2023-03-31-accounts - The Seachange Trust

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M SColin-Stokes	M SColin-Stokes	(Chair)
N Darwin
H Notcutt
JW Newman
R Packham	(resigned 29April 2022)
H Robinson
M Smith
C Todd
BWilliamson
3370914
1063853
The Drill House
York Road
Great Yarmouth
Norfolk
NR30 2LZ
Barclays Bank Plc
40-42 Market	Place
Great Yarmouth
Norfolk
NR30 1LX
lsadore Goldman
Lawrence House
5St Andrews	Hill
Norwich
NR2 1AD
Sexty &Co
124Thorpe Road
Norwich
NR1 1RS

				Total	Total
		Unrestricted	Restricted	Funds	Funds
	Notes	Fund	Fund	2023	2022
Income from:
Grants and donations		857,993	271,412	1,129,405	1,114,126
Investments		140		140	37
Charitable activities		185,782		185,782	130,844
Total income		1,043,915	271,412	1,315,327	1,245,007
Expenditure on: Raising funds Charitable objectives Other - Governance costs		12,901 1,032,477 1?,026	171,807 2,061	12,901 1,204,284 19,087	3,566 1,301,475 19,940
Other - Depreciation
	10	24,083	30,877	54,960	52,787
Impairment					2,241
Total expenditure		1,086,487	204,745	1,291,232	1,380,009
Net income /(expenditure) before tax for the year		(42,572)	66,667	24,095	(135,002)
Taxation		89,682		89,682	15,144
Net income I(expenditure) after tax forthe year		47,110	66,667	113,777	(119,858)
Transfers between funds	16	18,778	(18,778)
Net income l(expenditure)
and net movement in funds
forthe year		65,888	47,889	113,777	(119,858)
Reconciliation offunds:
Total funds brought forward		481,665	326 238	807903	927761
Total funds carried forward		547,553	374 127	921 680	807903

Fixede~
Tangfbfe Axed assets fnvestments				6%;640
				2
Total Rxed Assets
Current assets
Stock Debtors Cash et bank end in hend			1,&2t8 220,681 288212		1WS %,626 45860y
Total Current Assets
UabNtfes
Creditors fefffng due within	one year
Total assets fess current	tfebiltftfes			1.963.161		fi67Ne
Creditors faNing dus after ene year				f141,461}
Ctfsrtty fends
Restricted income funds -Pmj'ects Restricted incorne funds -Capital Unrestricted funds —general fund Unrestricted funds —designated		16 'l.6 16 16		63,169' 319,988 100,000 4V882		68t,423 291,645 100,O00 361565
Tote) Unrestricted Funds
Total charity funds

					2023	2022
						R
Cash flow from operating activities
Net income /(expenditure) before tax for the			reporting	period
(as per the statement offinancial activities)					113,735	(119,858)
Adjustments for:
Bad debt provision						2,241
Depreciation charges					54,960	52,786
Dividends, interest and rents from investments					(140)	(37)
(Increase) / decrease in stock					(687)	15,324
(Increase) / decrease in debtors					(170,355)	16,73?
Increase / (decrease) in creditors					92,564	83,082
Net cash provided by I(used in) operating			activities		90077	50275
Cash flow provided by I(used in}investing			activities
Payments to acquire tangible fixed assets					(260,634)	(63,522)
Dividends, interest and rents from investments					140	37
Net cash flow from investing activities					260494	63485
Cash flow from financing activities
Repayment ofloans
Net cash provided by I(used in) financing		activities
Change in cash and cash equivalents	in the		reporting
period					(170,395)	(13,210)
Cash and cash equivalents at the beginning			ofthe
reporting period					456,606	469,816
Cash and cash equivalents at the end ofthe			reporting
period					286212	456 606
Cash and cash equivalents consist of:
Cash at bank and in hand					286,212	456,606
Notice deposits (less than 3months)
Cash and cash equivalents at the end ofthe			reporting
period					286212	456 606
Page ( 10

				2023	2022
Net income I(expenditure) is stated after charging			/ (crediting):	R	K
Depreciation				54,960	52,787
Auditors'	remuneration:	audit services		4,408	4,880
Auditors'	remuneration;	other services
Foreign	exchange loss	/ (gain)		920	1460

