REGISTERED COMPANY NUMBER: 02884347 (England and Wales) REGISTERED CHARtTY NUMBER: 1031800 FIRSTSITE LIMITED CON50IIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ADD13Y)7 0411012024 COIAPANIES HOUSE A19
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FIRSTSITE LIMITED REFERENCE AND ADMINISTRATIVE DEfAIiS FOR THE YEAR ENDED 31 MARCH 2024 Reg15tered Company number 02884347 IEngland and Wales Reg•stered Charity number 1031800 Registered office Firstslte Lewis Gardens High Steet Colchester Essex COI IJH Trustees Mr G C Armitage Mr M F L Durham {resigned 3171231 Mr T Field Ms CE C Francis Mr A N Garnett Mr J Harvey Ire5igned 3161241 Ms D E Leacock Ms R H Millard OBE Mr R A Polom Ms S Pui San Lok Mr D J Rosenber8 Mr P Tibber Cllr J A Young Senlor Statulory Auditor Melinda J Simpson ACA Audltors Haines Watt5 Statutory Auditors Town Wall House 8alkerne Hill Colchester Essex C03 3AD Soll¢ltors Ellisons Headgate court Head Street Colchester Essex COI INP
FIRSTSITE LIMITED REFERENCE AND ADMINISTRATIVE DETAILS- continued FOR THE YEAR ENOEO 31 MARCH 2024 Bankers HSBC 26 High Street Colchester Essex COI IDG CCLA Investment Management Limited COIF Charity Funds 80 Cheapside London EC2V 6DZ Lloyds Bank 22 High Street Colchester Esse¥ COI IDU
FIRSTSITE LIMITED CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 P'ale Chairs, Ststement Report of the Trustees 3 to 10 Report of the Independent Auditors 11 to 13 Consolldated Ststement of Flnancial Artlvltles 14 Consolldaied 8alance Sheet IS to 16 Charlty Balance Sheet 17 to 18 Consolldated Cash Flow Ststement 19 Notes to the Consolldated Cash Flow Statement 20 Notes to the Consolld•ted Financlal Statements 21 to 44
FIRST5E LIMITED CHAIR'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 l am writin8 this report days after witnessing huge queues of people snaking around Firstsite. on a day when we had visitors from across the country and the café almost (but not quite) sold out of sausage rolls. Yes, this was the moment that BBCI'S Antique5 Roadshow came to the gollery, and we are now awaiting three huge servings of national publicity and acclaim in the programmes which will be aired this autumn. Well done the whole team. for bringing this national treasure to Firstslte. Firstsite is fast turning into a national treasure itself. and in terms of the year April 2023 - March 2024. the g311ery has proved as popular as ever. We've had a great year. It began with the continuation of Sarah Lucas, remarkable survey by leading female art15ts across the UK, Big Women. This Show teed up a retrospective on Lucas at Tate Britain and reminded the art world that Firstsite has a remarkable ability to show artists who matter, just a bit before everyone else does. One of the wonderful legleS of the show is 3 collection of witty and playful neon sculptures made by Sue Webster, who exhibited in it, and her artistic partner Tim Noble. They make Fir5tsite shine even mort bri8htlyl Sarah Lvcas has made a sizeable donation to the gallery, for which we ère extremely grateful. 8ud8ets are tricky things at the best of times. but now. funding is a stretch and the need for our services is greater than ever. So thank you so much Sarah. and thanoU to everyone who gave so generously this year to the 818 Give. We easily broke the £20,000 tar8et whSch meant that the money we raised was match-funded by The Big Give. After Big Women. we gave the gallery to Everton Wri8hr who filled it with his sensitive and inspirin8 paintln8s, film and Sculpture in the show Libation. To enhance the immersive feel, Wright poured black and golden paint across the gallery floor and the main walkway, reminding us all that art, at Firstsite, doesn't end when the formal 8alleries do, but 15 everywhere, all the tlme. We were helped with this by the Art Fund. to whom we are extremely 8rateful. Somebody who immersed their whole life in art was Lucy Harwood, a remarkable painter born in 1893 whose work had its first ever retr05pective in our glorious show Bold Impressions. A graduate of the le8endary East Anglian School of Paintin8 nd Drawln8, Harwood took to paintin8 after 3 botched operation caused partial paralysis down her ri8ht-hand side. She taught herself to paint with her left hand. At the Slade, no less. What a showl We learned about her amazing eye, her insistence on connecting Wlth nature, her insistence on travellin8 the world, and her defiant independence which as 3 woman in the early 20th century, was no mean feat. Her descendants came to the openin8, and wept to see the beautlful exhibition, curated by our Exhibitions Manager George Morl. The Spectator devoted a whole Spread to Bold Impressions, in a great review subtitled "Joyous chaos The exhibition was aptly sponsored by Art History Abroad. After these two huge shows, a welter of other work was shown in qulck succession at the gallery,. Level 8est and Sunshine Coast. Zero Contract.. Zero Contact by YAK, our brilliant group of youn8 people, and In-8etween Us. a ch3llen8in8 salute to notions of masculinity and male identity by David Lock, also curated by George. Norfolk based artist aaire Cansick's You and l are Earth, chartin8 the devastating effects of climaie change. finlshed the year, Firstsite achieved much in other areas. Our revamping and Smprovement of lighting across the galleries and public spaces was completed and has made a huge difference. The cinema 8oes from strength to strength, augmented by the arrival of our Mosaic Membership cards, where for just an annual fee of £99, members can have unlimited free access to our films, and a whole host of special offers and discount5. including in the café and Shop. It ha5 proved a very popular choice for supporters. Holiday Fvn, our award-winning pro8ramme for children and families continues to sustain and inspire the community with hot food. artistic engagement and physical activity while other projects including Minioip, a free weekly music club for young people, toddler groups, drawing workshops. the self-explanatory 8oozy Brushes, needlework clubs and the Late Lounge serle5 of club ni8hts on a Friday means that Firstsite 15 always buzzing with groups from all ages and walks of life.
FIRSTSITE LIMITED CHAIR'S STATEMENT- Contlnued FOR THE YEAR ENDED 31 MARCH 2024 I would like to thank the Arts Council of England, for whose funding and support we are very 8rateful. I would like to thank Essex County Council and Colche5ter City Council, whose Support is equally welcome and important, I must also thank our many individual patrons, including Sarah Lucas as mentioned above, and Sonia and Giles Coode-Adams. who give such wonderful support and inspiration, all the people who gave to us in The Big Give. and many others. A particular thank you must go to Trevor Fenwick and Jane Hindley who have donated a major gift to Firstsite and lent us their time and expertise. I would Ilke to thank the whole Board of Firstsite, our wonderful Vice Chair Richard Polom. fellow Trustees Peter Tibber. Katie Francis, Alan Garnett, David R05enberg, Julie Young, James Harvey, Susan Pui San Lol Mark Durham, Steph Nissen. Diane Leacock, Tim Field and Guy Armitage. Your work and advocacy for Firstsite both within and outside the building is vital and hugely appreciated. Thank you for comin8 to all those meetin85 and for always being positive. Thanks go to our Collectors. Group who support Firstsite all year round, and YAK, our youn8 perwn's group. l am proud to thank our brilliant team èt Firstslte, which is absolutely terrific and whlch works so hard all year round to make the gallery the inspiring. challenging, welcoming place it is. I would like to thank our Chief Operations Offlcer Sarah Cavan-Atack who has worked wonders with the lights. and our brilliant Director Sally Shaw M8E whose achievements in making this Colchester gallery a centre with national impact. Under her charge, Fir5tSlte continues to tread a clear, and inspiring path even in the most challenging of climates. I have every confidence that next year at Firstsite is going to prove as successful as thi5 one ha5 been. Ms A H Millard BE Chair Tolqiv(
FIRSTStfE LIMITED REPORT OF THE TRUSTEES IINCORPORATING DIREcfoRS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees who are also directors of the group for the purposes of the Companies Act 2006, present their report with the financial statements of the group for the year ended 31 March 2024. The financial statements have been prepared in ccordance with the accountin8 policies set out in note I to the financial statements and comply with the group's Articles of Association, the Companies Act 2006 and Accounting and Reportin8 by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191. OBJEcfivES AND AcfiviTIES Objertlves and aims The charity's object and its principal activity is to promote the arts in society, in particular the visual and media arts, for the benefit of the inhabitants of Colchester in particular and the surroundin8 area in East An81ia in 8eneral by developing public appreciation of the arts and bv improvSn8 public access to and the quality of the art5. The organi53tion is a national leader in commissioning contemporary art, exhibiting li in the organisation's building and providing innovative new le3rnin8 Opportunities for the pvblic to understand and appreciate new and existing art. The charity's aim is to increase its reach into the community with a programme of exhibited artwork and associated learnin8 activities. The strategy for the artlstSc programme is to exhibit artwork that includes new art that engages with a broad audience. show work from established artists and to produce innovative exhibltlons. The learning pro8rarnme's aims are to find appropriate and interesting ways to engage with underserved sections of the community. attract School visits to exhibitions and artist led workshops and to encourage more members of the community to participate in creative activity. V155on Makin8 art matter. Mission To ensure art and creativity are valued for their integral role In shaping a happy and healthy Society for everyone by= championin8 creativity as a catalyst for positive change; celebrating everyone's ima8inations as places to Shape a better future,. demonstrating the impact of art and galleries at the centre of everyday life. Values Creative.. we seek the hi8he5t levels of creativity in the fantastic artlSts and artworks that we show and support and how we work together a5 3 team and with our communities and partners to realise our vision. Inclu5ive.' we continuously and actively seek to identify and remove barriers to everything we do and who we do it with to ensure it is available to those who we prioritise and who seek to share what we do. L.. we actlvely seek involvement, feedback and information from our audiences and communities- especially those we prioritise- to inform what we do, how we do it and how we can improve each time we do it. Res nsible.. We need to lead by example and take responsibility for doing .what we do with integrity, care and urgency. This includes taking responsibility for each other as a team. being responsible for our audiences and communities and taking responsibility for our local environment and the planét.
