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2021-03-31-accounts

M SColin-Stokes (Chair)
N Darwin
H Notcutt
J W Newman
R Packham
H Robinson
M Smith
C Todd
8Williamson
3370914
1063853

Page
Trustees' report 1-5
Auditors' report 6-8
Statement offinancial activities
Balance sheet
Statement ofcashflows
Notes to the financial statements 12-27

Total Total
Unrestricted Restricted Funds Funds
Notes Fund Fund 2021 2020
6 f 6
Income from:
Grants and donations 560,252 136,244 696,496 693,015
Investments 184 184 341
Charitable
activities		 21,050 8,232 29,282 121,749
Total income 581,486 144,476 725,962 815,105
Expenditure
on:
Raising funds 1,213 17,682 18,895 21,538
Charitable
objectives		 7 325,999 136,107 462,106 798,402
Governance
costs		 8 4,972 4,972 2,417
Impairment
loss/charge		 for
depreciation 10 2,785 59,021 61,806 56,404
Total expenditure 334,969 212,810 547,779 878,761
Net income I(expenditure)
before tax for the year 246,517 (68,334) 178,183 (63,656)
Taxation 2,267 2,267
Net income /(expenditure)
after tax for the year 248,784 (68,334) 180,450 (63,656)
Transfers
between		 funds 15
Net income I(expenditure)
and net movement in funds
for the year 248,784 (68,334) 180,450 (63,656)
Reconciliation
offunds:
Total funds brought forward 299,732 447,579 747,311 810,967
Total funds carried forward 548,516 379,245 927,761 747,311

Notes 2021 2021 2020
Fixed assets E
Tangible fixed assets
investments		 10
11		 409,211
2		 396,187
2
Current assets
Stock
Debtors
Cash at bank and in hand		 12
13		 16,583
69,304
469,816		 409,213
1,732
204,868
193,282		 396,189
Liabilities 555,703 399,882
Creditors
falling due within		 one year 14 ~37.155 ~48.765
Net current assets
518,548 351,122
Total
assets
less		 current
liabilities
927 761 747,311
Net assets 927,761 747311.
Charity funds
Restricted
income funds - Projects
Restricted
income funds -Capital
Unrestricted
funds —general fund
Unrestricted
funds —designated
Total charity funds		 15
15
15
15		 49,628
329,617
100,000
448,516
927 761		 70,538
377,041
215,042
84,690
747311.

2021f 2020f
Cash flow from operating
activities
Net income / (expenditure)
before tax for the reporting
(as per the statement
offinancial activities)		 period 178,183 (63,656)
Adjustments
for:
Depreciation
and impairment
oftangible
fixed		 assets 61,806 56,404
Dividends,
interest and rents from investments		 (184) (341)
(Increase)
/ decrease
in stock
(Increase)
/ decrease
in debtors
Increase /(decrease)
in creditors		 (14,851)
137,831
(11,605)		 232
143,450
(98,410)
Net cash provided
by / (used in) operating		 activities 351,180 37,679
Cash flow provided
by / (used in) investing
Payments
to acquire tangible
fixed assets
Dividends,
interest and rents from investments		 activities (74,830)
184		 (82,359)
341
Net cash flow from investing
activities		 ~74 646 ~82 618
Cash flow from financing
activities
Repayment
of loans
Net cash provided
by / (used in) financing		 activities
Change
in cash and cash equivalents
in the reporting
period		 276,534 (44,339)
Cash and cash equivalents
at the beginning		 ofthe
reporting
period		 193,282 237,621
Cash and cash equivalents
at the end ofthe reporting
period		 469816 193282
Cash and cash equivalents
consists of:
Cash at bank and in hand 469,816 193,282
Notice deposits (less than 3 months)
Cash and cash equivalents
at the end ofthe reporting
period		 469,816 193,282

