Rtgistered number: 3370914 Charity numb•r: 1063853 THÉ SEACHANGE TRUST (A CHARITABLE COIAPANY UMITED BY GUARANTEE} TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 11111 111 ABIXT21C 1Y1212022 COMPANIES HOUSE
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THE SEACHANGE TRUST COMPANY INFORMATION TRUSTEES M S Cofin-slokes IChw} N Darwin H Notcutt J W Newman R Paekham H Robinson M Smilh C Todd B WlIams0n COMPANY NUMBER 3370914 CHARifv NUIABER 10638S3 REGISTERED OFFICE The Drill House York Road Great Yarmouth Norfolk NR30 2LZ BANKERS Barclays Bank PIC 4042 Market Aace Greal Yarmouth Norfdk NR30 1LX SOLICITORS Nf%1 Peskett 141 lting Street Great Yamiouth NorfcAk NR30 2PQ AUDITORS Sexty & Co 124 Th0e Road NR1 1RS
The SEACHANGE TRUST CONTE15 P•ge Trustees. report Auditors. report Statement of finarla1 &tivilies Balance sheet 10 Statement of cashllows Notes to the finanual statements 12-28
THE SEACHANGE TrUST TRUSTEES. REPORT FOR ThE YEAR ENDED 31 MARCH 2022 The Trust owns 1W% ofthe issued share cakylal of Great Yamioulh SeaCharKJe TradiThJ Limlted wthich did not trade during the period. Our fundraislng The majority of our fvnds comes from publK and wivale grants arKI commiswoned actswties. We seek to support our programme of actrvitw IhroLwJh various reL8ted income-generating a1vIties. The charity is focus5ed on its charitable works and balances its need lo delNer activity of public benefit with the need to raise frJnds lo pay for it. We are mindful of our duty lo protect the public. including vulnerable people. during any put4ic4acry fundraising acbvity. Rlsk manag•m¢nt The Iruslees acknowledge the Charity Commissne5 requirnent for them to undertake a review of the major risks to which the Trust is exposed. The Trustees continued to rewew the major risks lo which the Trust is exposed. 8nd lo establish systems ar act$ to mitigate those risks identified in the fisk register where not akeady COved by the Trust's exislirwJ systems and risk manageffEnt strategies. The principal risks thal the Trustees have identified as l¥gh risk are as follM'. Loss or reduction of core funding- mitigation via continued focus within the business plan and Fundraising Strategy. Resour devebpment priority for the whde team during 2021122. The tharity's dependency on a number of key indNidua15- mits'gion wa sUSsion planning. ensuring key infomiation is recorded digitally. carryiTrJ out regular team meeting5 and the performance managemenvapwaisal scheme Coronavirus pandemic- safety measures are in place lo protect staff and others as required during the immediate crisis. The longer term 50cio&on¢Jmi¢ impact of the erisis in the UK may have an impact on public funding and mitt9atKJn work is underway in lems of advanced business planning and I($Sed SoUrCe theb)pmenl a¢lMty lo prepare fora [entiallY more compelib.ve future funding environment. 08JecTIVES AND ACTIVITIES The objectives lor wthich the TnJ5t is established are: To advance the edLKation of ts publ in the Arts. b. To e¢Juc8te and train young and adults in and lile sknlls likety to enable them subsequently to firKI satisfactory employment or to start up in business a1 become selfmployed and by such means also to relieve poverty. c. A proviyon in the interest of sctial wellare and faeililies for re¢ation and other leisu time occupations for inhabitsnts of Great Yarmouth and surrounding aas. the facilities lil of which lts)se pefsons have need by ason of their youth. age. infirmty or disablement. poverty or social and economic urcumstsnces and lil) N¥hi¢h will improve the conditions of life for such persons by promoting thr physical. mentsl and spiritual vdl-b8ing. The truslees beliwe they have complied ith their duty to have due reg¥d to the guidance on public benefit wblishe(I by the Commiwon in exerusing their ptrhtrs or duties. ACHIEVEMENTS AND PERFORMANCE Following the extreme challervJes of Cov#J 19 in 2020121. in th8 face of a conlinued high changeable and dthcult picture in 2021122. the Charity is rvertheless delighted to report that this year has been or of record-breakiThJ activity and 981 success. The Trust has this yeardelivered ils bi9gest ever programme of aclivty across the year. engaging over 110.CKJO peop as live audiences and P8rbcip8nts, provKling a weath of benefit and opportunty to local people. and playing a leading role for the sector nationally as rt tUrnS and recovers from the pandemic. The trust was able lo honour programmir¥J commitments made lo artists for the reviws cancelled year and support a range of new projects and creattons arin9 through resKlen¢ies arKI other acbwty over previous year. Pagel I
THE SEACHANGE TRUST TRUSTEES, REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2022 The 2021 Out Thwe Festival was one of the few major LyJtdoor arts festivals in the UK deltvered lo full scale in September. This highty successful e(lon with over 40 natsonal and intemational artistic companies engaged its largest ever audience of 65.000 people arKI aided the economic recovery ofthe area by £3.5m. This edition feotured first partnership actsvty with 'Freshty Greated'_ the new Arts Council funded 'Crealive People and Places. Great Yarmouth communty-kd ts)nsortium initiative lo increase engagement the Arts. resultin9 in o first neighbourhoo&focussed'CobPh)Im Island Beach Party, preceding the main festival and an extensive drverse artist programme of work in the town entre, engaging 16.000 peop in combination. This year also saw the start of significant new partnership work with Visit Great Yannouth. an enhanced programme M the seafront and a first large-scale show on the beach itsew. This year the Trust produeed the fr81 edition of a m4.or ne4V evenl 'Fire on the Waterf in Great Yamoulh's Venetian Waterways, gardens. Initially intended as cowd-safe fire and INJht instsllation trail for 2020. changes in circumstsnces wth the paNJemi¢ resulted in this inaugural run of 15 nights across the 3 weeks in OctoberlNovember 2021. The event featured a range of art and interventions commissioned by the charity from I1. nalional. and inlemational artists and communits"es. FI on the Water received a tremendous resp)nse from bolh the pU1C and the media. resulting in a complete sell- out of all 35.000 tKkets after the first day of the run. The commtssions and the event were 5UPPOrted principally by a combination of covid recovery furKJing via G81 Yamiouth Bcwough Council. Visit Great Yannouth and the Trust's own funds. The event has been highly successful in temis of generating off- season tourism and economic beMfit. errfjaging local otherwise leastngaged audiences. local participatn. and wortd-dass innovative Art. There is a shared desire by the Twst, stakeholders. and partners lo repeal and develop the event and assooaled aclivity in future years, though the a challenges in respect of securing the both the extemal and internal resources required lo do this. Muth depends on the levels of inveslment from key fvnders in futu years. Across the year the Trust continued to engage young peotAe and mMunIt5 in particpalory actwilies, responding lo opwtunity and rd a5 covid-reL9ted striCtionS varbed. Actswty has taken place in the Drill House. in public space army across schNJl 8rnJ c(M))munity settrngs engaging 3.708 individuals. This includes regular classes and OLrtreach as part of the [lIaZ community ¢ir¢us school. drop-in 'family Saturdays. workshops. 