FIRST51TE LIMITED REPORT OF THE TRUSTEES (INCORPORATING DIRECTORS. REPORT)- continued FOR THE YEAR ENDED 31 MARCH 2024 Public 8enefit In deciding the chafitvs work over the course of the year the Trustees have complied with the duty in s17 Charities Act 2011 to have due regard to the public benefit guidance published by the Charily Commission. ACHIEVEMENTS AND PERFORMANCE Charitable actlvltles Despite significant external challenges and internal changes to the team, throughout the financial year 2023124 First51te delivered an extraordinary pro8ramme of artistic activity. We were open for another full year without any further Covid restrictions. During this time we implemented our new openin8 hours and shifted our efforts towards developing weekend and evening activity in order to attract increased and more diverse audiences - especially those with disposable income prepared to spend on culture as A form of expression and entertainment. We have hit our audience target, even with one less dèv è week open. Within this we have managed to achieve national representation of all protected characteristic groups - somethin8 which not even major naiional galleries have achieved. This year is the first year of our current three.year funding agreement with Arts Councll England. The following report provldes an assessment of our progre against our headline goa15 and KPIS. l. Creatlve The year began with the on8olng Bl8 Women exhibition curated by Sarah Lucas. This was followed by the hi8hlight exhibition of the year Libotion by Everton Wri8ht. Everton is British born African Caribbean herita8e with his parents rriving in the UK on the last ship journeying here in the 'Windrush Generation,. Libation explored hi5 experiences as black artist living and workin8 in the UK. Despite being in his late fifties, this wa5 Everton's first major 5010 presentation in a UK gallery, bringing together 20 years of mostly unseen work. The exhibition included a major commission of a walking drawin8 which comprSsed black and gold paint applied to Firstsite's floor from the front of the building to the back. This is the first time any artist has made a work of thi5 nature at Firstsite. The commission was supported by Art Fun Museum of the Year fundin8. Continuing our work to celebrate artists form the region, especially those who have been overlooked, we opened a wonderful exhibitlon called Lucy Harwood - Bold Impressions. This brou8ht together over 100 works by an artist who is well known locally, but who's influence and legacy has never been mapped. Lucy is also a significant social story and a symbol of triumph over adversity. She was severely disabled after a botched appendicitis operation which left her paralysed on one side of her body. This did not stop her continuing as a prolific painter inspired by the impressionists of her era and encouraging her to travel around the world painting landscapes. The exhibltlon was sponsored bv Art History Abroad, who are èlso supporting the making of a publicatlon to celebrate Lucrfs work. Other exhibitions in the year included first-time presentations of work by Claire Cansick and David Lock, as well as new presentations by our Young Artist Kommunity YAK. Davld Locys exhibition was also his first ever in a major 8allery context. Overall, the year was 311 first-time 5010 presentations for all individual artists represented. Alongside. the Holiday Fun programme has been successfully delivered for a seventh year running. We are now up to a remarkable total of 23,000 meals provided meaning many thousands of children and families have been introduced to our core activities and are getting more creative every day. We have begun integrating Holiday Fun activity into our broader exhibition programme with a view to ensuring that there is an obvious beneficial overlap between area of programming. This means that work made by people in Holiday Fun,"will in future be displayed as part of major exhibitions and partlClPaDts in the programme will be centrally located at the heart of exhibition making practice.
FIR5T51TE LIMITED REPORT OF THE TRUSTEES (INCORPORATING DIRECTORS, REPORT)- Contlnued FOR TrIE YEAR ENDED 31 MARCH 2024 2. 5oclal The development of our audiences, especially into the evenings and weekends has been the standout success of our ctivities this year. It has been a long-term goal to diversify our audiences in sustainable ways. For the first time, for a whole year (not just on a project-by-project basis) we have achieved national representation levels of all protected characteristic groups. This means that our audiences are now. quite literally a microcosm of the UK population, meaning that our studies and research into cultural impact and future visualisation can be extrapolated as a scalable idea. In some specific areas - such a5 the Holiday Fun pro8ramme some protected characteristics, in particular global majority ethnicity. are closer to global levels than they are to local or national. For the first time in a long period. we have developed and sustained a comprehensive programme of ticketed events for audiences to enga8e in particularly in evenin85 and at weekends. These have shown small and hard-won successes in terms of audience generation and income realisation. All streams of activity in the first instance showed limited interest but have Steadily grown throughout the year with over 50% turnin8 3 small profit by the end of the financial year. Overall, the programme has generated a loss, however we anticipate this changing in the forthcoming financial year. It is heartening to note, that whilst the pro8ramme has overall been loss-making. we have within this invested more than £40.(0 in artlst fee5 enablin8 many local artlSts to sustain their practice. It may be seen as beneficial to turn the pro8ramme over to the charitable side of our operations in future to encourage this philanthropic support. Firstsite has also introduced its membership programme Mosaic. This has been in the pipeline for some time, and we took the plunge this year to continue to build our income generating capacity. By the end of the financial year. we had achieved one hundred inembership sales and we were beginning to see the Scheme working in term5 of building our cinema audience and also people beginning to take up more event5 and classes with their membership dlscounts. Economic Financially, it has been another extremely tough year for Firstsite. We have felt the bite of increased cost of livin8, utilities costs have remained at an all-tlme high and our performance in development has been sub.p3r. The utillties costs have been our bi88est issue, spendin8 in the reBion of £580,000 over two years meaning our reserves are severely depleted. This has been alongside a year when even our cautious targets for income generation have not been met due to the cost-of-living crisis and the change in direction of many major trusts and foundations. To miti8ate against this, the team has worked exceptionally hard io reduce expenditure, delayin8 new appointments and reducing costs acros5 the board. This has been done whilst also delivering a very hi8h.quality artistic programrne on n absolute shoe-string. There have been three major successes however and they point us towards where the future lies in this area. We have been successful in our application to Fidelity for capacity building fund5. This will enable us to recruit philanthropy post on the Senior Management Team. We will also be able to recruit a data and evaluation co-ordinator who will help us delve deeper into our impact to artlculate our or83nisètional story better to attract funds and 5UPPOrt from è broader range of sources. We have also enjoyed significant support from an individual donor Trevor Fenwick. Trevor, and his incredible wife Jane Hindley have invested in Firstsite in the most timely and generous way. Not only have they contributed vital fund$1£30,000 over three years) but they have also contributed expertise and opportunities. Trevor has encouraged us towards the 818 Give which we delivered right at the end of the financial year. We were able to meet the hi8hest possible target range of £40,000 all of which goes towards Holiday Fun in the new financial year. Jane has also steered our Collectors. Group to increased numbers and influence. We are now celebrating 10 years of the group who have themselves contributed £40,000 over this time especially to supporting young and emerging artists across the East An81ian region.
FIRSTSITE LIMITED REPORT OF THE TRUSTEES (INCORPORATING DIREcfoRS' REPORT}- ¢ontlnued FOR THE YEAR ENDED 31 MARCH 2024 Lastly, it is important to acknowledge and thank the artist Sarah Lucas who also given £40,000 towards the artistic programme. This is an unbelievably generous contribution at a time when Firstsite is most in need. Sarah gave the suppon on the back of having a great time putting together the Big Women show and in gratitude for the opportunity to profile artists who She believes should not be overlooked at a critical point in their lives and careers. These three areas of success point toward where Firstsite holds considerable value and influence, even in the most testing of times. The gallery has enormous support from friends, artists and philanthropists because of the amazin8 work it does to authentically support all its communities and stakeholders to make a difference with creètivity. 4. Sustalnable There's light at the end of the tunnel! Quite literally. Sarah Caven-Atack and Dath Howlett along with Property 360 need special mention here. At the time of writing the report, we are approximately 60% of the way through the Ilghting pro8ramme. Thls means that the main balance of the works to change every li8htbulb in Firstslte to LED and to Upgrade the entire operating 5V5tem behind the lights is on its way to completing. The change in the building is remarkable. Things are obviously brighter, shaper. easier to use and the visitor experience is massively improved. Our beautiful building is once again bathed in light and is fully and completely respetted and cared for in this area. The system is robust, practical and efflclent and the team behind the project need to be recognlsed especially. Innovation and Resear¢h The Director, along with the senior management team have be8un to develop the long-term plan for Firstsite. In the next twelve month5 a 10.year plan will be developed to show how the gallery will galvanise its successes. especially with regards talent development, emerging artistic practice and supporting the creètive lives of children, young people and families. This ten-year plan will coincide with the next round of National Portfolio Or8anisation INPOI applications with the Arts Council England as well as drawin8 together some strategic ambitions of our re8ional stakeholders including the University of E55ex, Colche5ter City Council, E55ex County Council and Tendring District Council. Firstsite is well positioned to be the leadin8 cultural organisation in the area to actively demonstrate the impxt of creativity on many people's lives, especially those facing the most adver51ty. By drawing tO8ether our partners, uslng data and analysls, we can create an example of excellence that can be replicated and scaled elsewhere across the country. Our last 10 years in thi5 area. bode5 well for our next 10 years. The key feature of the pro8ramme will be to galvanise this excellent worK having laid strong creative, social and economic foundations. We have all the too15 in place to be financially strong, and we have the mindset to share this wealth to the benefit of others and in doing so, actlvely demonstrate the power of creètivity to re8enerate in the most fundamental and long-lastin8 ways. FINANCIAL AEVIEW Flnanclal posltlon The charitable company continues to endeavour to implement its rlsk management strategy and reserve5 policy in IiDe with its business planning for the full operation of the building and the conducting of its charitable objectives. The poliry is to have 3 months of expenditure covered by unrestricted reserves at any time and the trustees are workin8 towards achieving this. 2024 saw a concentrated and 5U5tained effort to reLJuce costs wherever possible, the driver being the sharp increase in energy costs which have risen a staggering 320% since the dlsruptions in flow of fuel began. Funding from Trusts and Foundations has reduced significantly whilst philanthropic organisations re-evaluate their priorities. Firstsite, like many other affected organisations has relied on the targeted use of Reserves to navigate through this period. The accumulated consolidated surplu5 in the unrestricted fund account as of 31 March 2024 was £254,333 12023.. £258.7591 and there were restrlcred funds of £696,69112023.. £315.6951.
