Registered number: 3370914 Charity number: 1063853 THE SEACHANGE TRUST LE COMPANY LIMITED BY GUARANTEE) (A CHARITA TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 THE SEACHANGE TRUST COMPANY INFORMATION TRUSTEES M S Colin-stokes (Chair) (resigned 11 March 2024) N Darwin H Notcutt (resigned 11 March 2024) J W Newman H Robinson (Chair) M Smith (resigned 15 November 2024) C Todd B Williamson C Richards (appointed 11 March 2024) R Lee (appointed 19 April 2024) COMPANY NUMBER 3370914 CHARITY NUMBER 1063853 REGISTERED OFFICE The Drill House York Road Great Yarmouth Norfolk NR30 2LZ BANKERS Barclays Bank PIC 4042 Market Place Great Yarmouth Norfolk NR30 1LX SOLICITORS Isadore Goldman Lawrence House 5 St Andrews Hill Norwich NR2 1AD AUDITORS Sexty & Co 124 Thorpe Road Norwich NR1 1RS THE SEACHANGE TRUST CONTENTS Page Trustees, report Auditors, report 10-12 Statement of financial activities 13 Balance sheet Statement of cashflows 15 N tes to the financial statements 116- 31 THE SEACHANGE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trust owns 100 % of the Issued share capital of Great Yarmouth Seachange Trading Limited which did not trade during the period. Our fundraising The majority of our funds comes from public and private grants and commissioned activities. We seek to support our programme of activities through various related income-generating activities. The charity is focussed on its charit ble works and balances its need to deliver clctivity of public benefit with the need to raise funds to pa51 for it. We are mindful of our duty to prote:ct the public, including vulnerable people, during any public-facing fundraising activity. Risk management The trustees acknowledge the Charity Commissioner's requirement for thern to undertake a revieim of the major risks to which the Trust is exposed. The Trustees continued t reiliew the major ris sto which the Trust is exposed, and to establish systems and actions to mitigate those risks identified in the risk register where not already covered by the Trust's existing systems and risk management strategies. The principal risks that the Trustees have identified as high risk are as folloims. Loss or reduction of core funding - mitigation via continued focus Miithin the business plan and Fundraising Strategy. Resource development priority for the whole team during 2023/24 and beyond. The charity's dependency on a number of key individuals - mitigatli)n vi succession planning, ensuring key information is recorded digitally, carrying out regular team meetings and the performance management/appraisal scheme. The longer-term socio-ec nomic impact of the Coronavirus pandeniic and current wider global economic/ financial crises are impacting public funding - mitigation work is undeThway in terms of advanced business planning and focussed resource development activity to bolster resilience and prepare for a potentially more competitive future funding environment. OBJECTIVES AND ACTIVITIES The objectives for which the Trust is established are: To advance the education of the public in the Arts. To educate and train young people and adults in work and life skill:; likely to enable them subsequently to find satisfactory employment or to start up in business and become self-employed and by such means also to relieve poverty. A provision in the interest of social welfare and facilities for recreation and other leisure time occupations for inhabitants of Great Yarmouth and surrounding areas, the facilities (i) of which those persons have need by reason of their youth, age, infirmity or disablement, poverty, or social and economic circumstances and (li) which will improve the conditions of life for such persons by promoting their physical, mental: and spiritual well-being. The trustees believe they have complied witli their duty to have due regard to the guidance on public benefit published by the Commission in exercising their powers or duties. CHIEVEMENTS AND PERFORMANCE THE SEACHANGE TRUST TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 2023 ￿laS a celebratory landmark year for Out There Arts marking 25 years of work 2nd growth arid 15 years of the Out There Festival. In 2023 Out There Arts also entered its second round as an Arts Council England funded National Portfolio Organisation (ACE NPO). The £597,176 NPO award included a £200,000 uplift towards an expanded community and youth engagement programme, with a focus on diversity and inclusion, encouraging creative expressiori, cultural participation and collabor tions between artists and some of the mc)st disadvantaged, least engaged Gommunities in the UK. Community & Young People In 2023-24 120,000 community and 5000 children and young people were engaged through a year round programme of creative and cultural events, festivals and workshops. The NPO uplift has a target of engaging every school child in the Great Yarmouth Borough over 3 years. 