'Herrtage Aclhin Zone. projects fc¢usse(l around the historic town centre and special project and show opportunities in connection V•ith festival shows and events. Creation ResJ8n¢y xtivity in the Orill House has seen a maior upsurge of demand from local. national. and intgmational artists this year as the sector has tegun to retum post-pandemic. The complets'on of additional indoor 8nd outdcrfy spaces in the Drill House CoMpX has allowed an increased number of artists and companies to work ak)nggde each other simuttaneousty. The Trust has been thing Voith partners to advance anS for Ihe re-development of the historic Ice House buildino on Gat Yarmouth's quayside lo become a prominent space for training. ¢atIOn and events in the fiJIu. Funds for ¢Jevelopmenl have been $ured 4Mth key partners including Great Yarmouth Borough Council and 'TcN4ns Deal, funding and the Ar¢hrtedural Herrtage Fund. Planning pemission has been secured arKI detsiled plans drawn up 1th the ambiti'¢ now lo see this scheme lised wthin nexl few yoars. FUTURE PLANS AND GOING CONCERN A number of factors have resulted in a signfficanlly increased prL>Jramme of acbvity taking place 2021122 and the Tnjsl is entjeavouring to maintain this momentum into 2022r23. This raised ambition is born8 of a combination of being aL4e to return lo full scale 'normal' aclrvity wrth the end of the pandemic restri19$ and a desire lo continue and develop ne4V aclivity thal was successfvlly explored during and as a result of the pandemic. This in totalty involves signtfic8nUy increased activty events. parti0pati, and (knlowenl woth in compariw *rylh pre•covid years. Page12
THE SEACHANGE TRUST TRUSTEES. REPORT {CONTINUED FOR THE YEAR ENDED 31 MARCH 2022 Al the $e time the charity 15 operaling in a tougher fundraising dimate. with redu¢8d granl-SUPF4)rt for certain activity and in the face of m8Jor infistary cost increases. Nevertheless. in 2022123 the Trust plans lo ddiver its most ambitious programme of aCti"ty lo dale and to work wrth key partners to grow longer temi support. Key activity plan0 for 2022r23 irAudes: 15th edition of the Chjt There International Festival of StreetArts and Circus- SepteMr 2023. with a Strong emphasis on building neighL%)urhoc activity. intemational work, lanJe-scale and participab"on. Edition of Fire the Water- (ober 2023- using a Site arKI cTrative approaches lo increase capacity, sustsinability. artislic impacL and community partKipation. An exparKled year•rcMJnd programme of outdoor arts events irKluding mid-week seafront interventions acros5 the summer in partnership with Visit Great Yannouth. IrKreased partwship VKJrk with Freshty Greated to grow community4e¢J events and participatory aclivty across nghbourhoOdS and demographics of engagement. A ye8f-round (graMMe of events and parbopatory activity in and around Ihe Drill House including ongoing famity S8Iufdays. Drillaz Qrcus s¢ho)l. Heritage Action Zone projects. schoolslcollegeluniversity and communty events. IC31 communitylarhst woduced events, ticketed programming. Advancement ol the plans for wtal worts and tsjmmunity engagement with the Ice House development supported by multiple funder5 and stskehdders. Adv8nced planning for 2023r24 as whal is hoped lo be a celebratory landmark year for Out There Arts mathng 2S years ofwork 8nd growth and 15 years of the Out There Festival. FINANCIAL RElllEW Totsl incoming resources have increased by 71% Irom Ihe prior year. an inerease of £519,045. Much of the increase1£519.045) is due to the incre88e tn grants and contracts oblained wthin the year to hdp fuTrJ the fubxe anS of the Trust. sh as the Chjl Thew Festival aTrJ Fire on thg Water Festival. Additional detail on incomng resources is set out in Thjtes 6 10 8 of the ffinanual statements. Expenditu on charilae oty'eclives has ie8$ed by 18¥h fri>m the prMJr year. an inaSe of £839.369. Much of this increase is due lo the facl Ihal we were able to operate near full capacity again during the year after covid 19 vthich in tum saw our costs Irease. Nel oirtgoing resources for the perKJ on unrestrLted funds amounted to £66.851 {2021'. nel #)coming resources £248.7841, again reflecling the increased spend reSUltir from post Covid-19 activities as discussed above. On $trIcted funds net outgoing resour amounted to £s3,712021'. rt outgThng re50ufces £68,334) whKh prifflarity reflects the spend of funds. the income having been recognised in Ihe finanaal period (Architectural Heritage Fund. and the Arts Council fvThJs being the main sources). InVlment powers and pollcy Under the Memor8ndum and of Association. the thwilable Mparry has the power lo invest in any way the trustee5 Wish. Phge13
THE SEACHANGE TRUST TRUSTEES. REPORT (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 R•serves The trustees. having COndered Ihe potential risks facing the Trust and assessed futtj plans arKI development opportunities. ¥uld to retain minimum reseNes Suffici to enswe an orderfy wilhdrawal from 41$ operating role stsjjld Ihis prove necessary. In a(Jdilion the trustees are mindful of the range of possible and Probable needs to mainlain reserves over and above this minimum level. irKluding within this consideratlon of the increased likelihood of significant fvIU ¢apilal devdopments, risk liabilities in regard lo increased event programming, cash ow and financial management needs in the context of a growing prqect Programme and necessary Strateg development work arising ¢*ring a criiical and fast41eveloiing period of change aTrJ growtt) for the organisalK)n. Degnated reserves have been eami8ed lor Spe 8reas of acbvity. AUDITORS The auditors Sexty & Co Registered Auditors are willing to continue in arKI a resolution to reappoint them will be prowsed al the Annual General Meeting. By order of Ihe board M S Colin-stokes Chalr i/IL/L Page14