FIRSTSITE LIMITED RÉPORT OF THE TRUSTEES (INCORPORATING DIREcfoRS' REPORTI - contlnued FOR THE YEAR ENDED 31 MARCH 2024 Income from restricted activity increased by £370,516 {2024'. E529,390 - 2023.. £158,874). This funding w35 available to 5UPPOrt our lighting renewal project seize on technological opportunities to reduce environmental impact, recruitment to develop new philanthropic skills, supporting new and emerging artists within the programme and community projects such as Holiday Fun and our Youn8 Art Kommunity IYAKI. The trading activities of the group is conducted by Firstsite Enterprises Limited. a wholly owned subsidiary, whose results are included within these consolidated financial statements. The trading actimty increased in revenue by £56,14612024'. E533,359 - 2023.. £477,213). There was a slight reduction in margin to 6%12023.' 7%) due to absorbing rising operating Costs and not passing increase5 onto Firstsite customers. Income from both unrestricted and restricted sources increased from the prior year by £366.736 12024: £2.349,810 2023,. £1.983,0741 relating to Arts Council capital investment funding enabling us to replace obsolete lighting wlth sustainable lighting fit for. purpose for the next 10 years and funding from Fidelity Foundation enablin8 US to develop expertise in philanthropic fundraising. Overall, total resources expended decreased significantly from the prior year by £231,461 12024.. £2,193,240 - 2033.. £2,424,7011 because of tight cost control and mitigation however within this there was a sharp increase in utility costs which was expected and due to the high costs of electricity, the expectation is that the new energy efficient lighting being installed will start to bring these costs down during 202412025. Tèngible net fixed assets increased by £339,93512024.. £433.009 2023.. £ 93,0741 and thi5 movement in assets reflect5 the remainder of the costs to the boiler mana8ement System, costs of the cinema li8htlng upgrade and the depreciation char8e based upon the Charitrfs accounting policies. Debtors of £264,930 12023: £268,7741 iludeS for E114.714 12023: £169,138) in respect of Exhibition Tax Relief and £150,21612023 £99,636) of trade and prepayment debtors. Credltors £316,31212023= £264,434) fallin8 due wlthln one year Inclvdes for £153,751 of accrua15 and deferred income, £152,561 of trade and other creditors and £IO.000 recogni5in8 Firstsite's liability to pay within a year part of the £50,000 Bounce eack loan. which has a 6.year term. The trustees have formed a judgement, at the time of approving the financial statements, which based upon funding secured and actions taken by the executive team to respond to the bud8etary impact of the cost.of-livin8 crisis the 8roup wlll continue Its actSvities and remalns a goin8 concern. Our thanks £0 to Arts Council Éngland. Colchester City Council. Essex County Council, Art Fund. Coode-Adams Trust, Sarah Lucas, Trevor Fenwick, Jane Hindley and our many other individual supporters. The Trustees have a duty to identify and review the risks to which the charity is exposed, and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. In addition, the Trustees conder other risks to the continuance of Firstsite as an artistic learning and viewing venue. The major risks to which the charity is exposed to, as identified by the trustees, include the financial position and facilities available, these have been reviewed and a system has been established to mitlgate those risks. The Trustees continue to collaborate c105ely with the major sponsors of First51te to ensure common objectives and activitie5 are achieved to ensure continued support. Reserves pollcv The group5, policy on reserves is to maintain sufficient reserves to enable the group to continue to achieve is principal objectives.
FIRSTSITE LIMITEO REPORT OF THE TRUSTEES (INCORPORATING DIREcfoRS' REPORT)- continued FOR THE YEAR ENDED 31 MARCH 2024 STRucfuRE, GOVERNANCE AND MANAGEMENT Governln8 document The 8roup is controlled by its governing documenr, a deed of trust, and constitutes a limited company, Ilmited bv guarantee, as defined by the Companies Act 2006. Recrultment and trainin8 of new trustees The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were.. Mr G C Armltage Mr M Durham Iresi8ned 3171231 MrT Field Ms C E C Francis Mr A Garnett Mr J Harvey (resigned 3161241 Ms D E Leacock Ms Rosie Millard 08É - Chair Mr R A Polom- Vice Chair Ms S Pui San Lok Mr D J Rosenber8 Mr P Tibber Cllrj A Young Trustees are recruited via an a8reed procedure: l. Establish and a8ree the competencies required,. Advertlse the positions via Firstsite's website and other approprlate media and invite other applicants,. 3. Carry out a paper short-listin8 exercise comparin8 experience and qualifications etc. against the preferred crlteria,. 4. Carry out structured, competency.based interviews wlth members of the Nomlnations and Remuneration Committee and the Chair of the Managing Board and score the evldence a8ainst the pre4etermined rating scale. Follow up with competency based references,. Arrange a meetin8 of the Nominations and Remuneration Committee to decide on the successful candidates,. 6. Put forward the names of successful can(iidates to a meeting of the Board of Trustees for formal approval. None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a windin8 UP. Indurtion and iralnlng of new trustees New trustees undergo a period of training to brief them on their legal obligations under Charity and Company Law, the content of the Memorandum and Articles of Association, the decision-making process, the business plan and recent financial performance of the charity. Trustee5 are encoura8ed to attend appropriate external training events where these will facilitate the undertaking of their role. Organisatlonal stwrture The Board of Trustees meets at least quarterly to review the policy, strategy* medium and lon8-term planning needs of the or8anisation.
FIRSTSITE UMITED REPORT OF THE TRUSTEES IINCORPORATING DIREcfoRS' REPORTI- contlnued FOR THE YEAR ENDED 31 MARCH 2024 The Finance and Enterprise Committee meets regularly with the Flnance Director and Director to ensure that the or8anisation is fUSed on the Business Pl3n wioritles whilst m3naging risks proattivelv. A Company Secretary role is appointed from amongst the Trustees to help continually develop our 8overnance arran8ements ensuring we adhere to best practice. Firstsite has also appointed a Vice Chair to take on duties and responsibilities In the absence of the Chair. The Board of Trustees delegate day-to-day management to the Director, M5 S Shaw. Please note that Ms S Shaw is not formal Director at Companies House, Wlder network Firstsite has a close relationship with Arts Councll of England, which is a charity, Colchester City Council and Essex County Council, all of which provlde funding to enable Firstsite to carry out its charitable objectives. Firstsite is also an active member of the +Tate network and the Contemporary Visual Arts Network, contributing to sector-wide strategic projects that support increased acce55 to art and culture across the UK. Related partles Firstsite Enterprises Limited is a wholly owned Subsidiary company and operates the commercial aspect of the organisation which include5 a number of element5. IS Queen Street offers a creative hub for local Small and new buslne55es. At the year.end, there were three resident members with a mix of charity. and social enierprlse status. The other activities that comprise those of Firstsite'Enterprises Limited include managing the hire of spaces in Firstsite's buildin8 and organising events, conferences and meetin8S; the provision of a permanent café in the buildin8 which is open for food and drink ? days a week,. the provision of a Shop selling art related items that includes locally produced artwork and craft. The operation of the audliorium which is used to screen live performances and with the partnership with Curion Cinemas, a full film programme. In addition, there are è number of related talks and debates which are on offer to the public. The commercial activity produced an income that allows Firstsite ro show informatlve ènd interesting art exhibltlons as well as the provision of educational workshops and classes that are free to attend or are offered at a subsidy.