			Unrestricted	Restricted	Total	Total
			funds	funds	2023	2022
				K
Norfolk County Council*
Art Grant Award			6,184		6,184	6,184
Active Norfolk (Sport	England)					4,500
Big Norfolk Holiday Fun						7,000
Interreg Experience (FOW)			20,700		20,700	9,999
Interreg Experience (Eyeful Tower)				45,000	45,000
Great Yarmouth Borough Council'
Arts Development Service Contract			58,500		58,500	58,500
Purchase ofthe Ice House				50,000	50,000
GYBC (FOW)			24,000		24,000
Heritage Action Zone						36,000
Tender Contract (FOW)						210,000
Restart Grant						12,000
Hospitality Grant						4,000
Visit Great Yarmouth (GYTABIA)			167,142		167,142	35,000
Visit Great Yarmouth (GYTABIA) —FOW			20,000		20,000
Visit Great Yarrnouth (GYTABIA) - OTF			30,000		30,000
Other Income			20,340		20,340	18,467
Tesco Community Fund						1,000
Kickstart			6,766		6,766	13,129
Arts Council National Portfolio	Funding*		397,176		397,176	397,176
Arts Council England East —Cultural
Recovery Fund						180,000
Roundabout Europe						6,519
Architectural Heritage Fund"				74,242	74,242	45,000
Freshly Grated			76,185		76,185	55,284
Council ofEurope —European	Heritage	Day				278
Big Lottery				28,180	28,180	14,090
Historic England'				36,000	36,000
Norfolk Community Foundation	grants		2,000		2,000
Isadore Gold			20,000		20,000
MAP			4,000		4,000
National Heritage I ottery Fund				37.990	37,990
Norwich Freemens			5,000		5,000
Total income from grants and	donations		857993	271 412	1 129405	1 114126

			2023	2022
				R
Artistic programme
Artist fees			246,291	298,937
Other costs			462,847	534,967
Other grant programme		activities
Ice House professional fees
Income generating Salaries	activities		3,501	4,035
Other costs			34,163	16,973
Support costs Salaries			308,886	335,583
Other support	costs		148,596	110,455
Finance costs				525
			1 204 284	1 301475
Allocated as follows:
Unrestricted Funds			1,032,477	1,097,521
Restricted Funds			171,807	203,954
			1 204 284	1,301,475

				2023	2022
				R
Financial and administration				12,015	11,968
Legal and	professional			2,664	3,092
Audit fees: current auditor				4,408	4,880
	other services
				19,087	19940
Allocated	as follows:
Unrestricted	Funds			17,026	19,940
Restricted	Funds			2,061
				19087	19940
STAFFCOSTS
				2023	2022
					R
The cost of	employing	staff was:
Wages and	salaries			283,383	314,226
Employers'	Social security costs			22,916	24,075
Employers'	contribution	to defined contribution	pension scheme	6,088	5,946
				312387	344247

	Capital project —under construction f	Land & Buildings	Fixtures, fittings & equipment	Total
Cost
As of31 March 2022	73,517	1,334,394	434,558	1,842,469
Additions		229,857	30,797	260,654
Transfers
As of31 March 2023	73,517	1,564,251	465,355	2,103,123
Depreciation
As of31 March 2022		1,121,121	301,402	1,422,523
Charge for the year		12,630	42,330	54,960
As of31 March 2023		1,333,751	343,732	1,477,483
Net book value
As of31 March 2023	73,517	430,500	121,623	625,640
As of31 March 2022	73,517	213,273	133,156	419,946
INVESTMENTS
			2023 f	2022 f
Subsidiary undertaking			2	2

12	STOCK
		2023	2022
	Goods for resale	1 946	1 259
13	DEBTORS
		2023	2022
	Trade debtors	61,452	29,037
	Prepayrnents	4,270	6,045
	Accrued income	143,319	14,214
	Other debtors	11,640	1,030
		220681	50326

CREDITORS: AMOUN	TS FALLING DUE WITHIN ONE	YEAR
		2023	2022
			K
Trade creditors		21,187	25,505
Accruals and deferred	income	36,169	83,719
Other creditors		5,132	5,075
Taxation and social security		8,832	5,938
		71 320	'120 237

