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2021-03-31-accounts

Page
Report ofthe Trustees 1 to 8
Report ofthe Independent Auditors 9 to 10
Statement of Financial Activities
Balance Sheet 12
Notes to the Financial Statements 13 to 21

Year E nded 31 Iillarch 2021
2021 2020
Unrestricted Restricted Total Total
funds funds funds funds
Notes 8 8 F
INCOME AND ENDOWMENTS FROM
Donations
and grants		 55,131 55,131
Charitable
activities
Support and promotion ofarts and crafts 297,991 75,275 373,266 414,627
Total 353,122 75,275 428,397 414,627
EXPENDITURE ON
Charitable
activities
Support and promotion ofarts and crafts 326,235 211,068 537,303 559,121
NET INCOMEI(EXPENDITURE) 26,887 (135,793) (108,906) (144,494)
RECONCILIATION
OF		 FUNDS
Total funds brought forward 31,057 3,933,324 3,964,381 4,108,875
TOTAL FUNDS CARRIED FORWARD 57,944 3,797,531 3,855,475 3,964,381

Notes 2021f 2020f
FIXEDASSETS
Tangible assets 12 3,808,672 3,947,250
CURRENT ASSETS
Debtors 13 5,531 7,108
Cash at bank and in hand 114,507 56,151
120,038 63,259
CREDITORS
Amounts
falling		 due within one year 14 (73,235) (46,128)
NET CURRENT ASSETS 46,803 17,131
TOTAL ASSETS LESSCURRENT LIABILITIES 3,855,475 3,964,381
NET ASSETS 3,855,475 3,964,381
FUNDS 17
Unrestricted
funds		 57,944 31,057
Restricted funds 3,797,531 3,933,324
TOTAL FUNDS 3,855,475 3,964,381
The charitable
31 March 2021.		 company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year
ended

DONATIONS
AND GRA		 NTS
2021f 2020
Grants 55,131
Grants received, included in the above, are as follows.
2021f 2020f
Exceptional
coronavirus		 grants 55,131
INCOME FROM CHARITABLE ACTIVITIES
Activity 2021f 2020f
Grants
Members'
contributions
Programme
income
Other income		 Support and promotion
Support and promotion
Support and promotion
Support and promotion		 ofarts and craRs
of arts and craRs
ofarts and crafts
ofarts and crafts		 73,192
297,962
2,112		 86,870
313,325
10,765
3,667
373,266 414,627
Grants received, included in the above, are as follows:
2021f 2020
Arts Council regular
funding
City ofIdeas capital grant		 73,192 71,870
15,000
73,192 86,870

Gmnt
b/nd)ng of
activit)es Support
Direct (see note costs (see
Costs 8)f note 7)
f		 Totalsf
Support and promotion of arts and crafts 532,425 1,248 3,630 537,303
GRANTS PAYABLE
2021 2020f
Support and promotion of arts and crafts 1,248 22,334
The total grants
paid to		 individuals during the year was as follows:
2021f 2020f
Microgrants
awarded
to		 arts and crafts businesses 1,246 22,334
SUPPORT COSTS
Governance
costs
f
Support and pmmotion of arts and crafts 3,630
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated atter charging/(crediting):
2021 2020f
Auditor's fees for audit services 1,540 1,520
Auditor's fees for non-audit services 2,090 1,730
Depreciation
- owned assets		 138,578 141,814
Other operating
leases		 24 2,527
Government
arts grant		 (73,192) (71,870)
Government
capital grant		 (15,000)
Government
coronavirus		 grants (55,131)
Exceptional
studio costs		 17,293
TRUSTEES' REMUNERATION
AND BENEFITS

STAFFCOSTS
2021 2020
5 8
Wages and salaries 139,201 128,280
Social security costs 10,386 7,560
Other pension costs 2,806 2,450
152,393 138,290
The average
monthly
number		 of employees during the year was as follows:
2021 2020
Charitable
activities		 6 5
Administration 1 1
No employees
received emoluments		 in excess of260,000.
Key management
personnel		 remuneration was F70,803(2020:561,710).
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
funds funds funds
6 5 6
INCOME AND ENDOWMENTS FROM
Charitable
activities
Support and promotion ofarts and crafts 318,779 95,848 414,627
EXPENDITURE ON
Charitable
activities
Support and promotion
of arts		 and crafts 324,941 234,180 559,121
NET INCOMEI(EXPENDITURE) (6,162) (138,332) (144,494)
RECONCILIATION
OF FUNDS
Total funds brought forward 37,219 4,071,656 4,108,875
TOTAL FUNDS CARRIED FORWARD 31,057 3,933,324 3,964,381