FIRSTSITE LIMITEO REPORT OF THE TRUSTEES IINCORPORATING DIRECTORS, REPORT)- tontinued FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees Iwho are also the directors of Firstsite Limited for the purposes of company lawl ère responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kin8dom Accountin8 Standards (United Kingdom Generally Accepted Accountin8 Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable group and of the incoming resources and application of resources, including the income and expenditure, of the charitable 8roup for that period. In preparing those financial statements, the trustees are required to.. select 5Ultable accounting policies and then apply them consistently: observe the methods and principles in the Charity SORP,. make judgements and estimates that ère reasonable and prudent.. prepare the financial statements on the going concern basis unless It is inappropriate to presume that the charitable group will continue in busines5. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable group and to enable them to ensure that the financial statements comply with the Companles Act 216. They are also responsible for safeguarding the assets of the charitable 8roup and hence for taking reasonable steps for the prevention and detettion of fraud and other irregularities. In so far as the trustees are aware.. there Is no relevant audit informatlon of which the charitable group's auditors are unaware; and the trustees have taken all steps that they ou8ht to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. AUDITORS The auditors, Haines Watts. will be proposed for re.appointment at the forthcomln8 Annual General Meeting. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Appr d by order of the board of trustees on . gDIqIW and signed on its behalf by= M5 E - Trustee -1
REPORT OF THE INDEPENDENT AUOITORSTO THE MEMBERS OF FIRSTSITE LIMITED Opinlon We have audited the financial statements of Firstsite Limited (the 'group'l for the year ended 31 March 2024 which comprise the consolidated Statement of Financial Activities, the consolidated and parent company Balance Sheet. the consolidated Cash Flow Statement and notes to the financial statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standard5. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accountin8 Practice). In our opinion the financSal statements: give a true and fair view of the state of the charitable group and company's affairs a5 at 31 March 2024 and of its incoming resources and application of Tesources, including its income and expenditure. for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Pr3cts"ce,' and have been prepared in accordance with the requirement5 of the Compènies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditin8 IUKI IISAS IUKII and applicable law. Our responsibilitles under those 5tandard5 arè further described in the Auditors, re5pon5ibilities for the audit of the financial statements section of our report. We are Independent of the charitable group in accordance with the ethical requirements that are relevant to ovr audit of the financial statements in the UK, includin8 the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilitie5 in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Con¢lyslons relatSn8 to 8oln8 concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statement5 is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable group's ability to continue as a going concern for a period of ai least twelve months from when the financial statements are authorised for issue. Our responslbS1ities and the responsibllltSes of the trustees with respect to 80in8 concern are described in the relevant . sections of this report. Other informailon The irustees are responsible for the other Information. The other information comprises the Information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financlal statements does not cover the other information and, except to extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audlt of the financial statements, our responslbility is to read the other Snformation and, In doin£ 50, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material incon515tencies or apparent material mi55taternents, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there Is a material misstatement of this other information, we are required to report that fact. We have nothin8 to report in thi5 re8ard. Oplnions on other matters prescribed by the Companies Art 2006 In our opinion, based on the work undertaken in the course of the audit- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared Is consistent with the financial statements,. and the Report of the Trustees has been prepared in accordance with applitable legal requirements. -li-
REPORT OFTHE INDEPENDENT AUDITORSTOTHE MEMBERS OF FIRSTSITE LIMITED Matters on whith we are requlred to report by eJt¢eption In the light of the knowledge and understanding of the charitable group and its environment obtained in the course of the audit. we have not identifled material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accountin8 records have not been kept or returns adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and returns- or certain disc105ures of trusteès. remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit., or the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare Strategic Report or in preparin8 the Report of the Trustees. ftesponslbllhies of tNstees As explained more fully in the Statement of Trustees, Responsibillties, the trustees (who are also the dSrectors of the charitable group for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatemenL whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable group's abllity to continue as a goin8 concern, di5closin8, as applicable, matters related to 80in8 concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable group or to cease operètions, or have no realistic alternative but to do so. Our responslbllltles for the audlt ol the Ilnanclal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that incltsdes our opinion. lleasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a rnaterial misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the a88regate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financlal statement5. The extent to which our procedures are capable of detecting irregularities, including fraud 15 detailed below.. We obtained an understanding of the legal and regulatory framework applicable to both the charitable group itself and the sector in which it operates. We identified areas of laws and regulation5 that could reasonably be expected to have a marerial effect on the financlal statements from our Sector experience and through discussion with the directorsltrustee5 and rnanagement. The most SlEnificant were identified as the Companies Act 2006, The Charitles Aa 2011, UK GAAP including Charity SORP IFRS 1021 and relevant tax legislation. We considered the extent of compliance with those laws and regulatlons as part of our procedures on the related flnancial statements. Our audit procedures included.. We considered the risk of fraud through management override and in response, we incorporated testing of manual journal entries into our audlt approach throughout the flnancial year. We also considered the risk of fraud through assumptions and judgements used within the accounting estimates and in response. reviewed and 5crutinised these estimates in order to detect POS5ible management bias. We also considered the risk of fraud a550ciated with the preparation of the financial statements and in response. tested the disclosure5 prepared against relevant SUPPOrting documentation. .12-
REPORT OF ThE INDEPENDENT AUDITORS TO THE MEMBERS OF FIRSTSITE LIMITED Our audit did not identify any si8nificant matters relatin8 to the detection of irregularities includin8 fraud. However. despite the audit being planned and condurted in accordance with ISAS IUKI there remains an unavoidable risk that materi31 misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and by their very nature, any such instances of fraud or irregularity likely involve collusion, forgery. intentional misrepresentation, or the override of tontrols. A further description of our responsibilitie5 for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This dexripiion forms part of our Report of the Independent Auditors. use of our report This report is made solely to the charitable company's members, 3$ a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit Work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume re5pon51bllity to anyone other than the charltable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed, Melinda J Simpson ACA (Senior Statutory Auditorl for and on behalf of Haines Watts Statutory Auditor5 Town Wall House 8alkerne Hill Colchester E$5ex C03 3AD -13-
FIRSTsrrE LIMITED CONSOLIDATED STATEMENT OF FINANCIAL AcfiviTIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2D24 2024 Total fund5 2023 Total funds Unrestricted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and le83cies 1,119,919 452.120 1,572,039 1.105.787 Charr<able artivities Learning and education Artistic Programme 4,656 32.790 44A80 37.4146 44,480 145,334 49,684 Investment Income Other income 23.530 672,315 23.530 672.315 22,638 659,631 Total 1,820,420 529.390 2,349,810 1,983,074 EXPENDITURE ON Raising funds 530,753 530,753 468.071 Charltable activities Leèrnin8 and education ArtSstic Programme 539,961 976,832 80,319 65,375 620,280 1.042,207 601.994 1,354,636 Total 2,047.546 145.694 2.193,240 2,424,701 Revaluation adjustment 220,000 220,000 INCOMEI(EXPENDITUREI Transfers between ndS (7.126) 2.700 383.696 12,700) 376,570 1441.6271 24 Net movement in funds {4.426) 380.996 376.570 1441,6271 RECONCILIATION OF FUNDS Total funds brought forward 258.759 315.695 574,454 1,016,081 TOTAL FUNOS CARRIED FORWARD 254,333 696,691 951,024 574.454 The note5 form part of these financial statements -14-
FIRSTSITE LIMITED CONSOLIOATEO 8AiANCE SHEEr 31 MARCH 2024 2024 2023 Notes FIXED ASSETS Tanwble assets Heritage assets Investments Investment property 13 14 433.009 93.074 79.400 16 395,000 175,000 907.409 347.474 CURRENT ASSETS Stock Debtors Cash at bank and in hand 17 18 37,004 264.930 72,993 46,246 268,774 201,394 374.927 516,414 CREDITORS Amounts fallin8 due within one year 19 (316.312) 1264.4341 NET CURRENT ASSETS 58,615 251,980 TOTAL ASSEfs LESS CURRENT LIA8ILITIES 966,024 599,454 CREDITORS Amounts falling due after more than one year 20 115,0(101 125,0001 NEf A55Ers 951,024 574,454 FUNDS Unrestricted funds Unrestricted funds - Fair value reserve Restricted funds Restricted funds- revaluation reserve 24 34,333 220,000 632,171 64.520 258.759 251.175 64.520 TOTAL FUNDS 951.024 574.454 The notes form part of these financial statements -15-
