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2021-03-31-accounts

REGISTERED NUMBER 3185119 REGISTERED CHARITY NUMBER: 1055584

FABRICA

(A COMPANY LIMITED BY GUARANTEE)

TRUSTEES ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

FABRICA (LIMITED BY GUARANTEE)

CONTENTS OF THE FINANCIAL STATEMENTS

Page
Legal and Administrative Information 1
Trustees’ Annual Report 2 - 11
Independent Auditors’ Report 12 - 15
Statement of Financial Activities 16
Balance Sheet 17
Statement of Cash Flows 18
Notes to the Financial Statements 19 - 28

FABRICA (LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION

FOR THE YEAR ENDED 31ST MARCH 2021

Trustees L Bristow
N Tandavanitj
R Beales
P G Bevan (Resigned 23.03.21)
S Bennett (Resigned 23.03.21)
C H Collard
H J Walker
D Emilianos
B Moore (Appointed 29.09.20)
P Murray (Chair) (Appointed 29.06.21)
L Rodwell (Appointed 29.06.21)
Company secretary H J Walker
Charity number 1055584
Company number 03185119
Principal address and 40 Duke Street
Registered Office Brighton
BN1 1AB
Senior staff L Whitehead – Fabrica director
S Holdgate – Finance administrator
Statutory Auditors Clark Brownscombe Limited
Chartered Accountants and Statutory Auditors
2 St Andrews Place
Lewes
BN7 1UP
Bankers CAF Bank
25 Kings Hill
West Malling
Kent
ME19 4JQ
Metro Bank
One Southampton Row
London
WC1B 5HA

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FABRICA (LIMITED BY GUARANTEE) TRUSTEES’ REPORT FOR THE YEAR ENDED 31ST MARCH 2021

The Trustees are pleased to present their report together with the financial statements of the Charity for the year ending 31 March 2021.

In 2020-21 the coronavirus pandemic interrupted all of Fabrica’s charitable activities and significantly impacted the monies Fabrica was able to earn.

The Trustees believe that the financial statements comply with current statutory requirements, the Charity’s governing document and the Statement of Recommended Practice.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Fabrica was incorporated as a company limited by guarantee on 12 April 1996 and registered as a charity on 19 June 1996. Its governing document is its Memorandum and Articles of Association.

Organisational structure

Fabrica is governed by a Board of Trustees; these volunteers are trustees of the charity and members of the company. The minimum number of trustees is three. There is no maximum. Nine trustees served in 2020-21. The Board meets at least four times a year, at quarterly intervals, and the Annual General Meeting precedes the December Board meeting. A representative of Fabrica's principal funder - Arts Council England (ACE) is invited to attend the meetings and receives the minutes of all meetings as a matter of course.

There is a permanent Financial Management sub-committee of the Board. Working groups of trustees and staff (and third parties where helpful) are convened to support specific areas of work such as fundraising and commercial income generation, reviewing health and safety, maintenance and capital development of the building. Individual trustees also undertake tasks in support of the executive team, notably recruitment of management roles, meetings with partners and funders and advising on matters that fall within their area of expertise (e.g. building-related issues and the development of organisational policies).

In 2020-21 the Trustees were:

Paul Bevan, Chair (Retired secretary general of EUROCITIES, now viticulturalist/winemaker) Richard Beales, Vice Chair (Strategic Manager, Artswork South East Bridge organisation - concerned with children and young people’s engagement in the arts and culture)

Shelley Bennett (PR and Marketing Expert) Carolyn Collard, (Head of Governance, Glyndebourne)

Helen Walker, Company Secretary (Lecturer in urban planning at University of Brighton, policy consultant and specialist in sustainable communities)

Bethany Moore – (Fundraiser, Glyndebourne) Darren Emilianos – (GP/Health sector expertise) Louise Bristow – (Artist)

Nick Tandavanitj – (Artist)

There is currently no minimum or maximum term of office, but the composition, development and capacity of the Board are regularly reviewed. Potential trustees are recruited by advertising the opportunity via Fabrica's website and networks, supported by word of mouth marketing. Trustees are selected on the basis of their experience of life (personal and professional), skill and capacity. Candidates are interviewed by at least one trustee and the Director before attending a Board meeting as an observer. If both parties are keen to proceed, the trustee is elected at the next Board meeting they are able to attend. New trustees can be elected at any point in the year and are confirmed in office at the AGM. New trustees receive an induction pack, which provides a comprehensive introduction to the organisation and sets out their responsibilities.

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FABRICA (LIMITED BY GUARANTEE) TRUSTEES’ REPORT FOR THE YEAR ENDED 31ST MARCH 2021

Staffing

In 2020-21 Fabrica’s team of 14 part-time posts was led by Director, Liz Whitehead who was directly responsible for strategic development and the artistic programme and oversight on audience development, learning and participation, fundraising and financial management working closely with the Finance Administrator, Shonge Holdgate.

The remaining staff for 2020-21 were: Communications Manager - Laura London, Audience Development Manager - Clare Hankinson, Commercial Manager - Elin Venner (maternity leave) and Lauren Sweeney (maternity cover), Gallery Manager - Sally Connellan, Fundraiser (individual giving and commercial partnerships) Elena Italia, Production Assistant - Valerie Furnham, Administrator - Peter Stonhold, Office Manager - Jemima Senior/Petra Giffard, Volunteer Coordinators - Petra Giffard, James Gasston and Ricardo Revron Blanco, and Cleaner - Rosie Chapman.

During 2020-21 Fabrica was able to secure funds from the government’s Coronavirus Job Retention Scheme to avoid staff redundancies and enabled most staff to work at home during lockdown.