THE SEACHANGE TRUST REPORT OF THE AUDITORS TO THE MEMBERS OF THE SEACHANGE TRUST We have audited the financial statements of The Seachange Trust the year ended 31 March 2022 ith comprise the Statement of Finanoal A¢bbe$. the Balance Sheet, Cashflow ststement and rte5 to the financial slalements. including swnfficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United lfjngdom Accounting Standards. including Financial ReFQrting Standard 102 The Finanual ReportiTrJ Standard applicaNe in the UK and Republic of Ireland. In our opinion the financi81 sLqtements: give a true and fair viw oflh8 Stateof the charrtable company's affairs as of 31 March 2022, and of its incoming resources and avOn of resources. induding it5 irKome arKI expendilure. for the year then ended. have been properly prepared in accoarKe with United Kingdtyn Generalty Accepted Accounting Practice: and hav8 been propared in accordance wilh the requirements of the Companies Act 2006. We conducted our audit in accordance with Intemational Stsndards on Auditing and applicable law. Our respongbilities under those stsnd8rds are furlher described in the Auditorfs responsibilities for the audit of the financi81 statemen15 section of our report. We are irKlependgnt of the charilatAe company in accordarKe the ethical requirements th31 a relevant lo our audit of the financial statements in the UK. including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilrties in accordance with Ihese requirements. We believe that the audrt evKlence we have obtained ts sufficient and appropriate to provide a baS for our opinion. In 8uditing the fin8nci81 statements, we have cThKluded that the Iruslees. use of the g¢ing concern basis of accountsng in the preparatK)n of the finawal statements is appropriate. Based on the worf( have r*rfomed. have not identified any material uncertainties relating to even15 or c¢)nditions that. indiwdualty or colleclivety. may cast signfficant dcmjbt on the charitable company's ability to continue as a going ccfrnn for a Feriod of at least Iwelve months from when the rlancIal slatemenls are authofised for issue. Chjt responsibilities and the responsiillilies of the trustees wth res1 to gn9 concern are described in the relevant sections of this report. The other information compr the irrformatton included in the trustees. annual report, other than the rinancial statements and our audrtorfs report Ihereon. The trustees are responsible for the other information ¢onlained within the annual report. Our OnIOn on the financial 5tstements does not cover the other information and. ex¢eO to the extent otheTrMse explicitly stated in our port, we do not express any fonm of assurance c(N)clusK)n thereon. Our respsibility is to read the olher infomalion and, in doing so. Consider whether the other infom181ion is materially IonsIstenI wth the financial ststemenls or our knovledge obtained duriro Ihe audit or otherwse appears to be materially misstated. If we identify such material inrx•nsi5tencies or apparent material misstatements, we are required to determine %thether this gives rise to a material mi5Statement in the ffinancial statements Ihemselves. If. based on the WOTk we have performed. cOndLe that there is 8 material misslatement of this Olher infomialw. we are required to reM thal fat#. We have nothing to reFM)rt in this regarf. Pag¢15
ThE SEACHANGE TRUST REPORT OF THE AUDITORS TO THE MEMBERS OF THE SEACHANGE TRUST (CONTINUED) In our onion, based on the work undertaken durwwj the autht Ihe information gNen in the trustees. rew)rt for tr financial year for whith the fInGI¥1 statements are prepared is consistent 1th the financial stslemenls,. and the directors, report has been prepared in aance With applicable legal requirements. In the light of the knovAedge and understsnding of the charitable company and its environment obtsined during the audit. we have not identified matwial mL%slalements in the directors. report. We have nothing to rewrt in respect of the follo%%ing matter5 relation to which the Companies Act 2006 requires us lo repcKt to you rf, in cwr Opinm.. adequate accounting records have not been kept, or retums adequate for our alt have not been ceiVed from branches not visited by us: or the financial statements are not in agreement with the accounting records and rebjms,. certain di5cl¢)sures of directots. remuneration SF)eaf by law are not made,. or we have not received all the information and expLqnalions we require for our audit As explained more fvlty in the trustees. responsibilit staternent set out on page 5, the twslees ar& responsible for the preparation ol the finanoal statemenls and for beirrfJ satisfied that they give a true and fair view. and for such intemal contrd as the trustees deterniine is necessary to enable the preparation of financial statements thai are free from material misstatemenL wthether due to fraud or error. In preparing ts finanal statements. the trustees a reSp¢s1b1e for assessing the charitable ompany's abilty lo continue as a going COnrn. di5ck)5ing, as applicable. matters related to going concem and using Ihe going concem basis of accounting unless the Iru5tees etlher intend to liquidate the charitable Company or to cease operations. or have no realislic altemative but to do so. Our objectives are to obtain reascffiaL4e assurance abcxrt ether the finwKial statements as a Ythole are free from Materi misstatement. whelher due to fraud or erTOT. and to issue an audftor's report that in¢ludes our opinion. Reasonable assurarKt is a high knl of assurance t#Jt 15 not a guarantee that an audit conducted in accordance with ISAS IUKI will ahyays detect a fflaterial misstatement when il exists. Misststements can arise from fraud or eor and are congdered material rf. individually or in the aggregate. they could reasonably be expected to inlluence the economic deusions of users taken based on these financial stslements. Irregularities. including fraud. are instances of n-ComplIance wrfh laws and regulations. We design procedure5 in li with our responsitAlilies. oullined above, lo delect material misstatements in respect of irregularities. in¢ludirvJ fraud. The extent to our proceduw can delect irregularities, includin9 fraud is detailed below: We have made erNuiries viti management regarding their ExcedureS for comptying with laws and regulations along wth detecting and preventin9 fraud. We also review minutes of meetings and any bIed news arbdes to iden¢ify and inStsreS 01 non-compliance wlh any regulations. Evidence has been obtained where applicable. Written repreSentatn ha5 been obtained to confirm the h8ve been no breaches of laws and re9ulab"ons. Pge16