NET INCOME
/ EXPENDIT		 URE F OR TH E YEA R
2021 2020
Net income
/ (expenditure)		 is stated after charging / (crediting): 6 E
Depreciation 61,806 56,404
Impairment
Loss
Auditors
remuneration:
audit services		 2,702 2,588
Auditors
remuneration:
other services		 228 (520)
Foreign exchange
loss / (gain)		 267 1,442
NCOME FROM GRANTS AND DONATIONS
During the period the trust received grants from the following:
Unrestricted Restricted Total Total
funds funds 2021 2020
6 E
Norfolk County Council*
Art Grant Award 6,184 6,184 6,184
Covid Recovery 490 490
Great Yarmouth
Borough		 Council'
Arts Development Service Contract 58,500 58,500 58,500
Winter Adaptations Grant 5,000 5,000
Heritage Action Zone 10,000 10,000
Covid Business Recovery Grants 35,000 35,000
Covid Local Restrictions Grants 17,391 17,391
Other Income 12,249 12,249 40,156
Children
In Need		 7,780 7,780 31,200
Arts Council National
Portfolio Funding*		 397,176 397,176 390,000
Virgin Money Foundation
With Out Walls		 29,708 29,708 15,000
32,295
Esme Fairbairn 20,000 20,000 40,000
Roundabout
Europe		 289 289 6,680
Architectural
Heritage
Fund*		 15,000 15,000 62,500
Gorilla Circus 10,500
Council of Europe —European
Heritage		 Day 8,519 8,519
Geoffrey Watling
Trust		 6,000 6,000
Historic England* 30,000 30,000
Norfolk Community
Foundation		 grants 500 13,948 14,448
HMRC —Coronavirus
Job		 Retention
Scheme* 22,762 22,762
Total income from grants and donations 560,252 136,244 696,496 693,015

2021f 2020
Artistic programme
Artist fees
Other costs 58,791 144,621
59, 'I 08 280,450
Other grant programme activities
Ice House professional fees 29,773 7,431
Income generating activities
Salaries
Other costs 221 254
4,030 23,554
Support costs
Salaries
Other support
Finance costs		 costs 259,166
50,680		 266, 184
75,3'I 7
337 591
462,106 798,402
Allocated as follows:-
Unrestiicted
Funds
Restricted
Funds		 325,999 578,137
136,107 220,265
462,106 798,402

FOR FOR FOR THE YEAR ENDED 31 MARCH 202 1
GOVERNANCE
COSTS
2021 2020
6 6
Financial
and administration		 1,604 (19)
Legal and professional 438 368
Audit fees: current auditor 2,702 2,588
other services 228 (520)
4,972 2,417
Allocated as follows:
Unrestricted Funds 4,972 2,417
Restricted Funds
4,972 2,417
STAFF COSTS
2021 2020
The cost of employing staff was:
Wages and salaries 238,187 244,224
Social security costs 16,446 18,858
Employers contribution to defined contribution pension scheme 5,081 5,250
259,714 268,332

Cost Capital project
—under
construction
f		 Land &
Buildings		 Fixtures,
fittings
&
equipment		 Total
As at 31 March 2020
Additions
Transfers
Disposals		 40,501
64,198
(15,117)		 1,323,114
11,280		 340,502
10,632
3,837		 1,704,117
74,830
As at 31 March 2021 89,582 1,334,394 354,971 1,778,947
Depreciation
As at 31 March 2020
Charge for the year
Impairment
loss/Transfer		 1,108,020
6,519		 199,910
55,287		 1,307,930
61,806
Eliminated
on disposai
As at 31 March 2021 1 114,539 255 197 1,369,736
Net book value
As at 31 March 2021 89,582 219,855 99,774 409,211
As at 31 March 2020 40,501 215,094 140,592 396,187
MENTS
2021
f		 2020
f
iary
undertaking		 2 2