Several employees are practising artists or have other freelance careers and this part-time working culture has reaped rewards in retaining a highly motivated and creative staff team. Fabrica draws on a pool of freelance project managers, artists and animateurs and an extraordinary team of regular volunteers to deliver its mission.

Volunteers

Due to the coronavirus pandemic Fabrica was unable to provide its usual rich and varied Volunteer Programme.

Usually Fabrica is supported by c. 100 highly active volunteers out of a pool of 200 people who stay in touch and volunteer on a less regular basis. Volunteers support Fabrica by undertaking a variety of roles such as working in the gallery with visitors; working alongside exhibiting artists and technical teams during the installation and de-rig of exhibitions; working with administrative staff in the offices; working with exhibition organisers to research interpretive material for exhibitions and the heritage of our building (Holy Trinity Church), with audience development staff and freelancers to deliver events and workshops.

Fabrica places a high value on the skills, knowledge, creativity and time that volunteers bring to the organization and which enable Fabrica to deliver its mission. And invests substantially in volunteer training and development. Of the volunteers who worked with Fabrica during 2020-21, 22% are BAME, 25% LGBT, 26% have a disability.

Partnerships

In 2020-21 Fabrica received grants from: Brighton & Hove City Council Communities Fund, Engage, Film Hub SE, Sussex Community Foundation, Sussex Health & Care Partnership, Paul Hamlyn Foundation and The Comic Relief Foundation towards its engagement and learning programmes.

Fabrica retained its long-standing curatorial partnerships with Brighton Festival and continued to develop a new curatorial partnership with Outside In. And continued in its contribution to Brighton & Hove’s creative industries, contributing to the city’s ABCD Recovery Plan and working with Brighton Artists’ Network, as well as the regional network CVAN SE. Director Liz Whitehead and is part of the Brighton & Lewes Downs Biosphere Steering Group and Audience Development Manager Clare Hankinson is a regular contributor to the health, wellbeing and learning networks for older and young people that are active in the city.

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FABRICA (LIMITED BY GUARANTEE) TRUSTEES’ REPORT FOR THE YEAR ENDED 31ST MARCH 2021

Risk management

Fabrica has a risk management policy and practice which helps it to anticipate risks, assess their likely impact and plan how to reduce and manage them. Fabrica's Board and Executive have identified the following key risks, which are discussed regularly at Board meetings to ensure adequate controls are in place.

The Trustees note that the impact of major events, such as the coronavirus pandemic, which commenced in March 2020 was not part of Fabrica’s Risk Management Strategy until April 2020.

  1. Reduction in public funding: we are aware that levels of public funding are reducing and other sources are increasingly competitive. Income diversification is a strong focus and our earned income strategy assumes ACE funding providing a smaller percentage of our turnover by 2022/23.

  2. The impact of Brexit on future international partnerships: working internationally has been one of Fabrica’s key strengths. Following Britain's exit from the EU it will be more difficult to work with partners in other countries.

  3. Failure to deliver on our commercial strategy: our strategy focuses on a range of existing and new commercial channels to spread risk. It is underpinned by strong market research and is being implemented by experienced and commercially focused staff and overseen by the Director who all report on progress to targets at a quarterly Development and Income Generation sub-committee meetings and at each Trustees’ Meeting.

  4. Failure to deliver our fundraising plans: We recognise that there is increasing pressure on public and private funders, however, and our commercial income strategy is our primary way to mitigate this risk and is proving itself to be successful.

  5. Key members of the team becoming ill or leaving the organisation: Fabrica has a strong network of freelance artists, practitioners and project managers who are able to support our operations. We continually focus on skills development to ensure staff can 'act up' when required.

  6. Inability to deliver our planned activity due to lack of capacity: Fabrica has a small team and a broad and ambitious remit of work. Our skilled freelancers, volunteers, placements and interns all play an important role in ensuring we are able to deliver against our objectives and we include budget provision in all projects for additional project management.

  7. The impact of major events, such as the coronavirus pandemic on Fabrica’s income, activity and practice. A detailed major events plan that sets clear objectives and investigates the feasibility of trading under the given circumstances; that outlines operational policy and ensures health and safety for all. Faced with a pandemic of the scale of the 2020-21 Covid-19, Fabrica would not have been able to trade without the government support initiatives that were introduced. Mitigating this risk in the future, Fabrica will: continue to build its reserves through earned income; engage with audiences using digital methods as well as face to face; maintain rigorous health and safety practices for staff and public at Fabrica’s events, exhibitions and offices.

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FABRICA (LIMITED BY GUARANTEE) TRUSTEES’ REPORT FOR THE YEAR ENDED 31ST MARCH 2021

Public benefit

In shaping our objectives and planning our activities for the year, the Trustees have given due consideration to the duties set out in the Charities Commission published guidance as required by section 17(5) of the Charities Act 2011.

The Trustees have considered how the planned activities will contribute to the overall aims and objectives that they have set, and have taken the guidance into account when taking any decision to which it is relevant.

The paragraphs 'Objectives and Activities' and 'Achievements and Performance', detail the benefits that Fabrica provides to the public.

More specifically Fabrica's public benefit is defined as:

OBJECTIVES AND ACTIVITIES

The Charity's objectives are to promote, maintain, improve and advance education, particularly by the encouragement of the visual arts and places where they may be practised and where art and artefacts may be exhibited, with particular reference to the education of the public and the encouragement of the arts in Sussex and other parts of the United Kingdom.