FIRSTSITE LIMITED CONSOLIDATED BALANCE SHEEf- continued 31 MARCH 2024 These financial statements have been prepared In accordance with the provisions applicable to charitable companies subject to the sm311 companies regime. The financial statements were approved by the 8oard of Trustees and aurhorised for issue on and were signed on its behalf bv.. Ms R H Millard OBE - Truste The notes form part of these financial statements -16-
FIRSTSThE LIMITED CHARITY BALANCE SHEET 31 MARCH 2024 1024 2023 Notes FIXED ASSETS Tangible assets Heritage assets Investments Investments Investment property 13 14 420.491 79,400 77,239 79,400 15 16 100 395,000 loo 175,000 894.991 331.739 CURRENT ASSETS Debtors Cash at bank and in hand 18 239.982 50.125 316,272 126.432 290,107 442.704 CREDITORS Amounts falling due within one year 19 1277.437) 1217,2881 NEf CURRENT ASSETS 12,670 225,416 TOTAL ASSEfs LE CURRENT LIABILITIES 907,661 557,155 CREDITORS Amounts falling due after more than one year 20 115,iJ)O) 125,0001 NET ASS5 892,661 532.155 FUNDS Unrestricted funds Unrestricted funds- Fair value reserve Restricted funds Restricted funds- revaluation reserve 24 124,030) 220.000 632,171 64,520 216,460 251.175 64,520 TOTAL FUNDS 892,661 532.155 The notes form part of these financial statements -17-
FIRSTSJTE LIMITED CHARITY BALANCE SHEET- continued 31 MARCH 2024 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on and were signed on its behalf bv.. 101gfV Ms R H Millard ustee The notes form part of these financial statements -18-
FIRSTSITE LIMITED CONSOLIDATED CASH FLOW sfATEMENT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flow5 frorn operatlng arti¥ities Cash generated from operation5 262,507 326,231 Net cash lused inllprovided by operating activities 262.507 {326,2311 Cash flows from Investing acllvltles Purchase of tangible fixed assets Interest received 1381,154) 246 162,3651 Net cash used in investing activities 380,908) 162,3631 Cash flov from Ilnan¢ln8 artlvltles Loan repayments in year io,o¢)o) iio,0001 Net cash used in financin8 activities iio,(xJo) iio,0001 Change In ush and cash equlvalent$ In the reportlni perlod Cash and cash equSvalents at the be8lnnln8 of the reportlns perlod 1128.4011 1398.5941 201,394 599,988 Cash and cash equivalents at the end of the reportln8 perlod 72,993 201,394 The notes form part of these financial statement5 -19-
FIRSTSITE LIMITED NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 RECONCILIATION OF NEf IEXPENDITURE}IINCOME TO NET CASH FLOW FROM OPERATING AcrivrriE5 2024 2023 Net (expenditure}/income tor the reporting period (as per the Statement of Financlal Actlv•ties} Adjustments for: Depreciation charge5 Interest received Revaluation on investment property Decreasellincreasel in debtors Increa5e/ldecreasel in creditors Decreasellincreasel in stock 376,570 1441,6271 41,219 1246) 1220,000) 3,844 51.878 9,242 28,249 121 26,016 55,339 5,794 Net t•sh (used in)IprovSded by operations 262,507 326,2311 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.23 Cash flow At 31.3.24 Net ush Cash at bank and in hand 201,394 128,4011 72,993 201,394 118.401) 72,993 Debt Debts fallin8 due within I year Debts falling due after l year iio.000} 125.0001 (10,0001 15,0001 10.000 {35,0001 10,000 25,0001 Total 166,394 118,401) 47,993 The notes form part of these financial statements -20-
FIRSTSITE LIMITED NOTES TO TrIE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Basis of preparing thè financial statements The financial statements of the charitable group, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Chafities.. Statement of Recommended Practice applicable to charitSes preparing their accounis in accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191,, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, 3nd the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. The financial statements are prepared in sterlin& which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £. Ch•rlty Informatlon Firstsite Limited is a private company limited by guarantee incorporated in England and Wales. The re8lStered office is Lewis Gardens, High Street, Colche5ter. Essex, COI IJH. S5gnlflcant ludiements and estlmates In the application of the group's accounting policies, the Trustees are required to make iud8ements, estimates and assumptions about the carrying amount of a55ets and liabilities that are not readily apparent from other Sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from those estimates. The estimates and underlying assumptlons are reviewed on an ongoing basis. Revisions to accounting estimates re reco8nised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Income Income is recognised when the group is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably and it 15 probable that income will be received. Cash donations are reco8nised on receipt. Other donations are recognised once the group has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. The 8fOUP occupies a councll funded buildin8 Within Colchester for a peppercorn rent. It has not been posslble to ascertain an accurate market rate for inclusion in the financial statement5 due to the specialist nature of the buildin8 provided. Income from grants is included in incomin8 resources when these are receivable. except as follows,. when donors specify that grants given to the group must be used in future accounting periods,. when donors imp05e conditions which have to be fulfilled before the grovp become5 entitled to Use such income. the income is deferred and not included in incoming resources until the preconditions have been met,. when donor5 Specify that 8rant5 are for restricted purposes which do not amount to preconditions regarding entitlement, thi5 income is included in incomin8 resources of restricted funds where receivable. -21-
FIRSTSITE LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS . continued FOR THE YÉAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES- Continued Expenditure Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where the costs of charitable activities cannot be directly attributed to a charitable activity they are allocated proportionally between the art15tic programme 63%12023.' 69%) and learnin8 and education 37VA12023- 31%). Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Plant, equipment & auditorium Fixtures and fittin8S Office IT Gallery equlpment & IT 33% on cost 20% on cost 25% on cost 20% on c05t Impairment of fixed assets At each reporting end date, the group reviews the carrylng amount of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset Is estlmated in order to determine the extent of the impairment1055 lif anvl. Herlta8e assets Heritage assets consist of previously donated art. These assets are not depreclated as the value is not considered to diminish. The herita8e assets have been valued by an independent valuer for insurance purposes and are included at their insurance value. lfivestment propertv Investment property is initially reco8nised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reportin8 end date. The surplus or deficit on revaluatlon Is reco8nised in the SOFA. 5tKk Stock is stated èt the lower of cost and estimated selling price le5S Costs to complete and sell. Cost cmiprises direct materials and, where applicable, direct labour costs and those overheads thèt have been incurred in bringing the stocks to their present location and condition. Tamation Firstsite is an exempt charity within the meaning of the Charities Act 2011 and as such 15 a charity within the meaning of Part 11. Corporation Tax Act 2010. Accordingly, Fir5t5ite 15 Partially exempt froffl taxation in respect of income or capital gains received within the categories by Part 11, Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the exrent that such income or 8ains are applied exclusively to its charitable purposes. Firstsite received no similar exemption in respect of Value Added Tax. Firstsite is a partially exempt organisation for VAT purposes and consequently input tax on its purchases are not fully recoverable. -22-
FIRSTSITE LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES- ¢oDtinued Ftsnd attounting Unrestricted funds can be used in accordance with the charitable objective5 at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the group. Restriction5 arise when specified by the donor or when funds are ralsed for particular restrlcted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Penslon ¢osts and other pogt-retirement beneflts The charitable group operate5 a defined contribution pension scheme. Contrlbutions payable to the charitable group's pension scheme are charged to the Statement of Financial Activities In the period to which they relate. Golng concern At the time of approvin8 the financial statements. the Trustees have a reasonable expectatlon that the 8roup ha5 adequate resources to continue in operational existence for the foreseeable future. Thus. the Trustees continue to adopt the going concern basis of accounting in preparin8 the financial statements. Flnanclal Instruments The group has elected to apply the provlslons of Section 11 'Basic Financial Instruments, and Section 12 '0ther Flnancial Instruments, of FRS 102 to all of Sts financlal Instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost. Flnancial assets comprise cash at bank and Sn hand, together with trade and other debtor5. A specific provision is made for debts for which recoverability is In doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Investment5, including those in subsidiary undertakings are held at fair value at the balance sheet date, with gains and10sses bein8 recognised within income and expenditure. Financial liabilities held at amortised cost comprise all creditors except soclal security and other raxes, deferred income ènd provisions. Employee benefits The cost of any unused holSday entitlement is recognised in the period In which the employee's services are received. Termination benefits are recogrsised immediately as an expense when the group 15 demonstrably committed to terminate the employment or to provide termination benefits. Operating leases Rentals paid under operating leases are charged to profit or loss on 3 straight line basis over the period of the lease. Consolldatlon The consolidated financial statements incorporate the financial statements of the charitable company and its 5ub5idiary. As a consolidated statement of financial activity is published. a separate statement of financial activity for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006. -23-