TANGIBLE FIXEDASS E TS
Long
leasehold Long
building leasehold
(Exchange building Furniture
Place (Persistence and
Studios)
E		 Works)
E		 equipment
f		 Totals
E
COST
At 1 April 2020 and 31 March 2021 847,622 5,222,259 161,707 6,231,588
DEPRECIATION
At 1 April 2020 209,374 1,977,966 96,998 2,284,338
Charge for year 21,191 104,445 12,942 138,578
At 31 March 2021 230,565 2,082,411 109,940 2,422,916
NET BOOK VALUE
At 31 March 2021 617,057 3,139,848 51,767 3,808,672
At 31 March 2020 638,248 3,244,293 64,709 3,947,250
DEBTORS:AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
f
Trade debtors 5,531 7,108
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021f 2020
f
Trade creditors 22,053 3,858
Members'
deposits		 18,4'l8 26,658
Social security and other taxes 12,036 8,808
Accruals and deferred income 20,728 6,804
73,235 46,128
LEASING AGREEMENTS
The minimum
lease payments		 falling due for operating leases were:
2021
f		 2020
Within one year 100 100
In the second to fifth years 400 400
After more than five years 9,800 9,900
10,300 10,400

ANALYSIS OF N ET AS SETS BET WEEN FUNDS
2021 2020
Unrestricted Restricted Total Total
funds funds funds funds
F 5 6 6
Fixed assets 11,141 3,797,531 3,808,672 3,947,250
Current assets 119,732 306 120,038 63,259
Current
liabilities		 (72,929) (306) (73,235) (46,128)
57,944 3,797,531 3,855,475 3,964,381
MOVEMENT
IN FUNDS
Net Transfers
movement between At
At 1.4.20 in funds
E		 fundsf 31.3.21
Unrestricted
funds
General
fund		 27,498 19,305 46,803
Building Maintenance (611) 611
Programme
Rates Contingency		 21,351
9,706		 (21,351)
(9,706)
Fixed assets fund 11,141 11,141
31,057 26,887 57,944
Restricted funds
National
Lottery Building Costs		 2,333,757 (74,866) 2,258,891
ERDF Building Costs 902,063 (29,307) 872,756
English Partnerships Building Costs 8,473 (272) 8,201
Arts Council development project 923 (185) 738
Arts Council Small Capital Grant 475,000 (12,500) 462,500
She(field City Council donation in kind 89,300 (2,350) 86,950
Capital donations &fundraising 9,296 (245) 9,051
Required
contribution		 from retained funds to
capital project 114,512 (16,068) 98,444
3,933,324 (135,793) 3,797,531
TOTAL FUNDS 3,964,381 (108,906) 3,855,475

Net movement
in fun		 ds, include d
in		 the above are as follows:
Incoming Resources Movement
resources expended in funds
6 E
Unrestricted
funds
General
fund		 353,122 (325,624) 27,498
Building Maintenance (611) (611)
353,122 (326,235) 26,887
Restricted funds
National
Lottery Building Costs		 (74,866) (74,866)
ERDF Building Costs (29,307) (29,307)
English Partnerships Building Costs (272) (272)
Arts Council regular funding 73,192 (73,192)
Programme
Activity		 2,083 (2,083)
Arts Council development
project		 (185) (185)
Arts Council Small Capital Grant (12,500) (12,500)
Shsffield
City Council		 donation in kind (2,350) (2,350)
Capital donations
&fundraising		 (245) (245)
Required
contribution		 from retained funds to
capital project (16,068) (16,068)
75,275 (211,068) (135,793)
TOTAL FUNDS 428,397 (537,303) (108,906)
Comparatives
for movement		 in funds
Net Transfers
movement between At
At 1.4.19 in funds funds 31.3.20
F 8 8 8
Unrestricted
funds
General fund (5,398) 5,398
Building Maintenance (764) 764
Programme 21,351 21,351
Rates Contingency 15,868 (6,162) 9,706
37,219 (6,162) 31,057
Restricted funds
National
Lottery Building Costs		 2,408,623 (74,866) 2,333,757
ERDF Building Costs 931,370 (29,307) 902,063
English Partnerships Building Costs 8,745 (272) 8,473
Arts Council development
project		 1,154 (231) 923
Arts Council Small Capital Grant 487,500 (12,500) 475,000
Sheffield
City Council		 donation in kind 91,650 (2,350) 89,300
Capital donations
&fundraising		 9,541 (245) 9,296
Required
contribution		 from retained funds to
capital project 133,073 (18,561) 114,512
4,071,656 (138,332) 3,933,324
TOTAL FUNDS 4,108,875 (144,494) 3,964,381