12 STOCK
2021 2020
F E
Goods for resale 16,583 1,732
13 DEBTORS
2021 2020
6 6
Trade debtors 18,788 35,446
Prepayments
and accrued income		 48,433 169,414
Other debtors 2,083 8
69,304 204,868
Accrued income of f41,353 includes grants totalling F38,489 (2020: 6163,402) where the charity
considers it meets income recognition requirements as set out in the accounting policies:
2021 2020
6
ACE Small Capital 2018/19 13,100 78,381
Children in Need 23,341
Architectural
Heritage		 Fund 24,030 55,000
Roundabout
Europe		 6,680
Council of Europe —European Heritage Day 1,359
38,489 163,402

REDITORS: AMOUN TS
FALLING DUE WITHIN ONE		 YEAR
2021 2020
6 F
Trade creditors 6,865 3,941
Accruals and deferred income 24,089 35,685
Other creditors 999 3,499
Taxation and social security 5,202 5,635
37,155 48,760

Movemen ts
on def		 erred income are:
2021 2020
Balance
Amounts
Amount		 at 1 April
released
deferred		 2020
to income earned from charitable
in year		 activities 14,953
(14,953)		 14,625
(14,625)
14,953
Balance at 31 March 2021
14,953

FUND RECONCILIATION
2021:
Restricted Restricted
Unrestricted
funds		 fund
projects
6		 fund
capital		 Total
2021
6		 Total
2020
6
Fund balance as at
31 March 2020
Movements
in year
Transfer between
funds		 299,732
248,784		 70,538
(20,910)		 377,041
(47,424)		 747,311
180,450		 810,967
(63,656)
Fund balance as at
31 March 2021 548,516 49,628 329,617 927,761 747,311
Unrestricted
funds are analysed as		 follows:
2021 2020
6 6
Unrestricted
- General
Designated
-
Drill Hall depreciation
Designated - other general
fund asset depreciation
Designated
- Artistic Programme
2021/22
Designated - Artistic Development
and Production
Designated
-capital programme		 100,000
82,661
10,055
130,000
175,800
50,000		 215,042
84,690
Balance at 31 March 2021 548,516 299,732

020:
Restdcted Restricted
Unrestricted fund fund Total Total
funds projects capital 2020 2019
6 6 6 K
Fund balance as at
31 March 2019 313,781 66,176 431,010 810,967 615,814
Movements in year (14,049) 4,362 (53,969) (63,656) 195,153
Transfer between funds
Fund balance as at
31 March 2020 299,732 70,538 377,041 747,311 810,967
NALYSIS OF NET ASSETS BETWEEN FUNDS
021:
Restricted Restricted
Unrestricted fund fund Total Total
funds projects capital 2021 2020
6 6 6 6
Tangible fixed assets 92,716 9,278 307,217 409,211 396,187
Investment 2 2 2
Current assets less
creditors 455,798 40,350 22,400 518,548 351 122
5048,516 49,628 329,617 927,761 747,311

20:
Restricted Restricted
Unrestricted fund fund Total Total
fundsf projects capital 2020
K		 2019
E
Tangible fixed assets 88,777 9,944 297,466 396,187 370,232
Investment 2 2 2
Current assets less
creditors 210,953 60,594 79,575 351,122 440,733
299,732 70,538 377,041 747,311 810,967

MOVEMENT
IN RESTRICT
2021:		 ED FUNDS
Projects Fund
balance
at 1 April
2020		 Income
6		 Expenditure
6		 Transfers
to/(from)
general fund
6		 Fund
balance
at 31 March
2021
6
Capital Reserve
With Out Walls
Children
in Need
Circus School Equipment
Esmee Fairbairn
Roundabout
Europe
Architectural
Heritage
Fund —Ice House		 9,944
1,249
6,563
2,195
(595)
51,182		 29,707
7,781
20,000
289		 (667)
(30,956)
(14,344)
(20,000)
(47,455)		 9,277
2,195
(306)
3,727
Development
Architectural
Heritage
Fund —Emergency
Fund
Norfolk Community		 15,000 (15,000)
Foundation:
-
New Endeavour
Rangers
Fund
Norfolk Recovery		 1,998 (1,998)
Fund
- Active Out There
The Council ofEurope—		 10,000
1,950		 (4,496)
(1,950)		 5,504
European
Heritage
Day
Active Norfolk (Sports		 8,519 (9,288) (769)
England)
Historic England—		 8,232 (8,232)
Heritage
Action Zone		 30,000 30,000
Capital 70,538 133,476 (154,386) 49,628
ACE Capital —2015/16
ACE
Small
Capital		 213,450 (43,827) 169,623
2018/19, including
Norfolk
County
Council
capital
grant,
Virgin
Money
Foundation
grant
and
Geoffrey Watling
Charity)		 163,591 6,000 (14,423) 155,168
Great
Yarmouth
BC
Winter Adaptations 5,000 174 4,826
447,579 144,476 212,810 379,245

