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
#174

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 W￿lIams0n
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 Th0￿e Road
NR1 1RS

The SEACHANGE TRUST
CONTE1￿5
P•ge
Trustees. report
Auditors. report
Statement of finar￿la1 &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 a￿1vIties. 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 Commiss￿ne￿5 requi￿rnent 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 COve￿d 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'g*ion wa sU￿Ssion 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 a￿1 become self*mployed
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 a￿as. 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 th￿r 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 r*vertheless delighted to report that this year
has been or* of record-breakiThJ activity and 9￿81 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 r*eviws cancelled year and support a range of new
projects and creattons ari￿n9 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(l￿on 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 I￿1. nalional. and inlemational artists and communits"es. FI￿ on the
Water received a tremendous resp)nse from bolh the pU￿1C 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 G￿81 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 least*ngaged audiences. local
participat￿n. 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 ￿mMunIt￿5 in particpalory actwilies,
responding lo opwtunity and r￿d 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 Res*J8n¢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 CoMp￿X 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 G￿at Yarmouth's quayside lo become a prominent space for training. ¢￿atIOn and
events in the fiJIu￿. Funds for ¢Jevelopmenl have been $￿ured 4Mth key partners including Great
Yarmouth Borough Council and 'TcN4ns Deal, funding and the Ar¢hrtedural Herrtage Fund. Planning
pemission has been secured arKI detsiled plans drawn up ￿1th the ambiti'¢￿ now lo see this scheme
lised wthin nexl few yoars.
FUTURE PLANS AND GOING CONCERN
A number of factors have resulted in a signfficanlly increased prL>Jramme of acbvity taking place
2021122 and the Tnjsl is entjeavouring to maintain this momentum into 2022r23. This raised ambition
is born8 of a combination of being aL4e to return lo full scale 'normal' aclrvity wrth the end of the
pandemic restri￿19￿$ 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 infist￿ary 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 plan￿0 for 2022r23 ir*Audes:
15th edition of the Chjt There International Festival of StreetArts and Circus- SepteM￿r 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 n￿ghbourhoOdS 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. IC￿31 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. s￿h 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 charila￿e oty'eclives has i￿e8$ed by 18¥h fri>m the prMJr year. an in￿aSe 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 I￿rease.
Nel oirtgoing resources for the perK*J 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'. r￿t 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).
InV￿lment 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 COn￿dered 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.
De￿gnated reserves have been eami8￿ed 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¢b￿be$. the Balance Sheet, Cashflow ststement and r￿te5
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 a￿v￿On of resources. induding it5 irKome arKI
expendilure. for the year then ended.
have been properly prepared in acco￿arKe 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 ba￿S 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
r￿lancIal slatemenls are authofised for issue.
Chjt responsibilities and the responsiillilies of the trustees wth res￿1 to g￿n9 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 O￿nIOn 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 resp￿sibility is to read the olher infomalion
and, in doing so. Consider whether the other infom181ion is materially I￿onsIstenI 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. ￿ cOndL￿e 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 o￿nion, based on the work undertaken durwwj the autht
Ihe information gNen in the trustees. rew)rt for tr* financial year for whith the fIn￿GI¥1
statements are prepared is consistent ￿1th the financial stslemenls,. and
the directors, report has been prepared in a￿ance 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 a￿lt 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 finan￿al statements. the trustees a￿ reSp¢￿s1b1e for assessing the charitable
ompany's abilty lo continue as a going COn￿rn. 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 e￿or 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 Exc￿edureS for comptying with
laws and regulations along wth detecting and preventin9 fraud. We also review minutes of
meetings and any ￿bI￿￿ed news arbdes to iden¢ify and inStsr￿eS 01 non-compliance wlh
any regulations.
Evidence has been obtained where applicable. Written repreSentat￿n ha5 been obtained
to confirm the￿ h8ve been no breaches of laws and re9ulab"ons.
P*ge16

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 estimat￿n5 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 ￿nhe￿nI limitations ol an autlit, there is a risk that V•E will not detect all I￿egUlarl11eS.
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 opin￿n.
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,
MIS￿p[e$ents¢Klns. or ts override of intemal conlrol.
Obtain an understanding of intemal control relevant to the audit lo design audit procedures
that are apwopriale in the urcumstsnces. but not for the purpose of expressing an opinion
on the effectweness of the charitable company's inlemal control.
Evaluate the appropriateness of accountiThJ Pol￿e5 Used and the reasonableness of
counting estimales and related disclosures made by the trustees.
Conclude on the appropriateness of Ihe trustees. use of the going concem basis of
counting and, based on the audit evide￿ obtsined. whgther a material uncertainty exisls
related lo events or condrtK)ns that may cast Signif￿nt doubl on Ihe ¢harilabk company'$
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 C￿tained 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 fina￿la1 statements.
including the disdosLTrres. and whether the financial statements rep￿sen1 the undertying
transa￿lon5 and events in a mannerthat ach*ves 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 d￿Ing a￿lL
Page17