FIRSTSITE LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- ¢ontinued FOR THE YEAR ENDED 31 MARCH 2024 DONATIONS AND LEGACIES 2024 2023 Donations Grants 93,403 1,478,636 1,572,039 79,273 1.026,514 1,105,787 Government grants received, included in the above, are as follows.. 2024 2023 Arts Council England - Core Revenue Grant Art5 Council England . ti8htin8 Project Grant Essex County Council - core revenue grant Colchester City Council- core revenue grant 829,515 355,279 100.o( 97.000 829.514 loo,000 97,000 1,381,794 1.026,514 INVESTMENT INCOME 2024 2023 Rental income Deposit account interest 23.284 246 22,636 23.530 22.638 INCOME FROM CHARITABLE ACTIVITIES Total 2024 Total 2023 Grants Fee income Learning and Education Artistic Pro8ramme 32,790 35.000 4,656 9.480 14.136 37,446 44,480 14S,334 49,684 67,790 81,926 195,018 Government grants received, included in the above, are as follows.. 2024 2023 Arts Councll England Essex Associatlon Essex Community 44.950 39,802 2,860 7,976 51.950 50.638 RAISING FUNDS 2024 2023 Staff costs Direct trading costs 28,645 502,108 530,753 25,632 442,439 468,071 -24-
FIRSTSITE LIMITED NOTES TO TrIE CONSOLIDATED FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 CHARITABLE AcfiviTIES Costs Leamln8 and education Artlsti¢ pro8ramrne Totals Direct costs Staff costs Support cost5 (see note 71 88.965 140,692 390,623 620.280 124.604 252,487 665,116 1,042.107 213,569 393,179 1,055,739 1,662.487 SUPPORT COSTS Leamln8 and educatlon Artlstk progiamme Tot•ls Support costs Governance costs 370.240 20,383 630.409 34,707 1,000.649 55,090 390,623 665,116 1,055,739 Support C05t5, included in the above, are a5 follows= 2024 2023 Learnlni and education Artlstlc programme Total actlvlties Total activitie5 Wages Social security Pensions Utilities Insurance Communication Offlce costs Recruitment and trainin8 Building costs Computer and telecoms Licences and subscriptions Depreciation of tangible and heritage assets Auditors, remuneration ~ governance Accountancy fees- governance Le8al and professional fees- governance Board and committee expenses- governance Bank charges- governance 146,724 10.435 5,047 105,322 14,668 13,676 4.107 3,837 27,511 16.414 7,248 15,251 5,192 1,863 6,530 659 6,139 249,827 17,768 8,593 179,332 24,976 23,287 6,993 6,533 46.842 27,949 12.341 2S,968 8,841 3,172 11,118 1,123 10,453 396,551 28,203 13,640 284,654 39,644 36,963 11.100 10,370 74,353 44.363 19.589 41,219 14,033 5.035 17,648 1,782 16,592 315, 163 28,205 11,490 178,070 42,800 34,039 15,630 12,027 139,789 47,820 16,254 28,249 13.837 6,315 14.362 1,571 15.914 390,623 665,116 1,055,739 921,535 -25-
FIRSTSITE LIMITED NOTES TO THE COt450LIDATED FINANCIAL STATEMeNTS- continued FOR THE YEAR ENDEO 31 MARCH 2024 NEf INCOME/IEXPENDITURE} Net incomellexpenditurel is stated after char8lngllcreditin81: 2024 2023 Audltors, remuneration Accountancy fees Depreciation - owned assets 14.033 5.035 41,219 13,837 6,315 28,249 TRUSTEES. REMUNERATION AND BENEFITS None of the Trustees lor any persons connected with them) received any remuneration durin8 the year. Trustees, expenses One trustee wa5 reimbursed a total of £270 for travellin8 expenses12023.. four were reimbursed £l,S711. io. STAFF COSTS 2024 2023 Wa8es and salaries Social security costs Other pension costs 774,622 58,443 27.153 900,137 74,095 32,150 860.218 1,006.382 The average monthly number of employees durlng the year was as follows: 2024 12 66 2023 13 58 Oifectors General 78 71 The number of employeeswhose employee benefits (excluding employer pension c05ts1 exceeded £60,OOOwas: 2024 2023 £70,001- £80,000 -26-
FIRST5JTE LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED'31 MARCH 2024 ii. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfiviTIES Unrestricted funds Restricted funds Total funds INCOME AND ENDOWMENTS FROM Oonations and legacies 1,105,232 SSS 1.105,787 Charitable artlvities Learning and education Artistic Programme 22,779 13,920 122,555 35,764 145,334 49,684 In¥e5tment income Other income 22,638 659,631 22,638 659,631 Total 1,824,200 158,874 1,983,074 EXPENDITURE ON Raisin8 funds 468.071 468,071 Charliable activities Learning and education ArtlStlc Programme 497,836 1.288,673 104, 158 65,963 601.994 1,354.636 Total 2,254,580 170,121 2,424,701 NEf INCOME 1430,3801 111,2471 1441,6271 Transfer between funds 124,9311 24,931 Net movement In funds (4S5,3111 13,684 1441,6271 RECONCILIATION OF FUNDS Total funds brought forward 714,070 302,011 1,016,081 TOTAL FUNOS CARRIED FORWARD 258,759 315,695 S74.454 12. PROFIT/ILOSSI OF PARENT COMPANY As permltted by Section 408 of the Companles Act 2006, the profit and loss of the parent company is not presented as part of these financial statements. The parent companvs surplus was £360,5Q612023.' Def1t £411.6421. -27-
FIRSTStTE LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMÉNTS- ¢ontSnued FOR THE YEAR ENDED 31 MARCH 2024 13. TANGIBLE FIXED ASSETS Group Plant, equipment & auditorium Fixtures and fittings Gallery equipment &IT Office IT Totals COST At l April 2023 Additions 217,212 351.051 398.758 30.103 48.708 417,240 1,081.918 381,154 At 31 March 2024 568,263 428,861 48,708 417,240 1.463,072 DEPRECIATION At l April 2023 Char8e for year 198.334 ii,ioi 350,127 18.013 48.708 391,67S 12,105 988.844 41,219 At 31 March 2024 209,435 368,140 48,708 403,780 1.030.063 NEf BOOK VALUE At 31 March 2024 358,828 60,721 13,460 433,009 At 31 March 2023 18,878 48,631 25.565 93.074 Charltv Plant. equipment & auditorium Fixtures and fittin8S Gallery equipment &IT Office IT Totals COST At l April 2023 Additions 186,311 349,187 398,758 30,103 48.708 417,240 1,051.017 379,290 At 31 March 2024 535,498 428,861 48.708 417.240 1.430,307 DEPRECIATION At l April 2023 Charge for year 183.268 5,920 350.127 18,013 391,675 12,105 973,778 36,038 At 31 March 2024 189,188 368,140 48,708 403,780 1.009,816 NET BOOK VALUE At 31 March 2024 346.310 60.7ZI 13,460 420.491 At 31 March 2023 3,043 48,631 25,565 77,239 -28-
FIRSTSITE LIMITED NOTES TO TrIE CONSOLIDATEO FINANCIAL STATEMENTS- continued FOR THE YEAR ENOED 31 MARCH 2024 14. HERITAGE ASSETS Group and Charity Total MARKET VALUE At l April 2023 and 31 March 2024 79,400 NET BOOK VALUE At 31 March 2024 79,400 At 31 March 2023 79,400 The heritage assets comprise of various donated artworks. The fair value of the herita8e assets has been arrived at on the basis of è valuation carried out 24 July 2018 by Reeman Danise Limited, who are not connected to the group. The valuation was made for Insurance purposes. The Board of Trustees consider that the market value of the heritage asset5 is not materially different to that stated above. 15. FIXED ASSET INVESTMENTS Charlty Shares in group undertakings MARKET VALUE At l April 2023 and 31 March 2024 100 NET BOOK VALUE At 31 March 2024 loo At 31 March 2023 loo There were no investment assets Outside the UK. The charity's investments at the balance sheet date in the share capital of companies include the following.. FiTSt5ite Enterprises Limited Re8iStered office.. Lewis Gardens, Hi8h Street. Colchester, E55ex. United Kin8dom. COI IJH. Nature of business.. Tradlng arm of charlty Class of shares.. Ordinary holding loo.00 -29-
FIRSTSITE LIMITED NOTES TO THE CONSOLIDATEO FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 16. INVESTMENT PROPERTY Group and Chailty FAIR VALUE At l April 2023 Revaluation 175,000 220,000 At 31 March 2024 395,000 NET BOOK VALUE At 31 March 2024 395.000 At 31 March 2023 175.000 The investment property comprises of a leasehold commercial property situated In Queen Street of Colchester. It has been valued by the Trustees in the year at their estimate of its market value based upon a professional valuation carried out by Whybrow & Dodds Limited Chartered Surveyors for the purpose of sale on the open market. The revaluation surplus is disclosed within note 24 of these financial statements. 17. STOCK Group 2024 2023 Shop stock Bar and café stock 30,765 6,239 38,785 7,461 37.(104 46,246 DEBTORS: AMOUNTS FAtLING OUE WITHIN ONE YEAft Group Charity 2024 2023 2024 2023 Trade debtors Amounts due from group undertakings Other debtors Prepayments and accrued income 17,085 70,489 8.197 54,149 72,580 180,428 9,115 137.965 109,880 180,985 17.300 137,451 94.334 264,930 268,774 239,982 316,272
FIRSTSffE LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENOED 31 MARCH 2024 19. CREDITORS: AMOUNTS FALLING OUE WITHIfrI ONE YEAR Group Charlly 2024 2023 2024 Bank loans Isee note 211 Trade creditors Other taxes and social security Amounts Due to Group Undertakin8S Other creditors Accruals and deferred income 10.000 112,878 27,718 10,000 100,913 16.726 10,000 66.625 27,718 21.181 11.965 139,948 10,000 64.870 16,592 11,96S 153,751 6,405 130.390 6,405 119,421 316,312 264,434 277.437 217,288 20. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Group Charltv 2024 2023 2024 2023 Bènk loans (see note 211 15,000 25,000 15,01)0 25,000 21. LOANS An analysis of the maturity of loans 15 given below: Group Charlty 2024 2023 2024 2023 Amounts fallin8 due between one and two years: Bank loans - 1-2 years 10.000 10,000 10.000 10,000 Amounts fallin8 due betsveen two and flve years.. Bank loan5- 2-5 years 15,000 25.000 15,000 25,000 The loan was taken out in September 2020 for a term of 72 months to mitigate the impact of the coronavirus pandemic. It will be repaid in equol instalment5 of £833 a month at a fixed interest rate of 2.5%. The amount 15 not secured over any of the group's assets. -31-