Fabrica commissions and presents contemporary visual art installations in response to its unique space, a former Regency chapel located in the centre of Brighton, and as a vehicle for learning. It encourages an open dialogue between artists and visitors within the gallery space and produces a wide-ranging programme of education and audience development activity that explore the themes and production processes of the work and the artists it presents. In this way, it strives to remove the barriers to access, engagement and understanding of art that many people experience.

In a usual year, Fabrica’s programme comprises four interlinked strands of activity:

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FABRICA (LIMITED BY GUARANTEE) TRUSTEES’ REPORT FOR THE YEAR ENDED 31ST MARCH 2021

In summary, Fabrica is working to develop creative talent and build new audiences for contemporary art by:

ACHIEVEMENT AND PERFORMANCE Charitable activities from April 2020 to March 2021

Artistic Programme

EXHIBITIONS

Despite the challenges caused by the COVID-19 pandemic, Fabrica was able to produce several opportunities for audiences to experience art, embracing and responding to alternative approaches to engaging audiences digitally, outside in communities, and in new ways at the gallery to allow for a safe return to shared spaces.

Between May and July 2020, Fabrica led a digital project, Quiet Revelations, providing an opportunity for audiences and artists to respond to the pandemic and submit art or written pieces which were exhibited online (http://quiet.fabrica.org.uk/contributions). The project sought to actively consider what we as individuals and a society were learning from an unprecedented situation, reflecting on both the tragedies and fears of a global pandemic alongside the tedium and isolation of quarantine.

Fabrica’s 2020 summer exhibition, A Simple Act of Wonder , by artist duo Walter & Zoniel, took place between July-September. Presented in partnership with Brighton Festival, this exhibition was originally due to be shown in April and May 2020 and was postponed due to the early stages of the pandemic. The artwork was commissioned in 2019 and developed out of an intense period of research with local residents in Moulsecoomb and Bevendean, a suburban part of the city. This research was supported by community development workers from the Trust for Developing Communities.

Walter & Zoniel described the final work as a ‘portrait’ of a neighbourhood that is largely unnoticed by the rest of the city. Drawing on their love of colour, portraiture, humour and curiosity about people and the stories they tell, Walter & Zoniel invited audiences into the lives of others to examine attitudes about other people and the mythologies or reputations that stick to some places. At Fabrica, Walter & Zoniel applied a bright colourful treatment to Fabrica’s exhibition space, and shared more about the culture and community of Moulsecoomb and Bevendean through photographic images, 360 film, and objects loaned by those who had a particularly compelling story to tell. Due to the COVID-19 restrictions this exhibition was fully installed but was shared with audiences entirely online through an interactive website.

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FABRICA (LIMITED BY GUARANTEE) TRUSTEES’ REPORT FOR THE YEAR ENDED 31ST MARCH 2021

In Moulsecoomb and Bevendean a colourful trail of temporary artworks were installed: by painting residents’ houses and community spaces and also a major work painted on The Green at The Avenue. A trail map was available online which included opportunities to hear from residents themselves. An accompanying programme of live and recorded talks, discussions and workshops took place that explored relationships between the city centre and this suburb of it.

In October 2020 we were able to open our gallery to the public again, but were required to manage the visitor experience in a new way to enable social distancing and safety during this time. Fabrica presented Earthworks, an immersive moving image installation by Semiconductor, who are artists Joe Gerhardt and Ruth Jarman. The work, a five-channel computer generated animation with surround sound, re-imagined the phenomena of landscape formation through the scientific and technological devices that are used to study it (ie earthquake, volcanic, glacial and human activity, recorded as seismic waves, which form spectacular fluctuating marbled waveforms). In doing this Earthworks makes tangible the immense natural forces captured by seismic data and tackles the way in which geological and human processes are inextricably linked in the Anthropocene. An associated programme of events combined opportunities for audiences to engage online through recorded discussions and special broadcasts, including an exclusive discussion co-curated by Fabrica and ONCA galleries featuring Dr Louise Purbrick and Alice Owen from University of Brighton and Leny Olivera Rojas from the Bolivia-based organisation TerraJusta, in a discussion about the Anthropocene from a feminist viewpoint. Fabrica also ran several small workshops in the gallery for families and adults that explored our relationship to nature and the environment. Due to take place between October and November, the exhibition was extended into December to allow for another lockdown period in November.

From December 2020 to February 2021 Fabrica presented Murmurations , a new artist commission utilising the external architecture of our heritage building, through the huge glass windows of Fabrica’s East facade. These were transformed into a canvas for a projection-based exploration of the Brighton starling murmurations, created by Brighton-based collective Shared Space and Light (Giles Thacker, Kate Laird and Chris Grottick). Giles Thacker has been filming starling murmurations for over 10 years and during lockdown wanted to reflect the sheer beauty and wonder of our natural heritage.

THE IN BETWEEN GALLERY

In June and September 2020 Fabrica presented two images by photographer Rich Cutler, taken from the Insecta Series (2013-2018) The series explores ruined and forgotten insect collections, investigating our relationship with nature, our need to collect and its role in memory and the pursuit of knowledge. From 21 December2020 end-March 2021 we presented Yellow Dress (2017), an image by Vera Hadzhiyska, a Bulgarian artist and curator based in England. The image is taken from the series 'With the Name of a Flower' (2017 -2019). The project investigates the forced name changes of the Muslim population in Bulgaria (1912 – 1989), and their impact on people’s lives and identity.

MAKING SPACE & EXPERIMENTAL PROJECTS

There were no Making Space projects in 2020-21 due to the pandemic. Planned programmes were postponed to 2021-22.