THE SEACHAMGE TRUST
REPORT OF THE AUDITORS TO THE
MEMBERS OF THE SEACHANGE TRUST (CONTINUEO)
Vse ol our Teport
This rep￿1 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
T￿SferS 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 stat￿ent of financial activities includes all gains and losses recognised in the year.
All incoming fesources and resources expended relate lo contmuing ¥bwties.
The r￿leS 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
un￿Stricted 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
Dir￿tOr
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
(Inc￿ase) 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) 0￿ralIn9 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 rel￿rting
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 pu￿1¢ 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 applica￿e 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 ap￿leS from 1 January
2015.
The financial statements are p￿pared on a g￿n9 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 s￿nIfICant a¢￿￿n11n9 poliaes apPl￿d in the preparation of these financial statements are sel out
bdow. These poloes have been C￿siSten11Y 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 r￿11 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 Fina￿la1 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 Iv￿lIe(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 defe￿ed.
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 ba￿S 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 an￿Unt 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 deen*d cost) or valuatK)n less ￿cUmUla1ed depreciation
and accumulated impaim)enl losses.
From 1 April 2018 the trustees IC￿mall5ed 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 r￿ed 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 eqi*tMnenl
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 recOvera￿e 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 rneasu￿d 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
re￿￿ded at transaction prirE. Any losses arising from impainnent are recc*Jni5ed 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 de￿511 or similar accol￿1.
FINANCIAL INSTRUMENTS
The charity onty has financial assets and fina￿81 liab'lit*s 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 trar￿t￿n5 are inilialty recognised by applyin9 to the foreign currency amount the
spot exchange rale be￿n 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 eXper￿e5. 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 e￿St. The trustees have cOnS￿ered 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 a￿e to
continue as a going coneem.
Pagel 14

THE SEACHANGE TRUST
NOTES TO ThE HNANCIAL STATEME1￿s (CONTINUED)
FOR THE YEAR ENDED 31 IAARCH 2022
LEGAL STATUS OF THE CHARITY
The Seathange Trust is a wtvate dIarita￿e 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' Re￿t.
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(l￿ng>.
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 Cour￿11.
Art Grant Award
Covid Recovery
Active Norfolk {Sw1 EnglaThJ)
Big Norfolk H￿idaY Fun
Interreg ExPerier￿e (FOW}
(>eat Yam￿Y1h 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 Restrict￿nS 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}. tr￿ing 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 r￿Unera(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 CU￿en￿Y 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 all￿ated in accordan￿ with
the underlwng activities of the indtvidual. Where individuals are all￿ated lo restrKted fuTh1 projects
Ihen their pen5KJn cosls are included in the re5tricied fund 8cliv￿es.
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
Tr￿le ¢￿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 ir￿e 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 balar￿e
Amounts released lo income &8med from charli8￿e &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 be￿een 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 ProdUC￿n
DeSIgnal￿3- 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
Tan￿ble 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 ￿lts￿lty 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-fe￿ed 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 facilit￿S 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
li￿ties.
N¢>rfolk County
Council - Active
Norfolk (Sport
England)
Tadtling Inequalilies. fijnding to supyt circus skills workshops for
disadvantaged chIld￿n and young people, encouraging physical health
and wellbeing. Incudes Dril￿Z.. 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 hol￿8YS 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 A￿10￿ Zone
Athree-year funded cultural regeneration programmeworking with artists
and commUnit￿S to celebrate Great Yarmouth's unique character,
heritage. aThJ national sign1kn￿e 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 ffinal￿e debts of the Trust
and therefore help tovrards putb'ng il a s￿n(l longer temi financial
posibon.
ACE Small Cawtsl Cathl FuTrJirwJ from Arts COU￿11 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 m￿eY 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 Coun￿1 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 fina￿la1 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 Ir￿Me 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 year*nd
£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 year*nd
£180 {2021: £1801 was due to GYBC from th? TrusL
B Williamson is the char of Great Yamiouth P￿se￿48t￿*n 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 year*rKI 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 year*nd there were no balances due lolfrom the Trust12021'. Nil).
R Packham is a Tru51ee ol Voluntary Norfolk. Ehxing the year the Trust re￿Ne(l ￿nsUltancY inwme
and pathership Contribut￿nS 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 (expendl￿re)
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