32 % of this target was achieved 2023-24. Activity took place in the Drill House, in public space and across school ancl community Settinos. Activity included regular classes and events such as part of the Drillaz comiTrunity circus school, drop- In 'Family Saturdays, (intergenerational social events and workshops), now Your Neighbour, (volunteer project). Out There Festival Out There Festival took place in September L023 and was once again a highly successful event with a world class programme featuring over 34 national and international artistic companies and attended by 100 sector professionals and an estimated 65,000 audiences. Economi<= impact of the event vvas estimated to be £3.4million. This year we developed a strong relationship with Circuscentrum and the Flanders Institute to present a 'Spotlight on Flemish Circus Companies. We introduced 'Sounds Out There, _ a new programme strand foCu￿1ng on innovative and unusudl music performance in outdoor arts and circus. A series of talks, workshops, behind the scenes access and performances sought to inspire emerging musicians and highliciht hovtr, music can be iused in ways that reach besiond conventional imaginings. We pioneered 'Young Out There, _ a new programme strand/platform to showcase young local talent. We developed a highly successful partnership with East Norfolk Sixth Form College who hosted a weeklong residency hub with international artists and supported us to engage with other loc I sckiools. 8 schools and 1500 young people took part. Out There Festival Partnership activitsi continued with 'Freshly Greated, (Arts Council funded 'Creative Pe ple and Places, initiative), experimenting working with local young bands via Play Produce Promote. Other Events An expanded programme of outdoor arts events in 2023 included 'Big Tuesdays & Wednesdays, mid- week seafront interventions acrooq the summ rtn rship with l/isit Grf: t Yarm uth. Acts included large scale walkabouts by Dutch company, Close Act and displays by Titanium Fireworks, Attendance estimated to be 48,000 The Drill House also presented Beer & Circus Festival in 25th_ 28th May with a quality programme of professional bands and cabaret style theatre and circus acts. Attendance estimated 1000 Rochdale Ignite - November 2023 fire garden installation for Rochdale Council featuring the Eyeful Tower and other fire commissions eng ed 20,000 people. THE SEACHANGE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Residency Programme Cr ation Residency activity in the Drill House was busy, with 21 local, national, and International artists l artistic companies hosted this year and 12 new creations/ co-productions supported. The Ice House The Trust continued to work with partners to advance plans for the re-development of the historic Ice House building on Great Yarmouth's quayside to become a prominent multi-use venue and community hub, an international centre of excellence for circus training and creation in the future. Full funding for the c£3m development scheme has now been secured from key partners including Great Yarmouth Borough Council and 'Towns Deal Architectural Heritage Fund and Brineflow (local business and previous owners). A successful £1.96m application was made to National Heritage Lottery Fund, and construction works commenced in February 2024. Completion is scheduled for April 2025. STRUCTURE, GOVERNANCE AND MANAGEMENT The Seachange Trust is a Limited Company and registered charity (since 1996), the governing documents comprise a Memorandum and Articles of Association. New trustees are recruited through open calls and recommendation and appointment through rot<3tion, decided upon at the annual AGM and in line with the Memorandum and Articles of Association. The Seachange Trust is governed by a board of 8 trustees (x 8), with strong backgrounds in the arts, community development, local government communic tions, tourism, busiriess, fundraising, ecoriomi= and business development, architecture and education. The Board of Trustees pr vide managerrient support and financial oversight, regularly reviewing risks to delivery. The full Board meets four times a year with a separate Finance Sub-committee (FSC) also meeting uarterly head of the full board to monitor and review finances /managemiant ccounts and report baGk/ make recommendations to the full board. Action focussed trustee 'working groups, also meet regularly to support the staff team and also report ack to the full board. Children, Young People and Communities Business and Employers Artists and Creative Programmes Environmental Sustainability Joe fthackintosh has been the CEO/Artistic Director of the organisation for c)ver 25 years and has built the organisation into an internationally recognised Centre of Excellence, hcls secured funds and ding projects worth over £15m. The CEOIArtigtic Director is supported by a senior management team (SMT) comprising Executive Director, Executive Producer and coM￿lUn1cat1OnS and Audierice Development Manager. The SMT sets strategic plans, manages the wider staff team and reports to the Board of Trustees and external funding bodies. Financial mana ement is overseen by an external finance management consultant, plus an in-ho,use bookkeeper. Annual audits are carried out by an independent accounting company who produce the lear end statutory accounts. THE SEACHANGE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A core marketing, project management and