THE SEACHANGE TRUST REPORT OF THE AUDITORS TO THE MEMBERS OF THE SEACHANGE TRUST IcoMnNUED The audit procedures are desNJned so that wlh reasonable assLFrance, material misslatemenls can be detected. induding those relating to fraud. Specificalty. areas which invofve provisims or estimatn5 have been tested %there material. We consider our approath lo be reascfftabk this entity. A furfher description of our responsibilths for the audrt of the ffinaneAal statements i8 located Ihe Financial Reporting Couricil's websrte at wMv.frc.or .uklaudilorsres n5ibilitie5. This description fomis part of r Report of the Audrtots. Because of the nhenI limitations ol an autlit, there is a risk that V•E will not detect all IegUlarl11eS. induding those leading lo a rnaterial misststemenl in the finarwl statements or non-compliance with regulation. Thi5 risk increases the more that compliance wih a law or regulation is removed from the évents ar transactions reflected in the finanrial ststements. as we will be less likely to become aware of instan$ of non•compliance. The risk is also greater regarding irre9ularities occurring due to fraud rather than error. as fraud invdves intentional concealment, forgery. collusNJn, omission, or misrepresentstion. A$ part of an audit in accordance with ISAS {UK>. we exeruse professional judgment and maintain professional scepticism thrOughc the audit. We also: Identify and assess the risks of material misstatement of Ihe financial stslements. whether due to fraud or error. design arKI perform audit procedures responsive lo those risks. and obtsin audit emdence thal is sufficient and appropnale lo provide a basis for our opinn. The risk of not detectsng a material misslatemenl resulliry Irom fraud is higher than for one resvlling from error. as fraud may invofve cdlushin. forgery, intenbonal omissK)ns, MISp[e$ents¢Klns. or ts override of intemal conlrol. Obtain an understanding of intemal control relevant to the audit lo design audit procedures that are apwopriale in the urcumstsnces. but not for the purpose of expressing an opinion on the effectweness of the charitable company's inlemal control. Evaluate the appropriateness of accountiThJ Pole5 Used and the reasonableness of counting estimales and related disclosures made by the trustees. Conclude on the appropriateness of Ihe trustees. use of the going concem basis of counting and, based on the audit evide obtsined. whgther a material uncertainty exisls related lo events or condrtK)ns that may cast Signifnt doubl on Ihe ¢harilabk company'$ ability to continue as a going concem. If we condude that a material uncertainty exists. we are required lo draw attents.on in ouraudrtorfs report lo the related disclosures in the financial stslements or, rf such disdosures are inadequate. to modify our opinion. Our conclusions are base(J on the audrt evidence Ctained up to the dale of our audilorfs report. H¢)wever. fiJbJre events or conditions may caLJse the charitsble company to cease to continue as a ing concem. Evaluate the overall presentation, structure. and content of the finala1 statements. including the disdosLTrres. and whether the financial statements repsen1 the undertying transalon5 and events in a mannerthat achves fair presentsts.on I. 9ves a true and fair view)- We eommufticale ihose charged wTth govefflar regarding. among other matters. the planned scope and timing of the audit and sKJnrficant audit fiThJirwJs. induding any significant def}enCieS in intemal control thal we identsfy dIng alL Page17
THE SEACHAMGE TRUST REPORT OF THE AUDITORS TO THE MEMBERS OF THE SEACHANGE TRUST (CONTINUEO) Vse ol our Teport This rep1 is made sokty lo the cc¥npany's merr*ets. as a body. in accordance with Chapter 3 of Part 16 of the Companies Acl 2006. Our audit Nwjrk ha5 been undertaken so that we might state to the eomparty's members those matters we are required to stsle to them in an auditorfs rewrt and for no other purpose. To the fullest extent pemiitted by law. Y 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 Ihe opinions we have formed. l A Badow (Senior Stslutory Auditor) For and on behalf of Sexty & Co Chartered Certified Accountsnts & Stslulory Auditor 124 Thorpe Road NoNdich NR1 1RS P8ge18
THE SEACHANGE TRUST STATEMENT OF FINANCIAL ACThITIES ncluding Income •rrfl Expenditure A¢coLWrt) FOR THEYEAR ENDED 31 MARCH 2022 Tot41 Funds 2022 Total Funds 2021 Not•s Fund Fund Income from: Grants and donatTrons Investments Charitable tiVI¢S 920.739 37 130.831 193.387 1.114.126 37 130.844 696.4 13 29.282 Total incom• 1.051.607 193.4( 1.245.(K)7 725.962 Expenditure on: Raising lunds Charitable objectives Other- GovemarKe costs Other- Depre¢iabon 3.566 1.301.475 19.940 18.895 462.106 4.972 1.097.521 19.940 203.954 10 6.991 2.241 45.796 52.787 2241 61.806 Impainnent Total •xp•ndttur• 1.130.259 249.750 1.380.009 547.779 Not income l {expendlture) before tax for the ye (78.652) (56,350) 1135,002) 178,183 Impairment 15.144 15.144 2.267 N•t incorne l {•xpenditur•) after lax for Ihe y•ar (63.S)8} 156.3501 1119.8&8} 180.450 TSferS bets¥een lunds 1S {3.3431 Net income l {oxpendituro) and net movement in funds f¢r the year {66.851) {53.CM)7) {119.8581 180.4SO Reconciliation of funds: Total funds brought fonNard 548.516 379.245 927 761 747.311 Total ndS carriod forward 481,665 326.238 807.3 927.761 The statent of financial activities includes all gains and losses recognised in the year. All incoming fesources and resources expended relate lo contmuing ¥bwties. The rleS on pages 12 10 28 fonn part of these f¥nCIal statements. Page19
THE SEACHANGE TRUST (REGISTERED NUMBER: 3370914) BALANCE SHEET AS AT 31 MARCH 2022 2022 2021 FIX assets Tangible fixed assets Investments 10 11 419.946 409,211 Total Fix•d Assets Current assets Stock Debtors Cash al bank aTrJ in hand 419.948 409.213 12 13 1.259 1.326 4S%.607 16,583 69.304 469.816 Tolal Current Ass•ts Liabilities Creditors f811ir¥J due one year S)8.192 555.703 14 120.237 37.155 Nel curront a$sots 518,548 Total •$sets less rr•ftt liabiliti•s 807.903 927.761 Net assets 807,903 927.761 Char•ty funds Restricted income fvnds- Projects Reslricled income funds- Capitsl unStricted fvnds- general fund unrestn.cled funds- designated 15 15 15 15 34.423 291.815 100.000 381.665 49,628 329.617 100.000 448,516 Tt)tal Unrestricted Funds 481.665 548,516 Totsl charity funds 807.903 927,761 The financial statements have been prepared in accordance with the special FWWSKJns of Part 15 of the Companies Ad 2¢]06 relatiThJ to small rnmpanies. financial stslements were approved by the trustee$ on ........................ 2022. M S Colin-Si¢)kes Chalr B Wilhamson DirtOr The notes on pagès 12 to 28 forni part of these financial ststements. Page 110