Movement	s on def	erred income are:
				2023	2022
Opening	balance
Amounts	released	to income earned from charitable	activities
Amount	deferred	in year		2,000	40,500
Year-end	balance			2000	40500

2023:
				Restricted	Restricted
			Unrestricted	fund	fund	Total	Total
			funds	projects f	capital	2023 f	2022
Fund balance as at
31 March 2022			481,665	34,423	291,815	807,903	927,761
Movements	in year		47,110	47,544	19,123	113,777	(119,858)
Transfer between funds			18,778	(18,778)
Fund balance as at
31 March 2023			547,553	63 189	310,938	921,680	807903
Unrestricted	funds are analysed as follows:
						2023	2022
Unrestricted	- General					100,000	100,000
Designated	- Depreciation	- Drill Hall				78,603	80,632
Designated	- Depreciation	-Other general fund assets				266,100	47,500
Designated	- Artistic Programme						27,733
Designated	-Artistic Development		and Production			52,850	175,800
Designated	- Capital Programme					50000	50,000
Balance on	31 March 2023					547553	481 665

2022:
				Restricted		Restricted
			Unrestricted		fund		fund	Total	Total
			funds f		projects f	capital f		2022f	2021f
Fund balance as at
31 March 2021			548,516		49,628		329,617	92T,?61	?47,311
Movements in year			(63,508)		(10,554)		(45,796)	(119,858)	180,450
Transfer between	funds		3343		4651		7994
Fund balance as at
31 March 2022			481,665		34423		291,815	807903	9?2,761
NALYSIS OF NET ASSETS BETWEEN				FUNDS
023:
				Restricted		Restricted
		Unrestricted			fund	fund		Total	Total
			fundsf	projects f		capital f		2023f	2022f
Tangible fixed assets			314,?02			310,938		625,640	419,966
Investment				2				2	2
Current assets less
creditors			232	849	63,189			296038	38T935
			547,553		63189	310938		921 680	807903
022:
				Restricted	Restricted
		Unrestricted		fund	fund		Total		Total
		fundsf		projects f	capital f		2022f		2021 f
Tangible fixed assets		128,151			291,815		419.966		409,211
Investment			2				2		2
Current assets less
creditors		353	512	34423			387935		518548
		481	665	34,423 291 815			807,903		92T761

2023:
			Fund				Fund
			balance			Transfers	balance
			at 1 April			in/(out)	at 31 March
			2022	Income	Expenditure	general fund	2023
projects
Capital Reserve			9,277			(9,277)
Circus School Equipment			1,388			(1,388)
Architectural Heritage				74,242	70,824		3,418
Fund —ice House	Project
The National Lottery
Community Fund			2,005	28,180	19,116		11,069
Norfolk Community
Foundation:
- Norfolk Recovery
Fund						(713)
Norfolk County Council
- Eyeful Tower				45,000	37,600	(7,400)
Interreg
Historic England—
Heritage Action Zone			21,040	36,000	46,328		10,712
National Heritage	Lottery			37,990			37,990
Fund
			34,423	221,412	173,868	(18,?78)	63,189
Capital
ACE Capital —2015/1		6	141,997		16,425		125,572
ACE Small Capital
2018/19, including	Norfolk
County Council	capital
grant, Virgin	Money
Foundation grant		and
Geoffrey Watling Charity)			145,922		12,472		133,450
Great Yarmouth	BC
Winter Adaptations			3,896		1,480		2,416
Great Yarmouth	BC			50,000	500		49,500
Purchase ofice House
			291,815	50,000	30,877		310,938
			326238	271,412	204 745	18778	374,127