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FABRICA (LIMITED BY GUARANTEE) TRUSTEES’ REPORT FOR THE YEAR ENDED 31ST MARCH 2021

FILM PROGRAMME

Fabrica’s busy year-round film programme was largely halted due to the pandemic. We continued to host monthly sessions with Fresh Perspectives, Fabrica’s film programmers club for 18-25yrs, who curate and run quarterly film screenings. During 2020-21 the group developed online ‘Watchalongs’ as an alternative to screenings at Fabrica and to be able to continue to share film experiences. During September and December 2020, Fresh Perspectives were able to present screenings again at Fabrica although for small audiences. Fabrica also hosted online the annual Selected programme in July 2020, which is produced by videoclub and Film London Artists Moving Image Network. Nominated by the artists shortlisted for the previous Jarman Award, Selected 10 was a collection of diverse, surprising and provocative new film by early career artists from across the UK.

ENGAGEMENT AND LEARNING

Fabrica prides itself on being an open and accessible organisation. The gallery is wheelchair accessible and heated so that all visitors, but particularly older visitors/people with disabilities can be comfortable. Our exhibitions and activities remained free or at low cost. Fabrica was awarded the national Family Arts Campaign ‘Best Age-Friendly Venue award’ in 2019 recognising our organisation-wide development to welcome older people to the gallery.

In 2020, we undertook research and development into digital access and inclusion and were able to react swiftly to the demand for a change in delivery methods due to the pandemic, whilst learning and evolving our approaches to retain a high quality of engagement and value for audiences and participants.

Despite the challenges, in 2020-21 Fabrica ran over 160 events and activities for a range of participants, either at the gallery, in community settings or online. Many projects we were already working on were able to continue throughout the year, with many services moving to remote and/or digital solutions in order to continue reaching and engaging audiences, especially people who are vulnerable, continued to have enjoyable, meaningful opportunities to create, reflect and connect with others.

Outreach programmes included; Woven by Us , a textile group supporting older people living in isolation and/or with complex health needs in partnership with Woodingdean Medical Centre, which had outdoor sessions in Woodingdean Community Centre in summer of 2020; Men in Sheds Kemptown project supported it’s membership. Funded by public health, Men in Sheds alone provided over 300 hours contact time for adult men seeking to improve their mental wellbeing, despite the restrictions we faced. To relieve pressure on our Men in Sheds waiting list and connect with highly vulnerable men during the pandemic, we developed a new activity programme, Men Who Make, which engaged over 20 referred individuals through varied making sessions based at Fabrica and other venues, and worked across several partnerships (ONCA Barge, So Sussex, YHA Truleigh Hill, Voices in Exile and HERA). We teamed up with existing partners One Church to offer free creative activity packs to low-income families in the Chomp network, and extended this offer to a new partnership, Hangleton & Knoll Community Partnership, providing 900 activity packs to 100 families over summer 2020.

We were able to run some limited capacity workshops for children and families, creating online and in-person opportunities including workshops delivering Discover Arts Awards (11 in total) and online creative writing sessions with Little Green Pig. Chomp and Messy Play workshops were halted but resumed in spring 2021.

Despite many of our Front of House team being partially furloughed in 2020-21, we were able to continue engaging our 121 volunteers, through our autumn exhibition, Earthworks, our off-site summer work A Simple Act of Wonder and various remote and digital projects. Volunteers learned about art, virtually met exhibiting artists, provided virtual and in-person research and interpretation for exhibitions, maintained our creative Response magazine (virtual & hardcopy), took part in virtual training & trips, welcomed visitors and created their own artistic projects as part of ACTIVATE, a regular volunteer development programme led by artist Jane Fordham.

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FABRICA (LIMITED BY GUARANTEE) TRUSTEES’ REPORT FOR THE YEAR ENDED 31ST MARCH 2021

Past, Present, Future , Fabrica’s Heritage Lottery-funded project continued to afford a team of research volunteers the opportunity to research Holy Trinity Chapel, the building Fabrica has occupied since 1996. Meetings and research took place online when necessary and gave a focus to time in lockdown for several individuals. This research project will culminate in a publication in September 2021. We worked with the Outlook Foundation to ensure 6 adults with autism and/or learning disabilities were able to participate in Fabrica’s volunteer programme.

Fabrica cultivated 50+ partnerships to reach and work with our targeted audience groups, including:

Children/young people : Little Green Pig, Little Learners, Brighton Youth Centre, One Church & the Chomp Network, Future Creators (formerly Our Future City), Artswork, Articulate, Into Film, Fresh Perspectives, Young Film Programmers Network, Brighton Oasis, Strike A Light, and educational establishments Dorothy Stringer school, BHASVIC, East Sussex College, GB MET College, University of Brighton and University of Sussex.

Older people: (dementia, low-income, socially-isolated, wellbeing): BHCC: Seniors Housing and Public Health; Trust for Developing Communities, Caremark, Brighton University Research Dept, SEEFA and Men in Sheds Kemptown.

BAME & LGBTQ+: Black History Month, Brighton Photo Fringe, Voices in Exile, Videoclub.

Disability focussed partnerships: Amaze, Carousel, The Other Screen, University of Brighton’s Disability Research Network, Project Art Works, Brighton University Inclusive Arts MA, Rockets, Outlook Foundation, Grace Eyre Foundation.

Health and community: Community Roots (16 partner network), Woodingdean Medical Centre, Woodingdean Community Centre, The Art Group at The Bevy, So Sussex, HERA, Together Co., Arts Health & Wellbeing Network and More Culture Less Medicine; Community Works.