THE SEACHANGE TRUST STATEME1 OF CASHFLOWS FOR ThE YEAR ENDED 31 MARCH 2022 2022 2021 Cash flow from op•r•ting ¥cllvltles Net income l {expernIitu) before tax for the rewtirvJ period las per the stslemenl of financAI actiwtes) Adjuslmenls for.. Bad debt provis Depreryation charges Dividends. interest and nts from investments (Increase) I defftase in stock (Incase) I decrease in debtots Increase l (decrea5el in credilcffs (119.858) 178.183 2.241 52,786 137) 15.324 16.737 83.082 61.806 {1841 114,8511 137.831 111,6051 N?t ¢ash provlded by l (US In) 0ralIn9 actlvltlos 75 351.180 Cash flow provkled by l {used in) investing activiti•s Payments lo acquire tangible fixed assets Oividends. intere51 and rents from inveslments {63.522) 37 174,8301 184 Net ¢ash flow from Inv•stlng adlvltles 74.646 Cash Ilow from finandng a¢lMlles Repayment of loans Nel cash provlded by I lused In) finarKlng ocllvllles Chang• in e•sh and Cash equlvalents in the rnporting (13.210) 276.534 Cash and cash equivalents at thè b•9lnnlng of lh• reporting poriod 469.816 193.282 Cash and cash equivalgnts at the efKI of th• rnporting period Cash and cash •quivalents consist ofr. Cash at bank an(J in hand Notice deposits {less than 3 mnlts) 469.816 Cash and $h equivalents at lh• end of ihe relrting period Pagel 11
THE SEACHANGE TRUST NOTES TO THE FINANCIAL STATEAIENTS FOR THE YEAR ENDED 31 MARCH 2022 SUMMARY OF SIGNIFICANT ACCOLINTING POUCIES BASIS OF PREPARATION The charity constitutes a pu1¢ benefit entity as defined by FRS 102. The financial slalements have been prepare(l in accordance wth Accounting arnj Reporting by Charitses." Slalemenl of Recommended Practice applicable to charities preparing their accounts in acxordance with the Financial Reporting Standard applicae in the UK and RepublK of Ireland {FRS 102) issued on 16 July 2014. the Financial Reporting Standard applubkn in the United Kingdom and Republic of Ireland IFRS 102}. the chariti.es Act 2011, the Companies Act 2CK16 and UK Generalty Accepted Practice as it apleS from 1 January 2015. The financial statements are ppared on a gn9 concern basis under Ihe htstorical cost convention. modified to inclLKle certain items al fair value. The financial 5ts1ements are presented in sleding Nthich is the fvnctional rrenCY of th8 Charity and rounded to the nearest £. The snIfICant a¢n11n9 poliaes apPld in the preparation of these financial statements are sel out bdow. These poloes have been CsiSten11Y apF4ie(I lo am yeaTr presented unles5 otherwise stated. FUNDS Unrestricted thjnds are available for use at the discrelron of the trustees in furtherance of ihe general objectives of the charity and wthich have r11 teen designated for other purposes. Designated fvnds comprise unrestricted funds that hove been set aside by the irustees for particul8r wrposes. The aim and use of each deswJnated fvnd is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accortlance specfft restridions imposed by donors or which have been raised by tr* charity for particular purFKsses. The cost of raising and administering sueh funds a charged against the speufic furKI. The arn and use of each reslricted fund is set out in the notes to the financjal stalements. INCOME RECOGNITION All in¢omtng resources are induded in the Slatement of Finala1 ktivities {SoFA) when the charity is legally entitled to the income after any performance conditions have been met. the amount can be measured lIab, aTrJ il is wobable that the income wll be recerved. For donations lo be recognised ihe charity will have been notified olthe amounts. Ifthere are condits.ons attached to the donation and this requires a level of perfomiance before entitlement can be obtained. then income is deferred unbl those conditions are fully mel or the fuifilment of those nditiOnS is within the trol of the charity. and it is probable that they 11 be IvlIe(l. Income from govemment and other grants are Tecognised atfair value when the charity has enlillement after any perfonmance ujnditions have been met, it is probable that the income wll be received. and the amount can be measured reliably. If enlitlemenl is not met. Ihen these amounts are defeed. Pagel 12
THE SEACHANGE TrUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR ThE YEAR ENOED 31 MARCH 2022 SUMMARY OF SIGNIFICANT ACCOUNTING POUCIES (conlinued) EXPENDITURE RECOGNMON All expenditure is accounted for on an accruals baS and has been da55rfEd under heading5 that aggre9ale all costs related to the category. Expenditure is recogni5ed wh)ere there is a le981 or conslnjclive otAigation to make payments to third parttes. il is probable thal the setuement will be required, aThJ the anUnt of the obligatifm can be measu reliabty lffecoverable VAT is charged a5 an expense against Ihe activity forwthich expenditure arose. ALLOCATION OF SUPPORT COSTS Support costs are Ihose funclKJns that assist the woth of charity but do not directty urvJertake charitable activities. Suppcrt costs include back-olfice costs. finance. pefsonnd. payroll and other costs which support the charrty's delivery of projects and events. Support costs are primarily allocated to projects based on the levels set out in the urKlertwng grant agreement. Resdual supp)rt costs are bome by unrestricted funds. FIXED ASSETS Tangible fixed 8ssels a state(181 cost l(Y deend cost) or valuatK)n less cUmUla1ed depreciation and accumulated impaim)enl losses. From 1 April 2018 the trustees ICmall5ed a pdicy that only individu81 fixed assets cosiing £1,0¢)O or more are c8pi181ised. The trustees cmsiderthal this enables the charity to present a materially accurate representation of the red assets used by the chanty 7hthilst pemiitting a Cost-effecti mechanism of recording and accounting for the assets rt uses. Oepreciation is provided on all tangible fixed assets. at rates eakulated lo vnite off the cost. less estsmated residual value. of each asset on a systematic basis over its expected useful lrfe as follows.. Fixtures. ffittings aThJ eqitMnenl Marquees and related equipment Fixtures, fillings and equipment- other Land and buildings- hard landsc8ping Land and buildings - lodet addilh)ns to Drill Hall Land and buildings- other Lease Premium 5% straight line 10%- 33'A% stravjht line 5% straight line 6.67% straight line 2% straTrght line ler Ihe tem) of the lease STOCK Stock is measured 8t the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purthase, costs of wiversion and other costs incwred in tfflngiThJ the stock to their present location corKlib'on. IMPAIRMENT Assets not measured at fair value are reviewed for any indication that the asset may be impaired al each balance sheet dale. If such indication exists. the recoverable amount of the asset. or the asset's cash generating unit. is eskn"maled and Compa lo the carrwng amwnt. Where the carying amount exceeds its recOverae amount. an impairment loss is recc*Jnised in profft or k)ss unless the asset is C8rried 81 a revalued amount where Ihe impaimienl loss is a revaluation decrease. Page113