operations staff team includes Creative Producer" Participation and Community Engagement Manger; Communications and Audience Development Co- ordinator" Operations and Events Supervisor; Operations Assistant. Circus School Manager. A number of other regular freelance staff support projects, operations and events on an as needs basis. Working alongside Joe is a highly experienced team of 8 FTE staff who are supported by a regular team of freelance contractors and bank staff as and when required on a project-by-project basis. The OTA staff team has all the skills required and prior experience of managing a capital project of thi;; scale. The organisation is led by the CEO/Artistic Director, supported by a senior management team (SMT) comprising Executive Director and Communications and Development Manager- collectively the senior management team has over 60 years combined experience working in the sector. The SMT sets strategic plans, manages the wider staff team and reports to the Board of Trustees and external bodies (including ACE). A marketing, project management and operations staff team includes Content Strategist. Participation and Development mana er" Assistant Producer" Facilities and Production Manager. 2 part time Events and Operations Assist nts, Financial management is overseen by a freelance finance consult nt, plus an in-house bookkeeper. Annual audits are carried out by an Independent accounting company who roduce the year end statutory accounts. New trustees follow an induction process led by the chair with support from the senior manageme:nt team to familiarise themselves with their responsibilittes as charity trustees, and the organisation ,3nd its programmes. As an Arts Council England (ACE) funded National Portfolio Organisation, there are numerous opportunities available for trustees to take part in fr e training events and trustees are required to follow the 'Good Governance, guidance provided. Trustees will also be directed to follow the Charit Governance Code. Payment for key management personnel is set in line with current industry standards. The Seachange Trust works in collaboration with a number of other organisations in the delivery ()f its work. It leads partnership projects and is a member of various consortia. Where appropriate, the Trust enters into agreements or M.O.U.s with partners. A comprehensive organisational risk register h s been put together to identify key areas of potenl.ial risk and mitigations to reduce the impact of those risks from a variety of perspective (reputational financial, legal, practical delivery, capital works, health and safety etc.). The risk register is reviewed dynamically on an ongoing basis by the senior management team and by trustees at quarterly board meetings. A trustee working group with overvieiv of capital projects (currently the Ice House Is our highest risk project) also meets regularly to review project progress and risks and report back to the quarterly board meetings. THE SEACHANGE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 FUTURE PLANS AND GOING CONCERN The charity continues to operate in a tougher fundraising climate post pandemic, with reduced grant- support for certain activity and in the face of major global economic factors and inflationary cost increases. Resource development continues to be a priority focus for the whole staff team. We will continue to work with key funders and partners to grow longer term support and identify opportunities In 2023 the Trust entered a second round as an Arts Council England Funded National Portfolio Organisation (ACE NPO). £597,176 per annum core funding was awarded for another 3 years (2023- 2026) including a significant uplift of £200,000 per year towards an expanded programme of community and schools, engagement. This level of core funding for 3 years affords the organisation a welcome degree of stability. Plans for 20 4125 Plans are undenvay to deliver a programme of the highest artistic quality with extended community reach. ey activity planned for 2024125 includes: 16th edition of the Out There International Festival of Street Arts and Circus - Date change to May 2024. A strong emphasis on building neighbourhood activity, high quality international work, further development of Young Out There programme strand, Drill House co-productions and community/schools/youth participation. Increased partnership work with Freshly Greated to grow community-led events and participator51 activity across neighbourhoods and demographics of low engagement. There will be a focus on Youth Music and opportunities for young bands to perform at the Drill House and Out There Festival. A year-round programme of events and participatory activity in and around the Drill House including ongoing Family Saturdays, Drillaz Circus school, schools/coll ge/university events, local diverse community/artist produced events, tick ted professional programming. Advancement of the capital works and engagement activities with the Ice House -supported by multiple funders and stakeholders. THE SEACHANGE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR NDED 1 MARCH 2024 FINANCIAL REVIEW Total incoming resources have