Details of
restricted		 of
restricted
funds
With Out Walls: Funded
through
the Arts Council England's
Strategic Touring
Fund this
three year project aims to develop sustained
relationships
and strengthen
the outdoor touring sector to ensure that audiences across England
have
access to the very latest and highest quality new work produced
by British
artists. Without
Walls is a consortium
offestivals,
managed
by XTRAX.
Children in Need: A three-year
program
offering
structured
regular
sessions
in creative
activities
for young
people
aged 5-18 years.
Activities
include
circus
skills, performance
and free running.
The regular sessions are facilitated
by freelance
tutors
and
offer opportunities
for young
people of a wide
range
of abilities
and ages, drawn
mostly
from the central
and south
wards
in Great Yarmouth.
Circus School Funding
ring-fenced
to enable the purchase
of small consumable
items
Equipment: used
in the delivery of circus workshops
and activity
in the Drill House.
Esmee Fairbairn: The Esmee Fairbairn
Foundation
are funding a commercial
development
staffing post in the Trust
Roundabout Europe An EU 'Creative
Europe'
funded
partnership
project with Outdoor
Arts
Producers
and Creation Centres from The Netherlands,
Czech Republic,
UK and Denmark.
Architectural Heritage Funding
to begin
development
work
on the scheme
to develop
the
Fund —Ice House historic Ice House on the South Quay ofthe river Yare in Great Yarmouth,
Project Development comprising
ofdetailed design plans, planning
permission
and fundraising
activity.
Architectural Heritage Funding
to support
the
resilience
of the
organisation
through
the
Fund —Emergency pandemic
-
core staffing
and
implementing
covid
safety
measures
Fund including
consultancy
Norfolk Community Funding to enable Drillaz Circus School to adapt to online workshops
and
Foundation - New activities due to Covid and continue
through
the summer
months
Endeavour Rangers
Fund
Norfolk Community Covid recovery funding
towards
staffing and cleaning costs to enable
Foundation —Norfolk classes to continue
for the Drillaz Circus School and youth programme
Recovery Fund
Norfolk Community Funding
towards
Drillaz
Circus
School —supporting
participation
by
Foundation —Active disadvantage
young people through
subsidies
and bursaries.
Out There
The Council ofEurope Funding
towards
a Heritage
I Community
engagement
programme
—European Heritage leading to a participatory
event coinciding
with European
Heritage
day in
Day September
2020 —themed
around
stories
of
migration
to
Great
Yarmouth,
the cultural quarter and Portuguese
speaking
communities.