Arts and heritage: ACCA, Brighton Festival, PhotoFringe, Threshold, Ikon, Mama, Het Entrepot, Towner, Public Room, John Hansard Gallery, Spectrum, Open School East, Brighton Artists Network, Artists Models inK, Heritage Open Days, The Keep, BFI, Screen Archive South East, Contemporary Visual arts Network, SE.

Research: CAST Explore programme, Audience Agency.

Environmental interest groups and organisations: ONCA, So Sussex, The Living Coast (Brighton & Lewes Downs Biosphere Partnership, Stanmer Organics.

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FABRICA (LIMITED BY GUARANTEE) TRUSTEES’ REPORT FOR THE YEAR ENDED 31ST MARCH 2021

FUNDRAISING STRATEGY & INCOME GENERATION

Fabrica promotes a mixed model of income from public/statutory, trusts and foundations, earned income, corporate sponsorship and individual giving. This year income was highly affected by the coronavirus pandemic, with Fabrica’s established commercial income through venue hire, events and shop sales dramatically reduced. Fabrica enjoys the endorsement of being one of Arts Council England’s National Portfolio Organisations, and this public money plus two ACE Cultural Recovery Grants accounted for 40% of its total income in 2020/21. This supported us to pilot a new outdoor cafe and bar to diversify our commercial income streams, which ran on evenings and weekends during exhibition periods, from October 2020. We also focused energy on increasing sales through our gallery and online shop and finished the year with new stock and targets for 2021/22.

In common with most creative organisations, Fabrica is having to re-balance its income model in the long term. Excepting 2020-21 Fabrica’s fundraising strategy has continued to prioritise growth of commercial income, largely through venue hire because of its higher short-term returns and the fact that income raised is unrestricted. Alongside this Fabrica began to grow Individual Giving as an income stream in 2019, launching a membership scheme, increasing gallery and event donations and setting up a yearly Christmas appeal and a Commissioning Circle. From 2020, Fabrica also developed its Corporate Fundraising avenues, including sponsorship packages, corporate giving and a corporate membership of Fabrica's Commissioning Circle.

VENUE HIRE

Fabrica continues to hire out its Grade II listed building for wedding receptions, parties and other events – raising its profile within the city and generating vital earned income to support the organisation and its charitable work. Profits from venue hire were upended in 2020-21 due to the pandemic.

GALLERY & ONLINE DONATIONS

Despite welcoming fewer visitors to the gallery due to the pandemic, gallery and online donations were £7,597. We continue to focus on this area, through the development of a Membership Scheme and increasing volunteer training in asking gallery visitors for donations.

TRUSTS AND FOUNDATIONS

During the year in review, Fabrica was successful in raising funds from Sussex Community Foundation, Robin Hood Foundation, and Paul Hamlyn Foundation and The Comic Relief Foundation via the Explore programme.

RESERVES POLICY

The level of reserves is monitored by the Trustees at its quarterly meetings and our unrestricted reserves are currently considered to be reasonable at £85,000, plus £15,000 building sinking fund. Our aim is that the level of unrestricted reserves (those funds not tied up in fixed assets and not designated or restricted) should be in the region of £120,000, plus £20,000 building sinking fund (£120,000 accounts for up to 6 months of expenditure).

Reserves are held to provide working capital especially in situations where funding is retrospective. Current general reserves are £217,145.

PLANS FOR FUTURE PERIODS

During 2020-21, Fabrica continued to work towards the objectives set out in its Business Plan. The Plan articulates programming plans and the principles behind our approach to gallery engagement, learning and audience development and Fabrica’s ambition to increase access to and understanding and enjoyment of the best contemporary visual art.

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FABRICA (LIMITED BY GUARANTEE) TRUSTEES’ REPORT FOR THE YEAR ENDED 31ST MARCH 2021

STATEMENT OF TRUSTEES’ (DIRECTORS’) RESPONSIBILITIES

The Trustees are responsible for preparing this Trustees’ Report and the attached financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting 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 company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the Trustees are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Charity’s auditors are unaware, and each Trustee has taken the steps that they ought to have taken as a Trustees in order to make themselves aware of any relevant information and to establish that the Charity’s auditors are aware of that information.

AUDITORS

The auditors, Clark Brownscombe Limited have indicated their willingness to continue in office and a resolution to reappoint them will be proposed at the forthcoming annual general meeting.

This report has been prepared in accordance with the special provision of Part 15 of the Companies Act 2006 relating to small companies.

By Order of the Board:

……………………………………………….. P J Murray (Chair) - Trustee/Director

Date: 7 December 2021

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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

FABRICA (LIMITED BY GUARANTEE)

Opinion

We have audited the financial statements of Fabrica (the 'company') for the year ended 31st March 2021 which comprise the Statement of Financial Activities, Balance Sheet, 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 Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities 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.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The Trustees are responsible for the other information. The other information comprises the information in the Report of the Trustees but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, 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 inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 nothing to report in this regard.

