## ## ## ## ## ## ## |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|