FIRSTSITE LIMITED NOTES TO THE CONSLIOATEO FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 22. LEASING AGREEMENTS Minimum lease payments under non-cancellable operating leases fall due as follows: Group Charlty 2024 2023 2024 2023 Within one year Between one and five years 4,736 4,947 3,669 2,264 2,486 4.947 969 14 9,683 S,933 7,433 983 23. ANALYS15 OF ASSET5 BETWEEN FUNOS Group 2024 Total funds 2023 Total funds Unrestrlcted funds Restricted funds Flxed assets Investments Current assets Current liabilities Lon8 term liabilities 91,806 395.000 Vi,820 {302,2931 15,0001 420,603 512,409 395.OOD 374,927 (316,3121 15,000) 172,474 175,000 516,414 1264.4341 25,0001 290,107 114,0191 254,333 696.691 951,024 574,454 Charlty 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds Fixed assets Investments Current 355etS Current liabilities Lon8 term liabilities 79,287 395,100 420.603 499,890 395,100 290,107 (277,4361 15.0¢)O) 156,639 175,100 442,704 1217.2881 25.0001 190,107 {14,0191 (263,417 15,lJOO} 195,970 696,691 892,661 532,155 -32-
FIRSTSITE LIMITED NOTES TO TrIE CONSOLIDATEO FINANCIAL STATEMENTS- (ontinued FOR THE YEAR ENDEO 31 MARCH 2024 Z4. MOVEMENT IN FUNDS Group Net movemenr in funds Trènsfers between funds Ar 31.3.24 At 1.4.23 Unrestrlrted funds General fund General fund- Fair value reserve Oesignated- Museum of the Yeaf 197,631 -17.126 1217.31JO) 220,000 126.7951 220.000 61,128 61.128 258.759 17,126) 2.700 254.333 Restrlcted funds Artwork fund Collectors Group - Artists Support Tate - Circuit Refugee Action Restaurant The Britishness Project Royal Opera House Coode-Adams Firstsite Trust. Youth Mtssic Percil 8ilton Charity New Geographies- Wysing Garfield Weston Lighting Arts Council Collection Holiday Fun 81ack Essex Art Fund NHS Covld Project Art Fund & BBC Commissioning Holiday Fund Easter 21 The Great Big Art Exhibitlon Culture Recovery Fund (Capital) Artfund Digital Respond & Reimagine Other Kew Gardens . Grow Wild Lighting Project ISCAI Li8hting Project IACEI Art Fund- Reimagine - Holiday Fun 79,400 18,673 437 1,912 9,472 1,060 79.400 7,572 437 1,912 9,472 1,060 2.000 8,132 500 (8,151) 31.444 31,517 {2,745) ii.ioi) (10,000 8,132 (8,151) 31,444 117,476) 118,163) 20,493 6.969 30,000 10,000 7,458 1,817 60.886 6.768 3,588 11,500) 137.040) 50,493 52,458 (20,4931 6,969 130,000) 10,000 17,458) 121) (IA621 1,796 59,024 6,768 3,588 1181 20,886 333.600 20,886 (7.3921 45,000 340.992 45,000) Carried forward 315,695 299.468 (10,OOD) 605.163 -33-
FIRSTSITE LIMITED NOTES TO ThE CONSOLIDATED FINANCIAL'STATEMENTS- continued FOR THE YEAR ENOED 31 MARCH 2014 24. MOVEMENT IN FUNDS- continued Net movement in funds Transfer5 between funds At 31.3.24 At 1.4.23 Brought forward Fidelity David Lock Essex Fire Helmet Project ACC Le8acy Project South Bank Centre 315.695 299,468 34,745 15,751) {io,000) 605,163 34,745 1.549 {78) 5,312 50,000 7.300 5,312 50,000 315.695 383.696 12,7001 696,691 TOTAL FUNDS 574,454 376,570 951,024 Net movement in funds for the group, included in the above, are as follows.. Incoming Resources Resources Expended Movement in Funds Vnrestrlrted Funds General Fund 2.040,420 12.047,546) 17,1261 Restrirted Funds CoSlectors Group - Artists Support Arts Council Collection Holiday Fun The Great Big Art Exhibition Culture Recovery Fund Li8htin8 Project (ACE) Fidelity Oavid Lock Essex Fire Helmet Project ACC Le8acy Project South 8ank Centre 5,180 (6,2811 {1,5001 (69,8301 1211 11.8621 116.087) 112,096) 15,751) 12,578) 129,688) ii.ioi) {i.soo) 137,040) 121) 11,862) 340,992 34,745 (5,751) {78) 5,312 50,000 32,790 357.079 46,841 2,500 35,000 50,0110 529.390 (145,694) 383.696 TOTAL FUND5 2,569.810 2,193,240) 376,570 -34-
FIRSTSITE LIMITED NOTES TO TrIE CONSOLIDATED FINANCIAL STATEMENTS- continued FOR THE YEAR ENDEO 31 MARCH 2024 24. MOVEMENT IN FUND5 - continued Charity Net movement in funds Transfer5 between funds At 31.3.24 At 1.4.23 Unrestrlcted funds General fund General fund- Falr value reserve Oesignated- Museum ofthe Year 155.332 123.190) 1217,300) 220,000 185,1581 220,000 61,128 61.128 216,460 123,1901 2,700 195.970 Restrirted funds Artwork fund Collectors Group - Artists Support Tate - Circuit Refugee Action Restaurant The Britishness Project Royal Opera House Coode-Adams FirstSlte Trust Youth Music Percil Bilton Charitv New Geo8raphies- Wysln8 Garfield Weston Llghting Arts Council Collection Holiday Fun Black Essex Art Fund NHS Covld Project Art Fund & BBC Commissioning Holiday Funé Easter 21 The Great Big Art Exhibition Culture Recovery Fund (Capital) Artfund Di8ital Respond & Reimagine Other Kew Gardens- Grow Wtild Lighting Project ISCA Llghting Project IACEI Art Fund- Reima8ine - Holiday Fun 79,41X> 18.673 437 1.912 9,472 1.060 79,400 7,572 437 1,912 9,472 1,060 ii,ioi) (lo,0) 8,132 8,132 18,151 31,444 117.4761 (18,1631 20,493 6,969 30,000 io.ooo 7.458 1,817 60,886 6,768 3,588 (181 20,886 (7,392) 45.1)00 18,151) 31,444 31,517 {2,7451 50.493 52,458 {20,4931 137,040) 6.969 {30,0001 10.000 17,4581 (211 (1,86Z) 1,796 59,024 6,768 3,588 (181 20.886 333,600 340,992 45,IMI) Carried forward 315,695 299,468 li0,()> 60S,163 -35-
FIRSTSITE LIMITED NOTES TO ThE CONSOLIDATED FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2014 24. MOVEMENT IN FUNDS- contlnued Net mvemenr in funds Transfers between fund5 At 31.3.24 At 1.4.23 Brought fonvard Fidelity David Lock Essex Fire Helmet Project ACC Legacy Project South Bank Centre 315.695 299.468 34.745 15.751) 178) 5,312 50.000 iio,0001 605,163 34.745 1.549 1781 5,312 50.000 7.300 315,695 383,696 2,700) 696,691 TOTAL FUNDS 532,155 360,506 892,661 Net movement in funds for the charity. included in the above. are as follows: Incomln8 Resources Resource5 Expended Movement in Funds Unrestrlrted Funds General Fund 1,483.776 {1,506,9661 {23,190) Restrlcled Funds Collectors Group- Artists Support Arts Council Collection Holiday Fun The Great Big Art Exhibition Culture Recovery Fund Lightin8 Project IACEI Fidelitv David Lock Essex Fire Helmet Project ACC Legacy Project South Bank Centre 5,180 16,281) 11.5001 169,8301 1211 {1,862) 116,0871 112.096) 15.7511 12,578) (29,688) {I,ioi) (1,500) (37,040) 121) 11.8621 340,992 34,745 15,7511 1781 5.312 so,000 32,790 357,079 46.841 35,000 50.000 529.390 1145.6941 383.696 TOTAL FUNDS 2,013.166 11,652,660) 360,S06 -36-
FIRSTSITE LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 24. MOVEMENT IN FUNDS- continued Group Comparatlves for movement In funds Net movement in funds Transfers between funds At 31.3.23 At 1.4.22 Unrestrlcled fvnds General fund Designated. Museum oftheyear 714,070 1430,3801 186,0591 61,128 197,631 61,128 714,070 1430,3801 124,9311 258,759 Restrirted funds Artwork fund Collectors Group- Artists Support Tate - Circuit Refu8ee Actlon Restaurant The Britishness Project Royal Opera House Coode-Adams Firstsite Trust Youth Music Percil Bilton Charitv New Geo8raphies- Wysing Garfield Weston Li8htin8 Arts Council Collection Holiday Fun Black Essex Art Fund NHS Covid Project Art Fund & 88C Commissloning Holiday Fund Easter 21 The Great Big Art Exhibition Culture Recovery Fund (Capitall Artfund Digital Respond & Reima8ine Other Kew Gardens- Grow Wlld Lighting Project {SCAI Lighting Project IACEI Art Fund - Reimagine - Holiday Fun 79,400 19,815 437 1,912 9,472 1,060 2,000 8,132 500 18,1511 31,444 110,6391 5,214 20,493 6,969 30,000 10,000 7,458 2,080 62,241 18,586 3,588 79,400 18.673 437 1,912 9,472 1.060 2,000 8,132 500 18, 151) 31,444 117,4761 118,1631 20,493 6,969 30,000 10,000 7,458 1,817 60,886 6,768 3,588 1181 20,886 17,3921 45,000 11,1421 110,8821 123,3771 4.04S 12631 11,35SI 111,8181 1181 20,886 17,3921 45,000 302,011 111,2471 24,931 315,695 TOTAL FUNDS 1,016.081 1441,6271 574.454 -37-
FIRSTSITE LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 24. MOVEMENT IN FUNDS- continued Comparative net movement in funds for the group. included in the above. are as follows.. Incoming resources Resources expended Movement in funds Unre5trlrted fund5 General fund 1.824.200 {2.2S4,5801 1430.3801 Restrlrted funds Collectors Group - Artists Support Arts Council Collection Holiday Fun The Great Bl8 Art Exhibition Culture Recovery Fund (Capitall Artfund Digital Respond & Reimagine Kew Gardens- Grow Wild Lighting Project IACEI Art Fund- Reimagine - Holiday Fun 7,614 28.150 77.555 18,7561 139,0321 1100,9321 12631 11,3551 111,8181 15731 17.3921 11,1421 110,8821 123.3771 1263) {1,3551 111.8181 1181 17.3921 45,000 555 45.000 158,874 1170,1211 111,247) TOTAL FUNDS 1,983,074 12,424,701) 441,6271 -38-
FIRSTSITE LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2024 24. MOVEMENT IN FUNDS-contlnued Charlty Comparatl¥es for movement In funds Net movement in funds Transfers between funds At 31.3.23 At 1.4.22 Unrestrlrted fvnds General fund Designated . Museum ofthe Year 641.786 1400.3951 186,0591 61,128 155,332 61,128 641,786 1400.3951 124,9311 216,460 Reslrlcted funds Artwork fund Collectors Group . Artists Support Tate - Circuit Refugee Action Restaurant The Britishness Project Royal Opera House Coode-Adams Firstsite Trust Youth Music Percil Bilton Charity New Geographies. Wysing Garfield Weston Lightin8 Art5 Council Collection Holiday Fun Black Essex Art Fund NHS Covid Project Art Fund & BBC Commissioning Holiday Fund Easter 21 The Great 8ig Art Exhibitlon Culture Recovery Fund (Capital) Artfund Digital Respond & Reima8ine Other Kew Gardens- Grow Wild LSghting Project ISCAI Li8hting Project IACEI Art Fund- Reimagine - Holiday Fun 79.400 19.815 437 1,912 9,472 1,060 2,000 8.132 500 18, ISI) 31,444 110,639) 5,214 20,493 6,969 30,000 10,000 7,458 2,080 62,241 18,586 3.588 79,400 18,673 437 1,912 9,472 1,060 2,000 .132 500 18,1511 31,444 117,4761 118,1631 20,493 6,969 30,000 10,000 7,458 1.817 60,886 6,768 3,588 118) 20,886 17,3921 45,000 11.142) 110,882) 123,3771 4,045 12631 11.3551 111.8181 {181 20,886 17,392} 45,000 302,011 11,2471 24,931 315,695 TOTAL FUNDS 943,797 1411,642) 532,155 -39-
FIRSTSITE LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 24. MOVEMENT IN FUNDS - continued Comparative net movement in funds for the charity, included in the above, are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 1,824,200 12,254.5801 1430,3801 Restri¢ted funds Collectors Group . Artists Support Arts Council Collection Holiday Fun The Great Big Art Exhibition Culture Recovery Fund (Capital) Artfund Di8Stal Respond & Reimagine Kew Gardens- Grow Wild Lighiing Project IACEI Art Fund- Reimagine- Holiday Fun 7,614 28,150 77.55S 18,7561 139.032) 1100,9321 12631 11,3551 111,8181 15731 17,3921 11,1421 110,882) 123,3771 12631 11,3551 111,8181 1181 17,3921 45,000 555 4S,000 158,874 1170.1211 111,2471 TOTAL FUNDS 1,983.074 12,424,701) 1441,6271 25. EMPLOYEE BENEFIT OBLIGAnoNS The group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently admin15tered fund. The charge to the statement of financial activity in respect of defined contribution schemes was £27.15312023: £32.1501.