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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

FABRICA (LIMITED BY GUARANTEE)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified 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:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial 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 Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

FABRICA (LIMITED BY GUARANTEE)

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory framework within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011 and the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud. The laws and regulations we considered in this context were General Data Protection Regulation and Health and Safety legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the trustees and other management and inspection of regulatory and legal correspondence if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of ticket, venue hire and grant income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the board about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities. as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Page: 14

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

FABRICA (LIMITED BY GUARANTEE)

Use of our report

This report is made solely to the company's members, as 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 company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Victoria Anderson BA(Hons) FCA DChA (Senior Statutory Auditor) for and on behalf of Clark Brownscombe Limited Chartered Accountants and Statutory Auditors 2 St Andrews Place Lewes East Sussex BN7 1UP

Date: 13 December 2021

Page: 15

FABRICA (LIMITED BY GUARANTEE)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE STATEMENT) FOR THE YEAR ENDED 31ST MARCH 2021

Note
Unrestricted
Funds
Restricted
Funds
ACE
Restricted
Capital
Grant
£
£
£

INCOME FROM
Donations and grants
3
412,628
70,190
-
Charitable activities
5
- Artistic programmes
509
7,340
-
Other trading activities
4
8,522
-
-
Rental income
8,727
-
-
Investment income
14
_
_
Total before Museum
and Galleries Tax Relief
430,400
77,530
-
Museums and Galleries Tax Relief
24,048
-
-
Total
454,448
77,530
-
EXPENDITURE ON
Raising funds
6
14,098
-
-
Charitable activities
7
343,089
87,116
18,338
Total
357,187
87,116
18,338
Net movement in funds
97,261
(9,586)
(18,338)
RECONCILIATION OF FUNDS
Total funds brought forward
119,884
41,547
376,981
Total funds carried forward
217,145
31,961
358,643		 Total
2021
£
482,818
7,849
8,522
8,727
14
507,930
24,048

531,978
14,098
448,543
462,641
69,337

538,412
607,749		 2020
£
213,569
129,400
94,674
11,703
42
449,388
14,144
463,532
56,962
474,237
531,199
(67,667)
606,079
538,412

The detailed 2020 comparative statement of financial activities is reported in note 2.

The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.

The notes form part of these financial statements

Page: 16

FABRICA (LIMITED BY GUARANTEE)

BALANCE SHEET AS AT 31ST MARCH 2021 COMPANY NUMBER: 03185119

Note

FIXED ASSETS
Tangible fixed assets
11
CURRENT ASSETS
Debtors
12
Cash in hand and in bank
Total current assets
CURRENT LIABILITIES
Creditors: amounts falling due within one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS
CURRENT LIABILITIES
Creditors: amounts due after more than one year
14
NET ASSETS
FUNDS
Unrestricted funds
20
Restricted funds
21
TOTAL FUNDS		 2021
£
71,347
299,786
371,133
80,514		 £
367,130
290,619
657,749
50,000
607,749
217,145
390,604
607,749		 2020
£
386,447
43,602
165,403
209,005
56,683
152,322
538,769
357
538,412
119,884
418,528
538,412

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to charitable small companies.

The financial statements were approved by the Board of Trustees on 7 December 2021 and were signed on its behalf by:

……………………………………….

P J Murray (Chair) – Trustee/Director

The notes form part of these financial statements

Page: 17

FABRICA (LIMITED BY GUARANTEE)

STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31ST MARCH 2021

Note
Net cash generated from operations
16
Interest paid


Cash flows from investing activities
Interest received
Cash flows from financing activities
Capital repayments in year

Net (decrease)/increase in cash and cash equivalents

Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Cash and cash equivalents consists of:
Cash at bank and in hand		 2021
£
134,930

(204)

134,726

14
(357)

134,383

165,403
299,786
299,786		 2020
£
(25,422)
(204)
(25,626)
42
(1,412)
(26,996)
192,399
165,403
165,403

The notes form part of these financial statements

Page: 18

FABRICA (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company , which is a public benefit entity under FRS 102, have been prepared in accordance with the Charites SORP (FRS102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1st January 2019)’, Financial Reporting Standard FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future and on that basis the charity is considered to be a going concern.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Income is deferred when fees are received in advance of the event to which they relate.

Grants

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Where grants have been received for capital projects the costs have been capitalised on the Balance Sheet and depreciation, in accordance with the accounting policies, has been charged against that income.

Grant income is only deferred when:

Donations and other income

Donations and other income is recognised on the receipt of cash.

Investment Income

Investment income is recognised on an accruals basis.

Donated goods and services have not been recognised in the financial statements.

Page: 19

FABRICA (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis including irrecoverable VAT and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Expenditure is classified under the following activity headings:

Costs of generating funds - comprise those costs incurred in venue hire and fundraising events. Charitable activities - comprises all expenditure directly relating to the production of the events. Support costs - include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

Tangible fixed assets

Fixed assets are capitalised and the cost written off over their useful economic lives as follows:

Leasehold improvements - period of lease. Computer equipment - 1/3rd straight line basis

Assets costing more than £1,000 are capitalised.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK Corporation Tax purposes. Accordingly the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Pension costs

The charity operates a defined contribution scheme for staff as from April 2016 administered by NEST. The employer contribution is 3% and the employee contribution is 5%.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leases

Rentals payable under operating leases are charged to the Statement of Financial Activities on a straight line basis over the term of the relevant lease.

Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

Page: 20

FABRICA (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments. The trustees seek to use short and medium term deposits where possible to maximise the return on monies held at the bank and to manage cash flow.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

Arts Council
England
Restricted 2020
Unrestricted Restricted Capital Grant Total
£ £ £ £
INCOME FROM
Donation and legacies 186,306 27,263 - 213,569
Charitable activities
- Artistic programmes 25,510 103,890 - 129,400
Other trading activities 94,674 - - 94,674
Rental income 11,703 - - 11,703
Investment income 42 - - 42
Total before Museum and Galleries Tax
Relief 318,235 131,153 - -
Museums and Galleries Tax Relief 14,144 - - -
Total 332,379 131,153 - -
EXPENDITURE
Raising funds 56,962 - - 56,962
Charitable activities 284,815 170,571 18,851 474,237
Total 341,777 170,571 18,851 531,199
Net movement in funds (9,398) (39,418) (18,851) (67,667)
RECONCILIATION OF FUNDS
Total funds brought forward 129,282 80,965 395,832 606,079
TOTAL FUNDS CARRIED FORWARD 119,884 41,547 376,981 538,412

Page: 21

FABRICA (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

3. DONATIONS AND GRANTS
Donations
Grants:
-Arts Council England – Core grant
-Arts Council England – Cultural Recovery Fund
-Heritage lottery fund
-Pilgrim Trust
-Sussex Community Foundation
-Southdowns Community Roots
-University of Sussex
-Explore
-Chapman Charitable Trust
-NRBLY Community Fund
-Chalk Cliff Trust
-Film Hub North
-Rank Foundation
-Suicide Prevention Innovation Fund
-Government Grants
-JRS Grants
4.
OTHER TRADING ACTIVITIES
Venue hire (including bar sales)
Shop and Café Sales
5. INCOME FROM CHARITABLE ACTIVITIES
Artistic programmes
-Ticket sales and event income
-Sussex Community Foundation
-University of Brighton – OPCARE partnership
-BHCC
-Robin Hood Foundation
-Creative Europe – OTP
-Brighton District Nurses – Film Hub
-Grocers Charity
-Ernest Charitable Trust
-Sussex Partnership NHS Foundation
-Brighton Dome and Festival – partnership
-Engage
-Project Art Works – EXPLORERS partnership

 2021
£
7,597
180,842
122,453
39,960
-
5,000
18,345
3,000
5,000
-
400
-
1,125
-
12,845
43,058
43,193
482,818
2021
£
7,190
1,332
8,522
2021
£
304
2,650
1,595
1,400
1,200
-
-
-
-
-
-
700
-

7,849		 2020
£
4,081
177,575
-
-
10,000
-
9,173
2,900
-
1,000
-
6,000
2,090
750
-
-
-		 2020
£
4,081
177,575
-
-
10,000
-
9,173
2,900
-
1,000
-
6,000
2,090
750
-
-
-
213,569


2020
£
94,674
-
94,674

2020
£
26,982
-
23,500
-
-
1,960
4,963
2,000
2,500
4,995
22,000
-
40,500
129,400

Page: 22

FABRICA (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

6.
RAISING FUNDS
Cost of venue hire
Café Expenses
7. CHARITABLE EXPENDITURE
Unrestricted
Restricted
DIRECT COSTS
£
£
Premises costs
Rent
6,152
-
Rates and water
429
-
Insurances
7,469
-
Light and heat
4,190
-
18,240
-
Gallery costs
Repairs and maintenance
25,810
-
Salaries, artists curators’ fees and
exhibition costs
281,164
87,116
306,974
87,116
Other direct costs
Printing, postage and stationery
2,274
-
Telephone
1,155
-
Training and development
6,716
-
Depreciation
979
18,338
Interest payable and similar charges
1,324
-
12,448
18,338
337,662
105,454
SUPPORT COSTS
Governance costs
Auditors’ remuneration
2,925
-
Auditors’ remuneration for
non-audit work
2,291
-
Bank charges
211
-
Trustees’ meeting expenses
-
-
5,427
-
TOTAL
343,089
105,454		 2021
2020
£
£
3,201
56,962
10,897
-
14,098
56,962
2021
Total
2020
Total
£
£
6,152
5,000
429
4,776
7,469
7,744
4,190
5,293
18,240
22,813
25,810
11,914
368,280
399,027
394,090
410,941
2,274
2,573
1,155
1,414
6,716
11,201
19,317
19,316
1,324
204
30,786
34,708
443,116
468,462
2,925
2,840
2,291
1,913
211
755
-
267
5,427
5,775
448,543
474,237		 2020
£
56,962
-
56,962

Page: 23

FABRICA (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

8. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging

Operating lease rentals – property
Auditors’ remuneration
Auditors’ remuneration (non-audit work)
Depreciation		 2021
£
6,152
2,925
2,291
19,317		 2020
£
5,000
2,840
1,913
19,316

9. TRUSTEES’ REMUNERATION

No Trustees, or connected persons, received any remuneration or reimbursed expenses during the year.

10. STAFF NUMBERS AND COSTS

The average number of employees during the year was 15 (2020: 13) calculated on a monthly head count. No employee received emoluments over £60,000.

The aggregate payroll costs in respect of these employees were:-

Wages and salaries
Social Security costs
Pension Contributions		 2021
£
189,847
11,720
3,083
204,650		 2020
£
171,219
10,701
2,880
184,800

The key management personnel of the charity comprise the trustees along with the director, business manager and financial administrator. Total employee benefits of the key management personnel were £47,389 (2020: £56,961).