increased by 44.1 % from the prior year, an increase of £580,081. Much of the increase coming from grants and contracts. Additional detail on incoming resources is set out in notes Expenditure on charitable objectives has increased this year by 6.2'/0 from the prior year, an increase of £80,447. This expenditure corresponds to the increase in grant funding. Net outgoing resources for the period on unrestricted funds amounted to £11,645 (2023: net outgoin res urces £65,888), reflecting a small profit for the year. On restricted funds net incoming resources amounted to £600,289 (2023: net outgoing resources £47,889) which primarily reflects the increase in funds, of which National Heritage Lottery Fund, Architectural Heritage Fund, Great Yarmouth Borough Council, Historic England, and Big Lottery being the main sources. Investment powers and policy Under the Memorandum and Articles of Association, the charitable company has the power to Invest in any way the trustees wish. of the financial statements. Reserves The trustees, having considered the potential risks facing the Trust nd assessed future plans anij development opportunities, would wish to retain minimum reserves sufficient to ensure an orderly withdrawal from its operating role should this prove necessary. In addition the trustees are mindful of the range of possible and pr bable needs to maintain reserves over and above this minimum level, including within this consideration of the Increased likelihood of significant future capital deiielopments, risk liabilities in regard to increased event programming, c'ash flow and financial management needs in the context of a growing project programme and necessary strategic development work arisin during a critical and fast-developin period of change and gro'wth for the organisation. reserves have been earmarked for specific areas of activity. Designate AUDITORS The auditors Sexty & Co Registered Auditors are willing to continue in office and a resolution to reappoint them will be proposed at the Annual General Meeting. By order of the board Chair Hannah Robinson THE SEACHANGE TRUST REPORT OF THE AUDITORS TO THE MEMBERS OF THE SEACHANGE TRUST We have audited the financial statements of The Seachange Trust for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, Cashflow statement and notes to th financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. In our opinion the financial statements: give a true and fair view ofthe state of the charitable company's affairs as of 31 March 2024, and of its incoming resourc s and application of resources, including its income and expenditure, for the year then end d. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accord nce with International Standards on Auditing and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and Ive have fulfilled our other ethical responsibilitli2S in accordance with these requirements. We believe that the udit evidence we have obt ined is sufficient and appropriate to provide a basis for our opinion. onclusions relating to goin ncem In auditing the financial statements, we have concluded that the trustees, use of the going concern l)asis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relatiiig to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to Gontinue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities in the relevant sections of this report. f the trustees with respect to going concern are described Other information The other information comprises the information included in the trustees, annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the nnual report. Our opinion on the financial statements does not l-over the other Information and, except to the extent otherwise explicitly stated in our report, we di) not express any form of assurance c nclusi n thereon. Our responsibility is to read the other information and, in doing s consider whether the other information is materially inconsistent with the fincincial statements or our knowledge obtain d during th udit or therwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are requiriJd to determine whether this gives rise to a m terial misst tement in the financial statements themselvf:s. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this reg rd. THE SEACHANGE TRUST REPORT OF THE AUDITORS TO THE EMBERS OF THE SEACHANGE TRUST (CONTINUED) matte￿ on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: the information given in the trustees, report is inconsistent in any material respect with the financial statements. or sufficient accounting records have not been kept. or the financial statements are not in agreement with the a counting records. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees The trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and f r such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or err In preparing the financial statements, the trustees are responsible for assessing the chari1.able company's ability to continue as a going concern, disclosirig, as applicable, matters related to cioing concern and using the going concern b sis of accounting unless the trustees either Intend to liquidate the ch rit bl company or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities forthe audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance ￿'1th the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a Ivhole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high leiiel of assurance but is not a guarantee thions, misrepresentations, or th overrid of int rnal control. Obtain an understanding of internal control relevant to the audit to design audit proce(Jures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charitable company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern ba<%?is of accounting and, based on the audit evidence obtained, whether a material uncertainty ÉJxists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the fincancial statements or, if such discl sures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may c use the charitable company to cease to continue as a going concern. Evaluate the overall presentation, structure, and content of the financial staterrients, including the disclosures, and whether the financial statements represent the underlyina transactions and events in a manner that achieves fair presentation (ie. gives a true anid fair view). Irve communicate with those charged Ivith govern nce regarding, among other matters, the planned sc pe and timing of the audit and si nificant audit findings, Including any significant d ficiencies in internal control that we identify during our audit. Use f our report This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charitieq (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that Kve might state to the charitable company's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions ￿'e have formed. l A Barlow (Senior Statutory Auditor) For and on behalf of Sexty & Co Chartered Certified Accountants & Statutory Auditor 124 Thorpe Road Norwich NR11RS THE SEACHANGE TRUST STATEMENT OF FINANCIAL ACTIVITIES (Including Income and Expenditure Account) FOR THE YEAR ENDED 31 MARCH 2024 Total Funds 2024 Total Funds 2023 Unrestricted Restricted Fund Fund Notes Inc me from: Grants and donations Investments Charitable activities 867,467 3,045 182,008 842,889 1,710,356 1,129,405 3,045 140 182,008 185,782 Total income 1,052,520 842 889 1,895,409 1,315,327 Expenditure on: Raising funds Charitable objectives other - Governance costs Other - Depreciation 20,046 1,057,094 20,471 20,046 12,901 1,245,868 1,204,284 20,471 19,087 188,774 10 30,710 54,584 85,294 54,960 Impairment Total expenditure 1,128,321 243,358 1,371,679 1,291,232 Net income l (expenditure) before tax for the year (75,801) 599,531 523,730 24,095 Taxation 88,204 88,204 89,682 Net income l (expenditure) after tax for the year 12,403 599,531 611,934 113,777 Transfers betiveen funds 16 (758) 758 Net income l (expenditure) nd net movement in funds for the year 11,645 600,289 611,934 113,777 Reconciliation of funds: Total funds brought fomard 547,553 374,127 921,680 807,903 Total funds carried fonvard 559,198 974,416 1,533,614 921,680 The statement of financial activities includes all gains and losses r cognised in the year. All incoming resources and r sources expended relate to continuing ctivities. The notes on pages 16 to 31 form part of these financial statements. THE SEACHANGE TRUST (REGISTERED NUMBER: 3370914) BALANCE SHEET AS AT 31 MARCH 2024 Notes 2024 2023 Restated Fixed assets Tangible fixed assets Investm nts 10 11 705,741 625,640 Total Fixed Assets Current assets stock Debtors Cash at bank and in hand 705,743 625,642 12 13 4,014 585,318 458,081 1,946 220,681 286,212 Tot I Current Ass Liabilities Creditors falling due within one year ts 1,047,413 508,839 14 (100,366 (79,835) Net current ass 947,047 429,004 Total assets less current liabilities 1,652,790 1,054,646 Creditors f Iling due after one year 15 (119,176) (132,966) Net ssets 1,533,614 921,680 Charity funds Restricted income funds - Projects Restricted income funds - Capital Unrestricted funds - general fund Unrestricted funds - designated 312,062 662,354 100,000 459,198 63,189 310,938 100,000 447,533 16 16 16 Total Unrestricted Funds 559,198 547,553 Total charity funds The Balance Sheet has been restated for 2023 to split the loan payment due within one year and after one year which had been incorrectly analysed last year, as per note 14. The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Tkie financial statements were approved by the trustees on 1,533,614 921,680 2024. H Robinson Chair J W Newman ir ctor The notes on pages 16 to 31 form part of these financial statements. THE SEACHANGE TRUST STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 MARCH 024 2024 2023 Restated Cash flow from operating activities Net income / (expenditure) before tax for the reporting period (as per the statement of financial activities) Adjustments for: Bad debt provision Depreciation charges Dividends, interest and rents from investments (Increase) I decrease in stock (Increase) / decrease in debtors Increase / (decrease) in creditors 611,934 113,735 85,294 (3,046) (2,068) (364,637) 6,741 54,960 (140) (687) (170,355) 92,586 Net cash provided by l (used in) operating activities 334,218 90,099 Cash flow provided by l (used in) investing