THE SEACHANGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES {continu•d) INVESTMENTS Investmonts in subsidiaries are rneasud al cost less impaimient DEBTORS AND CREDITORS RECEIVABLE I PAYABLE THIN ONE YEAR Debtor5 and creditors viith no staled interest rate and receivable or payable within one year are reded at transaction prirE. Any losses arising from impainnent are reccJni5ed in expentlitwe. CASH AT BANKAND IN HAND Cash at bank and in hand includes cash and shryt term higNy liquid Kweslments wilh a short maturity of three months or less from the d8te of aquisition or opening of the de511 or similar accol1. FINANCIAL INSTRUMENTS The charity onty has financial assets and fina81 liab'lits of a kind that qualrfy as basic financial instruments. Bas finanual instruments are initialty recognised at transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequenwy measured at the carying Wdlue plus aowved income kss repayments. The financing charge lo expendiiure is at a constant rate measured usfftg the effecbve interest metw. FOREIGN CURRENCY Foreign currency trartn5 are inilialty recognised by applyin9 to the foreign currency amount the spot exchange rale ben the fvn¢lic*HI rJJrrerKy and the foreign ¢ufferKy at the dale of the transaction. Monetary assets and liabilities denominated in a foragn cwrery al the balarKe sheet dale are translated using the closing rate. KEY JUDGEMENTS AND ASSUMPTIONS The prep8fats.on of the financial statements requires judgemenis and assumptions lo be made that affect the reported carying value of assets, liabilities, revenue and eXpere5. SKJnrficanl judgements made in preparing the financial ststements indude the assessment of any performance conditions attached to items of income whith impacl Ihe degree lo 7Ntich income is recognised. TAX The charity is an exempl charity within the meaning of schedule 3 of the Charities Act 2011 and is onsidered lo pass the tests set out in Paragfdph 1 Schedule 6 Finance Ad2010 and therefore it meets the definition of a charitsble p)mpany lor UK wfporation tsx purw)ses. During 2021122 Ihe tharity received a rebate of £5.234 (2021.. £2,267) relating to Theatre Tax Rekn'ef. GOING CONCERN The financial slatements have been prepared on a going concem ba%s as thè trustees believe that no material uncertainties eSt. The trustees have cOnSered the kvel of funds held and the expected level of income and expenditure for 12 months from authorising these financial ststements. The Iwd9eted income and expenditure are suffioent wilh the kvel of reserves for the charity lo be ae to continue as a going coneem. Pagel 14
THE SEACHANGE TRUST NOTES TO ThE HNANCIAL STATEME1s (CONTINUED) FOR THE YEAR ENDED 31 IAARCH 2022 LEGAL STATUS OF THE CHARITY The Seathange Trust is a wtvate dIaritae c(Nnpany limited by guarantee in England. In the gvent ofthe charity beiry wound up, the liability in pe(# of the guaranlee is limited lo £1 per member of the tharity. The address of the Tegi51eTed office is gr¥en in the charity infornation Poge of these finarKial slalemenls. The nature of the charty's opeTatkMs and principal activities are expl*ned Ihe Trustee5' Ret. From December 2020 the charity began operaling un¢Jer the tradè name Out There Arts. NEf INCOME I EXPENDITURE FOR THE YEAR 2022 2021 Net irKome I lexpertditure} is stated after charging l {lye(lng>. Depreciation Audrtots. remuneration: audit seNce5 Audrtors, remuneration". other services Foreign exchange loss l {gainl 52,787 61,806 2,702 228 267 Pagel 15
THE SEACHANGE TrUST NOTES TO THE FINANCIAL STATEMENTS {COIrnNUED) FOR THE YEAR ENDED 31 MARCH 2022 INCOME FROM GRANTS AND DONATIONS rmjring the period Ihe trust received grants from the followirrfJ: Total 2022 Total 2021 funds fvnds Norfolk CW Cour11. Art Grant Award Covid Recovery Active Norfolk {Sw1 EnglaThJ) Big Norfolk HidaY Fun Interreg ExPeriere (FOW} (>eat YamY1h Borough Counal. Arts Development Service Contracl Winter Adaptations Granl Hents9e Action Zone Tender Conlr8Ct IFOW) Restart Grant Hospitality Grant Covid Business Recovery Grants Covi(J Local RestrictnS Grants Visit Great Yarmouth {GYTABIAI Other Income Tesco Community Fund lfj'ckstart Children In Need Arts Council National Pothlio Funding" Arts Council England East- Cullural Recovery Fund With Out Walls Esme Faithim Roundabout Europe Architectural Heritage Fund" Freshly Grated Council of Europe- European Heritage Day Big Lottery Geoffrey Watling Trust Historic England. Norfolk Community FourKlation grants HMRC- Coronawrus Job Retention Scheme" 6.184 6.184 6.184 7.000 9.999 58.500 58.500 5.000 10.000 36.000 36.000 210.000 12,000 210.0(KJ 12.(KJO 35.0ts) 17.391 35.000 18.467 35.000 18,467 1.000 13,129 12.249 13.129 7,780 397,176 397.176 397.176 100.C .000 180,OIXI 29,708 20,000 6.519 45.000 6,519 45.000 55.284 278 14.090 15,000 55.284 278 14.0 8.519 6,000 30,000 14,448 22,762 Total income Irom grants ar¥1 donall¢ybS 193,387 1.114,126 6%,496 Grants and donations marked . are govemment grant inrnme. Income 15 On rew¥sed where the income recognition criteria sel out in the ac¢ounlin9 policies are mfrL Page116
The SEACHANGE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR TrIE YEAR ENDED 31 IAARCH 2022 INCOME FROM INVESTMENTS All the charty's investment income arises from interest bearing bar* ac¢ounts. INCOME FROIA CHARITABLE ACTivmES The income arises frC project management and Income £10,91712021.' £8.2321. sales of tickets £31,27712021. £2.1841, room hi £7,949 (2021. £3.740}. tring sales £41.350 and other sales £39,351 12021. £15.1261. OIRECT CHARITABLE EXPENDtTURE 2021 Artistic programme Artist fees Other costs 298.937 534.967 58,791 59.108 Oihgr grant progrnmmg athlths Ice House professional fees 29.773 Income generating a¢tiYtties Salaries Other costs 4.035 16.973 221 4.030 Support ¢osts Salaries Other support costs Finance costs 335.583 110.455 525 259.166 50,680 337 1301 475 462 106 All¢)cat•d as follows: Unrestricted Funds Restricted Funds 1,097.521 203.954 325,999 136.107 1301 475 Pagel 17
THE SEACHANGE TRiIST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED> FOR THE YEAR ENDED 31 MARCH 2022 GOVERNANCE COSTS 2022 2021 Finawal arKI administration Leg81 and professional Audit fees.. currenl audit olher semces 11,968 3,092 1.604 438 2.702 228 19.940 4.972 Allocated as follows: Unrestricted Fund5 Restricted Funds 19.940 4.972 19.940 4.972 STAFF COSTS 2022 2021 The cost of emKloyiry stsff vrds: Wages and salaries Employer5. Social security costs Employer5, contsibulion to defined contributs.on pension scheme 314.226 24.075 5.946 238.187 16.446 5.081 344.247 259.714 The average numbfjr of employees durirvj the year vras 1312021: 11). No employees recervetl totsl employee benefits lexcludir#J empksyer pension costs) of than £60.000 The trustees neither received nor vrdived any rUnera(10n the current or previous year. The trustees dtd nol have any expenses reimburwj duriThJ Ihe current wevious year. The charity ¢onsiders that the key management persomel CUenY comprise the trustees, the Chief Executive and Arlislic Director. the Execulive Diwlor and the Communications and Develowents Manager. The total employee benefits of the three key m8nagemenl peTS(mnd posts were £150.681 (2021.. £145.9821. The charity operates a defined contribution pension plan lor ils emFYoyees. The amount reeconised as an expense in the year was £5.946 (2020.. £5.081). Pension costs are allated in accordan with the underlwng activities of the indtvidual. Where individuals are allated lo restrKted fuTh1 projects Ihen their pen5KJn cosls are included in the re5tricied fund 8clives. Pd8e118
