##
##
##
##
|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|
##
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##
|||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|
##
##
##
|7|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|
##
##
|9|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|
##
##
|15|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|
##
##
##
|16|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|
##
##
##
##
##
|27|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|
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|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|