activities Payments to acquire tangible fixed assets Dividends, interest and rents from investments (165,395) 3,046 (260,634) 140 Net cash flow from investing activities 162,349 260,494 Cash flow from financing activities Repayment of loans (10,764 8,515 Net cash provided by l (used in) financing activities 10,764) (8,515 Change in cash and cash equivalents in the reporting period 171,869 (1170,395) Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period 286,212 456,606 458,081 286, Cash and cash equivalents c nsist of: Cash at bank and in hand Notice deposits (less than 3 months) Cash and cash equivalents at the end of the reporting period The Statement of Cashflows has been restated for 2023 to split the loan payment due within one year and after one year which had been incorrectly analysed last year, as per note 14. 458,081 286,212 458,081 286,212 THE SEACHANGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PREPARATION The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP 2019) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice in issue at 1 April 2023. The financi I statements re prepared on a going concern basis under the historical cost convenition, modified to include certain items at fair value. The financial statements are presented in sterling Viihich is the functional currency of the charity and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are. set out below. These policies have been consistently applied to all years presented unless otherwise stated. FUNDS Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purp ses. The aim and use of each designat d fund is set out in the notes to the financial statem,ents. Restricted funds are funds which are to be used in accordance with specific restrictions imp sE:d by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds re char ed against the specific fund. The aim and use f each rpstricted fund is set out in the notes to the financial statements. INCOME RECOGNITION All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is gally entitled to the income after an performance conditions have been met, the amount. Ccin be measured reliably, and it is prob ble that the Income will be received. For donations to be recognised the charity will have been notified of the amounts. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or th fulfilment of those conditions is vvithin the control of the charity, and it is probable that they will be fulfilled. Income from government and other grants are recognised at fair value when the charity has entitlement fter any performance conditions have been met, it ts prob ble that the income ￿1111 be received, and the amount can be measured reliably. If entitlement is not met, th n these amounts re deferred. THE SEACHANGE TRUST NOT S TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) EXPENDITURE RECOGNITION All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. ALLOCATION OF SUPPORT COSTS Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back-office costs, finance, personnel, payroll and other costs which support the charity's delivery of projects and events. Support costs are primarily allocated to projects based on the levels set out in the underlying grant agreement. Residual support costs are borne by unrestricted funds. FIXED ASSETS Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation nd accumulated impairment losses. From 1 April 2018 the trustees formalised a policy that only individual fixed assets costing £1,000 or more are capitalised. The trustees consider that this enables the charity to present a materially accurate representation of the fixed assets used by the charity whilst permitting a cost-effective mechanism of recording and accounting for the assets it uses. preciation is provided on all tanaible fixed assets, at rates calculated to write off the cost, less estimated residual value, of e ch asset on a system tic basis over its expected useful life as follows. Fixtures, fittings and equipment Marquees and related equipment Fixtures, fittings and equipment - other Land and buildings - hard landscaping Land and buildings toilet additions to Drill Hall Land and buildings - other Lease Premium 5 % straight line 10 % - 33'/,'/o Straight line ht line 6.67 % straight line 2,/0 Straight line Over the term of the lease STOCK Stock is measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to their present location and condition. IMPAIRMENT Assets not measured at fair value are reviewed for ny indication that the asset may be im[)airiJd at each b lance sheet date. If such indication exists, the recoverable amount of the asset, or the ac:set's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an imp irment loss is rec gnised in profit or loss unless the asiiet is rried at a revalued mount where the impairment loss is a r valuation decrease. THE SEACHANGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) INVESTMENTS Investments in subsidiaries are measured at cost less impairment. DEBTORS AND CREDITORS RECEIVABLE / PAYABLE WITHIN ONE YEAR Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. CASH AT BANK AND IN HAND Cash at bank and in hand includeè cash and short term highly