THE SEACHANGE TRUST NOTES TO ThE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 10 FIXED ASSETS Capllal woJeGt - under ¢onstru¢tlon La& Bulldings FKxture$, fftting$ & •quipmènt Totsl Cost As of 31 March 2021 Addilions Transfers 1.334.394 354.971 63.522 16,065 1.778.947 63.522 116,065} As of 31 March 2022 73.517 1.334.394 434.558 1.842.469 D•preciation As of 31 March 2021 Charge the year 1,114.539 6.582 255.197 46.205 1.369.736 52,787 As of 31 March 2022 1,121,121 301.402 1.422.523 Net book value As of 31 March 2022 73.517 213.273 133.156 419.946 As of 31 March 2021 219.855 99.774 409.211 11 INVESTMENTS 2022 2021 Sthsidiary urKlertaking The Trust holds 100Q/• of Ihe issued share Captlal of Great Yamiouth Seatharbge Trading Limited, sthich is registered in Engla. The company did not trade during Ihe year. and its nel liabilities on 31 March 2022 were £110131 Marth 2021: £110). The Trust is the parent undefL*ing of a small group and as such 15 not required by the Companies Act 2006 to prepare group ¢)unts. Page119
THE SEACHANGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 12 STOCK 2022 2021 Goods for resale 1.259 16.583 13 DEBTORS 2022 Trade debtors Prepayments Accrued income Olhgr debtor5 29.037 6.045 14,214 1.030 18,788 7,080 41.353 2,083 50,326 69,304 Trade debtors inekKles b&J debt prowsK)n of £2.241 I£Nil in 2021) Accrued income cwesponds to £15,1451£2.267 in 2021) in lax theatre relief in 2021 grants lolallin9 £38.489 were induded in xcrued income wthere the charity considers il meets income COgnItion requirements as set out in the accounting policies. Financial instruments included in debtors are basic and are measured at amortised cost. 14 CREDITORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2021 Trle ¢dItorS Accru81s and deferred income Other creditors Taxation and soual security 25.505 83.719 5.075 6.865 24.089 999 5.202 120 237 Certain income of the charity is contract ire that is subject to perfomance-relaled or time-limited conditions. Where the income is received in advance of delivering the servsces required by those conditions the income is accounted for as a liability and shown on Ihe bak7nce sheet as deferred income. Deferred income is released to income in the reF*yling pertod in lch the performance-relaled conditions or other conditions limit re())gnition are mel. Page120
THE SEACHANGE TRUST ITES TO THE FINANCIAL STATEMENTS (coKllNUED) FOR THE YEAR ENDED 31 MARCH 2022 CREDITORS: AMOUNTS FAWNG DUE VrnIIN ONE YEAR q¢onllnu•d) Movements on delerred income are." 2022 20 Openirw3 balare Amounts released lo income &8med from charli8e &liwbes Amount deferred in year 14.953 114.9531 Year-end bal 40.500 Financial instruments irtluded in creditors are basic and measured at amThtysed c05t. 15 FUND RECONCIUATION 2022: Unrestrlcted funds fund projects fund capital Totsl 2022 Total 2021 FuTrJ balarKe as at 31 March 2021 Movements in year Transfer beeen funds 548.516 (63.18) {3.343) 49,628 <10.5541 14.6511 329.617 927.761 {45.7961 {119,8581 747.311 180,450 Fund balance as al 31 March 2022 481.665 34.423 291.815 807.9)3 972.761 UnrestrKted fijnds are anatysed as folkrws: 2022 2021 Unrestllcled- General Designated - Depre¢iabon - Drill Hall Designated- Depreciation . Olher generat fund assets Designated- Artisiic Programme Designated- Artisb'c Development and ProdUCn DeSIgnal3- Capital Programme 1CQ.CM)) 80,632 47,500 27,733 175.800 50,000 100,OCNJ 82,661 10.055 130.OCQ 175.800 so,000 Balance on 31 March 2022 481.665 548.516 Page | 21
THE SEACHANGE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 FUND RECONCIUATION YEAR (¢ontlnuod 2021: Unrestricted fund fund capital Total 2021 Total 2020 Fund balan as al 31 March 2020 Movements in year 299.732 248.784 377.041 (47.424) 747.311 180,450 810.967 {63.656) {20.910) Fund balance as al 31 March 2021 548.516 49.628 329.617 927,761 747.311 16 ANALYSIS OF NET ASSETS BETWEEN FUNDS 2022: R•stridod R•slri¢tod Unrnstrlctsd fund tund funds projects capital Tolal 2022 Total 2021 Tangible fued assets Investment Current assets less ethlors 128,151 291.815 419.966 409,211 353,512 34.423 387 935 518.548 481,665 34.423 291.815 807,903 927.761 2021: unrestric fund funds fund Capltal Total 2021 Totsl 2020 Tanble fixed assets Investment Current assets less creditors 92.716 9.278 307.217 409.211 396,187 455.798 40.350 518.548 351.122 548.516 49.628 329,617 927,761 747.311 Page122
THE SEACHANGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 17 MOVEMENT IN RESTRICTED FUNDS 2022: Fund b•lanc• at 1 April 2021 Fund balance at 31 March 2022 Transt•rs Inlloutl Income ExpendSture general fut Prole¢t$ Capital Reserve Arts Council EnglarKI East - Cultural Recovery Fund Circus School Equipment Roundaboul Europe Ar¢hite¢luraJ Heritage Fund The Nation81 Lottery Community Funfj Norfdk Communrty Foundation.. Norfolk Recovery FuThJ The Council of EuroFe- European Heritage Day Norfolk County Council - Active Norlolk ISF4)rt England) - Big Norfolk Holiday Fun Historic England- Heritage Action Zone 9277 9,277 80.(M)O 13 6.519 45.000 80,0(M) 820 937 48.726 2.195 I3() 3.727 1,388 {5.276) 11) 14,090 12.085 2,005 4.791 713 1769) 278 491 4.500 4.635 135 7,ly)O 30.000 36,000 21.040 49.628 193.400 203,954 14,651) 34.423 Capftal ACE Capital- 201&16 ACE Small Capitsl 2018119, induding Norfolk County Council capital grant. Virgin Money Foundation grant and Geoftrey Wauing Charity) Great Yamouth BC Winter Adaplalions 169.623 27.626 141.997 155,168 17.240 145,922 4.826 930 3.896 379,245 193.400 249,79) 3,343 326.238 Page123