11. TANGIBLE FIXED ASSETS

Long
Leasehold
Computer
Equipment
£
£
Cost
As at 1 April 2020 and 31 March 2021
673,708
18,138
Depreciation
As at 1 April 2020
287,261
18,138
Charge for the year
19,317
-
As at 31 March 2021
306,578
18,138

Net Book Value
As at 31 March 2021
367,130
-
As at 31 March 2020
386,447
-		 Total
£
691,846
305,399
19,317
324,716
367,130
386,447

Page: 24

FABRICA (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

12. DEBTORS
Trade debtors
Other debtors
13. CREDITORS: AMOUNTS FALLING DUE WITHIN
ONE YEAR
Trade creditors
Finance lease
Social security and other taxes
Other creditors
Deferred income
Accruals
14. CREDITORS: AMOUNTS FALLING DUE AFTER
MORE THAN ONE YEAR
Finance lease
Loan
15. LEASING ARRANGEMENTS
Net obligations repayable:
Within one year
Between one and five years		 2021
£
28,694
42,653
71,347
2021
£
20,462
1,420
-
1,930
45,302
11,400
80,514
2021
£
-
50,000
50,000
2021
£
1,420
-
1,420		 2020
£
25,874
17,728		 2020
£
25,874
17,728
43,602

2020
£
-
1,404
2,109
13,035
27,815
12,320
56,683

2020
£
357
-
357
2020
£
1,404
357
1,761

Page: 25

FABRICA (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

16. RECONCILIATION OF NET (DEFICIT)/SURPLUS TO NET CASH ONFLOW FROM OPERATING ACTIVITIES

Net surplus/(deficit) for the year

Depreciation

Interest paid

Interest received

(Increase)/decrease in debtors

Increase in creditors

Net inflow/(outflow) from operating activities
 2021
£
69,337

19,317
204
(14)
(27,745)
73,831
134,930
 2020
£
(67,667)
19,316
204
(42)
2,186
20,581
(25,422)

17. SHARE CAPITAL

Fabrica is a company limited by guarantee registered in England and Wales and has no share capital. No one member has overall control of the company.

In accordance with clause 7 of its Memorandum of Association every member of the charity undertakes to contribute such amount as may be required (not exceeding £10) to the charity’s assets if it should be wound up while he or she is a member or within one year after he or she ceases to be a member.

If the charity is wound up or dissolved and after all its debts and liabilities have been satisfied there remains any property it shall not be paid or distributed amongst the members of the charity but shall be given or transferred to some other charity having similar objectives.

The company’s registered number and registered office address can be found in the ‘Legal and Administrative Information’ section of the financial statements.

18. RELATED PARTY DISCLOSURE

There were no related party transactions for the year ended 31 March 2021 (2020: Nil).

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible
Fixed
Assets
Net
Current
Assets
Creditors
due after
more than
one year
2021
Total
£
£
£
£
Arts Council England
– Restricted Capital Grant
358,130
-
-
358,130
Restricted
-
32,474
-
32,474
Unrestricted
9,000
258,145
(50,000)
217,145
367,130
290,619
(50,000)
607,749		 2020
Total
£
376,981
50,075
111,356
538,412

Page: 26

FABRICA (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

ANALYSIS OF NET ASSETS BETWEEN FUNDS (Prior BETWEEN FUNDS (Prior BETWEEN FUNDS (Prior Year)
Net Creditors
Tangible Current due after 2021 2020
Fixed Assets more than Total Total
Assets one year
£ £ £ £ £
Arts Council England
– Restricted Capital Grant 376,981 - - 376,981
395,832
Restricted - 50,075 - 50,075
80,965
Unrestricted 9,466 102,247
(357)		 111,356
129,282
386,4447 152,322
(357)		 538,412
538,412
20. UNRESTRICTED FUNDS
Balance
Balance Income Expenditure at
At 1 April 31 March
2020 2021
£ £ £ £
Unrestricted Funds
General Reserves 119,884 454,448
(357,187)		 217,145
UNRESTRICTED FUNDS (Prior Year)
Balance
Balance Income Expenditure at
At 1 April 31 March
2019 2020
£ £ £ £
Unrestricted Funds
General Reserves 129,282 332,379
(341,777)		 119,884

Page: 27

FABRICA (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

21. RESTRICTED FUNDS

21. RESTRICTED FUNDS
Balance
Balance Income Expenditure at
At 1 April 31 March
2020 2021
£ £ £ £
Arts Council England – Restricted
Capital grant 376,981 -
(18,338)		 358,643
Various – Men in Sheds 1,175 18,445
(15,350)		 4,270
Creative Europe OTP 12,907 -
(12,907)		 -
Film Hub SE - 1,125
(1,125)		 -
Heritage Lottery Fund - PPP - 32,875
(22,782)		 10,093
University of Brighton - OPCARE - 1,595
(1,595)		 -
Audience Development 17,257 23,095
(22,754)		 17,598
Brighton Dome and Festival 5,116 -
(5,116)		 -
Artist Resource - 395
(395)		 -
Project Art Works - EXPLORERS 5,092 - (5,092) -
418,528 77,530
(105,454)		 390,604
21. RESTRICTED FUNDS (Prior Year)
Balance
Balance Income Expenditure at
At 1 April 31 March
2019 2020
£ £ £ £
Arts Council England – Restricted
Capital grant 395,832 -
(18,851)		 376,981
Pilgrim Trust – Capital projects - 10,000
(10,000)		 -
Various – Men in Sheds 5,864 9,902
(14,591)		 1,175
Creative Europe OTP 23,827 1,961
(12,881)		 12,907
Amal Foundation 398 -
(398)		 -
Film Hub SE - 2,090
(2,090)		 -
Heritage Lottery Fund - PPP 33,339 -
(33,339)		 -
University of Brighton - OPCARE 12,537 23,500
(36,037)		 -
Audience Development 5,000 20,458
(8,201)		 17,257
Brighton Dome and Festival - 22,492
(17,376)		 5,116
Project Art Works - EXPLORERS - 40,750
**(35,658) **		 5,092
476,797 131,153
**(189,422) **		 418,528

22. OPERATING LEASE COMMITMENTS

The minimum lease payments falling due for operating leases expiring in more than five years is £25,000.

Page: 28