FIRSTSITE LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDEO 31 MARCH 2024 26. OTHER FINANCIAL COMMITMENTS The investment property. 15 Queen Street, was purchased with the aid of a grant. The terms of this grant state that in the event of a sale the group may have to repay the donor their share of the net proceed5. Should the property be sold for its current net book value. the group may be required to repay £lOO,000. 27. RELATED PARTY DISCLOSURES During the current financial year, the charity used the resources of 8rikett Long LLP for legal advice. One of the Trustees 15 a Partner In the entity, Transactions were carried out in the usual course of bu5ine5s on commercial terms. Total fee5 amounted to £3,91412023'. £2,339) for the full year. Remuneratlon of key management petsonnel Remuneration of key management personnel is as follows.. 2024 2023 Aggre8ate compensation 188.780 181,675 RESTRicfED FUNDS Artwork Fund This relates to works of art donated to the gallery, which are held as heritage assets. Collectors GTOUP Artlst Support Funds raised by the Collectors, Group through Membership fees and special events to be Ltsed to support artists with the Collectors Group annual bursary awards and to contribute to Firstsite exhibition fundraisin8 projects. Reluiee Artlon Restaurant (rhe People5 Poslcode Lottery) Working with Syrian Refugee Community, providin8 facilities to enable people to mi& developing transferable skills & achieving qualifications. Bfltlshness Prolect Supporting Learning & Education activities working with young people across Essex in a variety of educational settin85 to produce 3 Set of works both authored and created by young people from natlonal collections which give a high-profile platform for youn8 people's interpretations of 8ritish Values 8rltlshness. Coode-Adams Flrststte Trust Retall Donations to support the commissioning of artist merchèndise for sales in the gallery shop. -41-
FIRSTSITE LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 RESTRicfED FUNDS- Continued Youth Music To expand youn8 people's musical understandin& expression and skills includlng improvisatlon. experimentation, li5tenin& composition and performance and developing technical skills in the use of digital technology and software. The project supports participants in engaging with, and collaborating with, a range of other commLtnity groups and develop their emotional and psychological capabilities particularly confidence, empathy, self- awareness and creativity. New Geo8raphies-Wy5in8 Arts The East Contemporary Visual Arts Network IECVANI launched New Geographies in May 2018. a three-year partnership between nine arts organisation5 in the East of England. ECVAN asked people to nominate overlooked or unexpected places in the region that they find meaningful and interest5ng to them. The exhibition that was produced in collaboration with artist Susan Pui San Lok focussed upon the persecution of men and women in Essex who were branded as witches. This project continues but was delayed owing to lockdown, the deficit is due to this delay and timin8 differences. a further fundin8 payment is due. Garfleld Weston Foundatkln Firstsite was awarded part funding to support a lighting renewal programme within the gallery areas of the building. These funds are due to be utilised within the chaiity wide lighting project. Arts Coun¢ll Collecilon - Natlon•l Partners Pro8rarnme The final year of a three-year funded pro8ramme by Arts Councll England's National Contemporary Art Collection. The programme consists of several exhibitions that are co-curated by community 8roups in Colchester, which explores their experiences of life in the United Kingdom, be it cultural, social or political. It explores and challenges widely held perceptions about identity and diversity, Exhibitions include content produced in partnership with community groups and drawing upon the extensive national collection of contemporary art held by Arts Council England. In addition, 81ack Essex Funds and the NHS COVID Project part fund the project as a part of the matched funding requirement from the fvnder. Hollday Fun This programme is open to all families, but especially those who access support with free school meals. The project consists of a canteen offering a selection of hot food, art attivities, engagement and sport activities run by trained coaches during the school holidays. During the financial year the project hès been funded by Essex Community Fund, Essex Community Foundation, Arts Council, Tendrin8 Community. Essex A550ciation, Community 360 and Active Essex. Bla¢k Essem Funded by Heritage Lottery Fund, the Black Essex exhibition represen15 a p051tive assertion of 'black artists, working presence in the UK. Raisin8 the profile of their artistic dignity, inventive use of a visual langua8e reflecting the artists experiences of livin8 and working in a society in which a person with black skin is often considered inferior. Art Fund A small project grant to support a collaborètive touring project across Art Council England's National Partners Programme, with programme partners Newlyn and Sunderland Contemporary Art Galleries. -42-
FIRSTsifE LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 28. RE5TRicfED FUNDS- continued NHS Covld Project- Art for Llfe A fund from the North East Essex Clinical Commissioning Group who approached Firstsite to make a project that recorded the COVID-19 experiences of NHS key workers. The project started with a simple question. Tell us about vour experience of the pandemic.. Artist-led workshops with participating key workers supported by an NHS art psychotherapist. will form the context of the exhibition and will include artworks loaned from the Arts Council Collection. The Great Art Exhibition Funded by Arts Council Collection, Firstsite created a national di8ltal art exhibition online. The artworks are created by member5 of the public based around themes. The project required development of our website to enable thousands of artworks to be viewed online. Art Fund - Culture in Quarant•ne A project to support Art Fund and the BBC in the R&D period toward5 a 'Culture in Quarantine. landmark art commission. Fir5t5ite wa5 part of a project team èlongside in Art Fund and BBC Provide Advice and Insight. The project will continue and Firstsite will collaborate on a prospect list of artists; manage ihe relationship with the artlsts, support with dellverin8 initial idea5 to put forward to the project team. Ampersand- Mithael Landy Funding from Ampersand to support the Michael Landy 'Welcome to Essex, exhibition that explores the urban myths, received wisdoms and blatant stereotypes about the county of his birth, Essex. Landy has produced a series of ambitious new commissions based on the history of Essex, and his fasclnation I•4ith the county's contemporary portrayal In popular culture. Welcome to Essex links the past and present by underlying how modern-day Essex has been shaped by Thatcherism IMar8aret Thatcher once resided in Colchester and first joined the Conservative Party there) and how the Essex stereotype is reinforced by the media and TV shows 35 Birds of a Feather and The Only Way Is Essex. Art Fund- Dl8ltal Respond & R&lma8lne A project to provide the funds to promote the development of digital production skills to produce online content for upcoming exhibitions, to include audio/video recordings, online talks. tours and workshops. Arts Council Enzland Culture Recovery Fund Funding for capital improvements to enable accessibility to the Firstsiie buildin8 by providing ramp access to the historic Berryfield lawn from the main veranda and 8ivin8 access to the cafe area. Kew Gardens- Grow Wild Youth Projert A project funded by Kew Garden's youth pro8ramme Growwild. The aim was to connect Colchester to the natural world through fora8in8, folklore and art. Ll8htin8 Projetl SCA (Garfleld Weston) Funding for capital improvements to improve the buildinls lighting infrastructure and reduce environmental impact. Llghtlns Prolert (ACE) Arts Council England Investment Programme, will support cultural organi5ations to adjust building5 and equipment so that they can operate safely post-pandemic and improve access. seize on technological opportunities and reduce environmental impact. 43-
FIRSTSITE LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 28. RESTRicfED FUNDS - continued Art Fund- Reimagine Thi5 programme is open to all familie5. but especially those who access support with free school meals. The project consists of a canteen offering a selection of hot nutritious food, art, engagement and sport activities run by trained coaches durln8 the school holidays. During the financial year, the purpose of rhe project is to reimagine how we can significantly continue to engage and deepen our relationship with families, through increasing the regularity of the progfamme, to enable families to have access to free creative artivities and 3 fun creative day out together during the most difficult months immediately after Christmas and into Spring. Fidelity This fundin8 will enable Firstsite to build capacity. keepin8 the strategic areas of children, youn8 people and families at the core by building a new philanthropic model and sponsorship pro8ramme. Oavld Lock- In-between Us The costs of this exhibition supported by funding from the Firstsite Collector5 Group, enable5 the award willing artist David Lock to bring an exciting mix of existin8 work and new painting to Flrstsite for his first solo public exhibition. Essex Flre Helmet Piolect The costs of this exhibition supported by funding from Essex County Fire and Rescue services in partnership with the Safer Essex Roads Partnership exploring the risks perceived and faced by young people working in the gig economy, particularly the delivery of food, and the vulnerability of these road users. YAK are designing and deliverin8 an art concept using motorcycle helmets to help share this topic which will be exhibited in Firstsite with further information on road5 and the changes the sector is seeing with micro-journeying to enable road users to be safer. Arts Councll Collection - Le8acy Project Funding to enable three initiative5, Everton Wright to present his first ever major 5010 presentation of existing and new work, the exhibitlon will coincide with both the anniversary of the Windrush docking in Tilbury Essex and Black history month in October 2023. Creative Associates to bring members of specific communities and protected characteristlc groups even further Into FirSfSlte through formal paid employment and YAK Young Artists Kommunity to curate and exhibition with art15t Lora Aziz of Wyrd Flora. ACCNP- Wor&for(e GiJnt South Bank Centre Funding a new leadership role from global majority backgrounds to improve diversity within the arts sector. This page does not form part of the statutory financial staternent5