ThE SEACHANGE TRUST NOTES TO THE FINANCIAL STATEMEpifs ICONTINUEDI FOR THE YEAR ENDED 31 IIARCH 2021 IKIVEMENT IN RESTRICTED FUNDS ICONTINUED) Detalls of restrfctod fvnds ¢apltal Règ•m: Funding to be used f(Y specffjc improvements to the Drlll House. Arts Council Engl•nd FuThJ to SUPFiWt ltslty sp3nfftant organisations through disruptions East Cullural caused by the COVID-19 pandemic. Transib'oning back to a viable and Recovery Fund sustsinable operatii¥J model by Ihe end of 31 March 2022. Clrcus Sclwl Equlpmont: Funding ring-feed to enalAe the Frtxchase of small consumable item5 used in Ihe delivery of circus worksws arKI activity in the Drill House. Roundabout Eurnpe An EU 'CrealNe Europe. funded partnership project with Outdoor Arts Producers and Cmtion Centres from The Nethedands. Czech Republic. UK and Denmark. Archltectural H•ritsg• Funding to begin development V*Drk on the scheme lo develop thè Fund histor I House on Ihe South Quay of the riveryare in Great Yarmouth. comprising of detsiled design plans. pLAnning permission and funthaising aclivity. Th• National Lott•ry Community Fund Three years, fundry to Sup people lo bec12me mre active and connected to their communities Ihrough access to facilitS and activities indudirKJ Family Saliwday events: maknng rkShopS.. skills and training opportunities. Norfolk Community Foundation: Norfolk Recovery Fund Funding lo contribute towards stsff and cleaning costs lo enable classes to continue lor the Youth Circus Programme post Covid 19. Great Yarniouth Borough Council- nter Adaptions Fund Funding lo provitje spacesto enhance COVID social distancing. including the improvement of outdoor spaces that are utilised for charitable lities. N¢>rfolk County Council - Active Norfolk (Sport England) Tadtling Inequalilies. fijnding to supyt circus skills workshops for disadvantaged chIldn and young people, encouraging physical health and wellbeing. Incudes DrilZ.. Hcrfne Ed.: SEND., Family Saturdays and classes for ycHJng refugees. Norfolk County Council - Big Norfolk Hollday Fun Funding for delivery of 'Cireus in the Park. free circus actmty including meals. provision during the 2021 Suffmei hol8YS for thsadvanlaged Chiltlren and young e. Pag¢124
THE SEACHANGE TRUST PKITES TO THE FINANCIAL STATEMElWts IcopmNUED FOR THE YEAR ENDED 31 MARCH 2021 MOVEMENT IN RESTRICTED FUNDS {CONTINUED) Hlstorlc England- Heritage A10 Zone Athree-year funded cultural regeneration programmeworking with artists and commUnitS to celebrate Great Yarmouth's unique character, heritage. aThJ national sign1kne as a centre fLv circus and entertainmenL ACE Capital 2015116: A Treaswy Grant. administered by the Arts Council. as part of the Govemff*nt's Long4emi EcorK>mK Plan for the Ea51. È125.000 of the fvndiNJ provided was to enable repayment of ffinale debts of the Trust and therefore help tovrards putb'ng il a sn(l longer temi financial posibon. ACE Small Cawtsl Cathl FuTrJirwJ from Arts COU11 EThJlarKI to suppNt mingr work$ and 2018119 equipment in the Drill House aTrJ conversTron of three adjacent storage sheds into addilKJnal facilrties. This indudes a £10,000 match-funding contribution from Norfolk County Council, a £35,000 match-funding onlribution from The Virgin meY Foundalion and a £6,OCK) grant from Ihe Geofftey Walling Charity. Page125
THE SEACHANGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2022 MOVEMENT IN RESTRICTED FUNDS (CONTINUED) Fund balanc• at 1 April 2020 Fund balance at 31 March 2021 Transf•r4 lollfrom) ExpendltUf• goneial fund In¢ome Projects Capital Reserye With Out Walls Children in Need Circus School Equipvnenl Esmee Fairbairn Roundabout Europe Architectural Heritage Fund- Ice House Developmenl Architectural Heritage Fund- Emergency Fund Norfolk Community Foundation.. New Endeavour Rangers Fund Norfolk Recovery Fund Ath"ve OLrt There The Counol of Europe- European Heritage Day Active Norfolk (Sports EngLgnd} Historic England- Heritage Action Zon8 {667) 130.9561 114.3441 9.277 1,249 29.707 7.781 2.195 2.195 20.000 (20.¢))O) (595) 51.182 13061 3.727 (47.455) 15,Ci)O {15.(M)O) 11,998) 10.000 1.950 {4.496} {1.950) 8.519 {9.288) {7691 8232 {8.232) 30.000 70.538 133.476 1154.386) 49.628 Capital ACE CoPital- 201N16 ACE Small Capital 2018119. induding Norfolk County Coun1 capital grant. Virgin Money Foundation gr8nt and Geoffrey Watling Charity) 213.4 (43.827) 769.623 163.591 (14.423) 155.168 Great Yami¢xth BC Winter Adaptslions 174 4.826 447.579 144.476 212,810 379,245 Page126
THE SEACHANGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 18 RELATED PARfi TRANSACTIONS The Trust has a 100Yo ¢Y4vned substtjiary company. Great Yarmoulh SeaChangeTroding Limited. which is irKorporated in En9land. This has not traded during 2021r22. MS Colin-stokes and R Packham are the eompany's directors. B Wlli8mson is an elected councillor5 for Great Yannouth Borough Council dumg the financial Fjeriod. and H Notcutt was an employee of the Counal for part of Ihe finala1 peri¢xl. During the year the Trust received management fees and other income from the Cwncil of £58,500 arKI £230.080 respectively 12021.. £58.500 and £67.391). Olher IrMe induded Fire The Water asset grant and asset sale of £100.000 and £110.OC(I respectivety. addtbonal grants of £4.OCK) for Omicron arKI additional grants of £12,OCQ {2021: £57.391}. Sales of £4,080 were generated in the period {2021'. Nil}. Al the yearnd £24,000 12021.. 12.0001 due from Great Yarmouth Borou Council lo the Trust. The Tnjsl purchased services of £1.583 {2021.. £480) from Great Yann¢xth Borough Counol. At the yearnd £180 {2021: £1801 was due to GYBC from th? TrusL B Williamson is the char of Great Yamiouth Pse48tn trust. ¢kn"rKJ the wiod the trust purchased £400 {2021'. Nil} MS Colin-Stoke5 is a director of Contemporary T MIted. Dwing Ihe year Ihe Trust sold services totalling £6.)I2021.. £250) to the company. At ts yearrKI there were no bakgnces due lolfrom the Trust12021: Nil). M Smith is the proprietor of Sara's Tea Rwms. During the year the Trust sold Th) seNiees12021.. £2081 to the business. At the yearnd there were no balances due lolfrom the Trust12021'. Nil). R Packham is a Tru51ee ol Voluntary Norfolk. Ehxing the year the Trust reNe(l nsUltancY inwme and pathership ContributnS from Voluntary Norfolk under the Freshty Greated consortium of £55,284 12021 £11.5001. At the yearend no amount (2021- Nil) was due from Voluntsry Nort&k to the Trust. The Trust also purchased services of £834 from Volunlary Norfolk and its trading ami CBR Business SOlutior {2021.. £425). Al the year-end no amount was due to Voluntary Norfdk from Ihe Trust (2021.. Nil). Page | 27
THE SEACHANGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 19 STATEMENT OF FINANCIAL ACTMTIES- 2021 COMPARATIVES Totsl Funds 2021 Llnr•strl¢t•d R•¥trid•d Fund Fund Income from: Grants and donations Investments Charitsble activates 0.252 136.244 696.496 21.OS) 8.232 29.282 Total income 581,486 144,476 725,962 Exp•nditure on: Raising funds Charitable otyectives Govemartce costs Impairment losslcharge for depreoati¢)n 1.213 325.993 4,972 2.785 17.682 136.107 18,895 462.106 4.972 61.806 59.021 Total •xp•nditur• 212,810 547,779 Net Income l (expendlre) b•forn lax for tho year 246.517 {68,3341 178,183 Taxat 2.267 2.267 Net income l (èxpenditure) aft•f tax for the year 248.784 168.334) 180.450 Nel movement in funds 248.784 168.334) 180.450 R•conciliation of fund5: Total funds brought forward 299.732 447.579 747.311 Total funds carried forward 548.516 379.245 927.761 Page128