MOVE	MOVE	MENT IN RESTRICTED FUNDS (CONTINUED)	MENT IN RESTRICTED FUNDS (CONTINUED)	MENT IN RESTRICTED FUNDS (CONTINUED)	MENT IN RESTRICTED FUNDS (CONTINUED)	MENT IN RESTRICTED FUNDS (CONTINUED)
Details		ofrestricted funds
Architectural				Heritage		Funding to begin development work on the scheme to develop the
Fund						historic IceHouse on the South Quay ofthe river Yare in Great Yarmouth,
						comprising ofdetailed design plans, planning permission and fundraising
						activity.
The National				Lottery		Three years' funding to support people to become more active and
Community				Fund		connected to their communities through access to facilities and activities
						including Family Saturday events; making workshops; circus skills and
						training opportunities.
Great Yarmouth						Funding to provide spaces toenhance COVID social distancing, including
Borough Council—						the improvement of outdoor spaces that are utilised for charitable
Winter	Adaptions					activities.
Fund
Historic		England—				Athree-year funded cultural regeneration programme working with artists
Heritage		Action			Zone	and communities to celebrate Great Yarmouth's unique character,
						heritage, and national significance as a centre for circus and
						entertainment.
National		Heritage				Funding from National Heritage Lottery Fund toward the development
Lottery	Fund					phase of the Ice House project —including a 6 month community
						consultation programme and activity plan development and work toward
						the submission of a F1.96 million bid for Ice House Capital Works and
						Engagement project delivery in 2024-25.
ACE Capital			2Q15/16:			A Treasury Grant, administered by the Arts Council, as part of the
						Government's Long-term Economic Plan for the East. f125,000ofthe
						funding provided was to enable repayment offinance debts ofthe Trust
						and therefore help towards putting it on a sound longer term financial
						position,
ACE	Small				Capital	Capital Funding from Arts Council England to support minor works and
2018/19						equipment in the Drill House and conversion of three adjacent storage
						sheds into additional facilities. This includes a f10,000 match-funding
						contribution from Norfolk County Council, a F35,000 match-funding
						contribution from The Virgin Money Foundation and a E6,000grant from
						the Geoffrey Watling Charity.
Great			Yarmouth			Funding toward the purchase of the Ice House building and Capital
Borough		Council				Works scheme via Towns Deal Funding

2022:
			Fund						Fund
			balance					Transfers	balance
			at 1 April					to/(from)	at 31 March
			2021	Income K		Expenditure f		generalfund	2022
Projects
Capital Reserve			9,277						9,277
Arts Council England		East
—Cultural Recovery		Fund		80,000		80,000
Circus School Equipment			2,195		13		820		1,388
Roundabout Europe			(306)	6,519			937	(5,276)
Architectural	Heritage		3,727	45,000		48,726		(1)
Fund
The National	Lottery
Community Fund				14,090		12,085			2,005
Norfolk Community
Foundation:
Norfolk Recovery	Fund
			5,504			4,791			713
The Council ofEurope—
European Heritage	Day		(769)		278			491
- Norfolk County
Council
- -Active Norfolk				4,500		4,635		135
(Sport England)
- - Big Norfolk
Holiday Fun				7,000		7,000
Historic England—
Heritage Action Zone			30,000	36,000		44,960			21,040
			49,628	193,400		203,954		(4,651)	34,423
Capital
ACE Capital —2015/16			169,623			27,626			141,997
ACE Small Capital
2018/19, including	Norfolk
County Council	capital
grant, Virgin	Money
Foundation grant		and
Geoffrey Watling Charity)			155,168			17,240		7,994	145,922
Great Yarmouth	BC
Winter Adaptations			4,826				930		3,896
			379,245	193,400		249	750	3343	326238

				Total
		Unrestricted	Restricted	Funds
		Fund	Fund	2022
				R
Income from:
Grants and donations		920,739	193,387	1,114,126
Investments		37	-	37
Charitable activates		130,831	13	130,844
Total income		1,051,607	193,400	1,245,007
Expenditure on:
Raising funds		3,566		3,566
Charitable objectives		1,097,521	203,954	1,301,475
Governance costs		19,940		19,940
Impairment loss/charge	for depreciation	9,232	45,796	55,028
Total expenditure		1,130,259	212,810	1,380,009
Net income I(expenditure)
before tax for the year		(78,652)	(56,350)	(135,002)
Taxation		15,144		15,144
Net income I(expenditure)
after tax for the year		(63,508)	(56,350)	(119,858)
Net movement in funds		(66,851)	(53,007)	(119,858)
Reconciliation offunds:
Total funds brought forward		548516	379245	927761
Total funds carried forward		481 665	326 238	807903