THE SEACHANGE TRUST THE SEACHANGE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
Active Norfolk (Sports
England)		 Tackling
inequalities
funding
towards
a programme
of free
outdoor
inclusive and accessible circus activities
in the park and atthe Drill House
for disadvantaged
communitiesFocussing
on
lower
socio-economic,
SEND, BAME
Historic England—
Heritage Action Zone		 Funding
via a cultural
consortium
ofarts and heritage organisations
led
by Out There Arts to facilitate coliaborations
between
local communities
and professional
artists to create interventions
exploring
and celebrating
the unique character and heritage ofGY's High Street. A Three year
2120k project 2021-24 .(note under income recognition
rules we have
recognised
the initial E30,000 in the 20/21 statements)
ACE Capital 2015/16: A Treasury
Grant,
administered
by the
Arts
Council,
as part
of the
Government's
Long-term
Economic Plan for the East. f125,000 of the
funding
provided
was to enable repayment
offinance debts of the Trust
and therefore
help towards
putting
it on a sound
longer
term financial
position.
ACE
Small
Capital
2018/19		 Capital
Funding
from Arts Council
England
to support
minor works and
equipment
in the
Drill House and conversion
of three adjacent storage
sheds
into additional
facilities.
This includes
a 210,000 match-funding
contribution
from
Norfolk
County
Council,
a 235,000 match-funding
contribution
from The Virgin Money Foundation
and a 26,000 grant from
the Geoffrey Watling
Charity.
Look Sideways East: A Cultural
Tourism project funded
by Arts Council England
and managed
by the Cultural
Board ofthe New Anglia Local Enterprise
Partnership
for
Norfolk and Suffolk. Completed
2019/20.
ACE Coasters: An Arts Council Strategic Touring
Funded
consortium
project developing
touring
work
and
audiences
in
Coastal
locations
around
England.
Completed
2019/20.
Great Places: A cultural
'place-making'
project in Great Yarmouth
and Lowestoft funded
by the
Great
Places
funding
scheme
of Arts
Council
England
and
Hedtage
Lottery Fund. Completed
2019/20.
HLF Circus 250 This is a project funded
primarily
by the Heritage
Lottery Fund exploring,
sharing
and celebrating
the history ofCircus in the 250'"anniversary
year
ofthe art form. Completed
2019/20.
Architectural
Heritage
Fund —Ice House
Feasibility		 An options
appraisal
of potential
schemes
to develop
the historic
Ice
House
on
the
South
Quay
of the
river
Yare
in
Great
Yarmouth.
Completed
2019/20.

2020:
Fund Fund
balance Transfers balance
at 1 April to/(from) at 31 March
2019 Income Expenditure general fund 2020
6 8 F
Projects
Capital Reserve 10,000 (56) 9,944
Look Sideways East 608 35,273 (35,880)
With Out Walls 3,570 32,295 (34,616) 1,249
Children
in Need		 16,785 31,200 (41,422) 6,563
ACE Coasters 9,095 (9,095)
Circus School Equipment 1,761 1,164 (730) 2,195
Great Places 2,990 19,829 (22,819)
Esmee Fairbairn (987) 40,000 (39,013)
HLF Circus 250 22,893 (22,893)
Roundabout
Europe		 (539) 6,680 (6,736) (595)
Architectural
Heritage		 7,500 (7,500)
Fund —Ice House
Feasibility
Architectural
Heritage		 55,000 (3,819) 51,182
Fund —Ice House
Development
66,176 228,941 (224,579) 70,538
Capital
ACE Capital —2015/16 257,277 (43,827) 213,450
ACE
Small
Capital
2018/19, including Norfolk
County
Council		 capital
grant
and
Virgin		 Money
Foundation
grant		 177,333 (10,142) 163,591
497,186 228,941 278,548 447,579

Total
Unrestricted Restricted Funds
Fund Fund 2020
6
Income from:
Grants and donations 512,380 180,635 693,015
Investments 341 341
Charitable
activates		 73,443 48,306 121,749
Total income 586,164 228,941 815,105
Expenditure
on:
Raising funds 17,280 4,258 21,538
Charitable
objectives		 578,137 220,265 798,402
Governance
costs		 2,417 2,417
Impairment
loss/charge		 for depreciation 2,379 54,025 56,404
Total expenditure 600,213 278,548 878,761
Net income
/ (expenditure)		 (14,049) (49,607) (63,656)
Transfers
between		 funds
Net movement
in funds		 (14,049) (49,607) (63,656)
Reconciliation
offunds:
Total funds
brought		 forward 313,781 497,186 810,967
Total funds carried forward 299,732 447,579 747,311