bank loans				45,000	50,000
	Payable within	one	year		10,000	5,000
	Payable after one year				35,000	45,000

			2022	2021
Other deferred income			4,253	595
Deferred income is included	in the financial statements	as follows:
			2022	2021
Deferred income is included	within:
Current liabilities			4,253	595
Movements in the year:
Deferred income at 1April 2021			595
Resources deferred in the year			3,658	595
Deferred income at31March 2022			4,253	595

Restricted funds
	Balance at1	Incoming	Resources	Balance at 31
	April 2021	resources	expended	March 2022
	6	6	f,
Arhoork fund	79,400			79,400
Collectors Group - Artists support	24,033	5,869	(10,087)	19,815
Tate - Circuit	437			437
Refugee Action Restmirant	1,912			1,912
The Britie)mess project	9,472			9,472
Royal Opera House	1,094		(34)	1,060
Coode-Adams Firstsite Trust	2,000			2,000
Youth Music	8,755	3,000	(3,623)	8,132
Percil Bilton Charity	500			500
Nero Geographies - Wysing	('8,151)			(8,151)
Garfield Weston Lighting	34,694		(3,250)	31,444
Arts Council Collection	(10,983)	170,000	(169,656)	(10,639)
Holiday Fun	(442)	101,558	(95,902)	5,214
Black Essex	23,289		(2,796)	20,493
Art Fund	6,969			6,969
NHS COVID project	30,000			30,000
ArtFund &BBCCoinrnissioning	10,000			10,000
Holiday Fund Easter 21	11,893		('4,435)	7,458
Ttie Great BigArt Exhibition	(17,247)	44,100	(24,773)	2,080
Culture Recovery Fund (Capital)		65,000	(2,759)	62,241
Artfund Digital Respond &Reimagiiie		31,500	(12,914)	18,586
Ampersa&id Michael Landy		20,000	(20,000)
Other	3,593		(5)	3,588
	211,218	441,027	(350,234)	302,011

Analysis ofnet assets between funds Group
		Unrestricted	Restricted	Total
			6
Fund balances at 31March 2022 are represented	by:
Tangible assets		58,958		58,958
Heritage assets			79,400	79,400
Investment properties		175,000		175,000
Current assets/ (liabilities)		515,062	222,661	737,723
Long term liabilities		(45,000)		(45,000)
		704,020	302,061	1,006,081
Analysis ofnet assets between funds
Charity
		Unrestricted	Restricted	Total
		f.	6	6
Fund balances at 31March 2022 are represented	by:
Tangible assets		38,844		38,844
Heritage assets			79,400	79,400
Investment properties		175,000		175,000
Investments		100		100
Current assets/(liabilities)		685,453	222,661	908,114
Long-term liabilities		(35,000)		(35,000)
		864,397	302,061	1,166,458

under non-cancellable operating leases, which fall due as	follows:
	2022	2021
	6
Within one year	1,639	2,071
Between two and five years	1,640	3,279
	3,279	5,350

		2022	2021
		6
Aggregate	compensation	68,680	67,993

33	Cash generated from operations	Cash generated from operations	Cash generated from operations	Cash generated from operations		2022	2021
							6
	Surplus for	the year				384,119	263,197
	Adjustments	for:
	Investment	income	recognised	in profit or loss		(9)	(1)
	Depreciation	and impairment		oftangible fixed assets		20,753	25,671
	Movements	in working capital:
	(Increase)/ decrease		in stocks			(19,513)	4,830
	(Increase) in debtors					(133,190)	(34,703)
	(Decrease)/increase		in creditors			(35,151)	114,447
	Increase in deferred		income			3,658	595
	Cash generated from operations					220,667	374,036
34	Analysis of	changes	in net funds
					At 1April	Cash flows	At 31March
					2021		2022
							6
	Cash at bank	and in	hand		428,403	171,585	599,988
	Loans falling	due within one year			(5,000)	(5,000)	(10,000)
	Loans falling	due after more than one year			(45,000)	10,000	(35,000)
					378,403	176,585	554,988