liquid investments with a short maturity of three months or I ss from the date of acquisiti n or opening of the deposit or similar account. FINANCIAL INSTRUMENTS The charity only has financial assets and financial liabilities of a kind that qualify as basic finaiicial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with th xception of bank loans which are subsequently measured at the carrying value plus accrued inc me less repayments. The financing charge to expenditLJre is at a constant rat measured using the eff ctive interest method. FOREIGN CURRENCY Foreign currency transactions are initially recogni¢ed by applying to the foreign currency am()un't the spot exchange rate between the functional currency and the foreign currency at the date, of the transaction. Monetary assets and liabilities denominated in a foreign c,urrency at the balance sheet date are translated using the closing rate. KEY JUDGEMENTS AND ASSUMPTIONS preparation of the financial statements requires Judgenients and assumptions to be mdde that affect the reported carrying value of ass ts, liabilities, revenue and expenses. Significant judgements made in preparing the financial statements include the assessment of any performance condil.ions attached to items of income IDy'hich impact the degree to which income is recognised. TAX The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 201'I arid is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. For 2023124 the charity anticipated a rebate of £88,204 (2023. £89,682) relating to Theatre Tax Relief. GOING CONCERN The financial statements haije been prepared on a oing concern basis as the trustees believe thcat no material uncertainties exist. The trustees hai'e Considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure are sufficient with the I vel of reserves for the charit¥, to be able to continue as a oing concern. THE SEACHANGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 LEGAL STATUS OF THE CHARITY The Seachange Trust is a private charitable company limited by guarantee in England. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information page of these financial statements. The nature of the charity's operations and principal activities are explained in the Trustees, Report. From December 2020 the charity began operating under the trade name Out There Arts. NET INCOME I EXPENDITURE FOR THE YEAR 2024 2023 Net income / (expenditure) is stated after charging / (creditin Depreciation Auditors, remuneration. audit services Auditors, remuneration: other sewices Foreign exchange loss / (gain) 85,294 5,980 54,960 4,408 ,121 920 THE SEACHANGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM GRANTS AND DONATIONS During the period the trust received grants from the following: Unrestricted Restricted funds funds Total 2024 Total 2023 Norfolk County Council, Art Grant Award Interreg Experience (FOW) Interreg Experience (Eyeful Tower) Early Childhood Community Funding 6,184 6,184 6,184 20,700 45,000 1,440 1,440 Great Yarmouth Borough Council, Arts Development Service Contract Purchase of the Ice House Ice House - Townsdeal Visit Great Yarmouth (GYTABIA) Visit Great Yarmouth (GYTABIA) - FOW Visit Great Yarmouth (GYTABIA) - OTF 58,500 58,500 58,500 50,000 406,000 406,000 111,982 111,982 167,142 20,000 30,000 30,000 30,000 Other Income ickstart Arts Council National Portfolio Funding" Architectural Heritage Fund" Freshly Grated Big Lottery Historic England" Norfolk Community Foundation grants Isadore Gold MAP National Heritage Lottery Fund Norwich Freemens Voluntary Norfolk Circuscentrum 7,544 7,544 20,340 6,766 397,176 74,242 76,185 28,180 36,000 2,000 20,000 4,000 37,990 5,000 597,176 597,176 275,758 30,000 28,180 53,000 275,758 30,000 28,180 53,000 8,000 8,000 79,951 79.951 3,288 13,353 3,288 13,353 Total inc mefr m grants nd don tions 867,467 842,889 1,710,356 1,129,405 Grants and donati ns marked ° are government grant income. Income is only recognised where the income recognition criteria set out in the accountin polici s are met. THE SEACHANGE TRUST NOTES TO THE FINANCIAL STATEMLNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM INVESTMENTS All the charity's investment Income arises from interest bearing bank accounts. INCOME FROM CHARITABLE ACTIVITIES The income arises from project management and contractual income £12,291 (2023: £7,063), sales of tickets £9,500 (2023: £82,522), room hire £21,514 (2023. £11,820), trading sales £55,402 (2023: £51,856) and other sales £83,301 (2023: £32,521). DIRECT CHARITABLE EXPENDITURE 2024 2023 Artistic programme Artist fees Other costs 223,525 429,148 246,291 462,847 Other grant programme activities Ice House professional fees Income generating activiti Salaries Other costs 9,509 44,706 3,501 34,163 Support costs Salaries Other support costs Finance costs 320,890 18,090 308,886 148,596 1,245,868 1,204,284 Allocated as follows: Unrestricted Funds Restricted Funds 1,057,094 1,032,477 188,774 171,807 1,245,868 1,204,284 21 THE SEACHANGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 GOVERNANCE COSTS 2024 2023 Financial and administration Legal and professional Audit fees. current auditor other services 13,221 1,270 5,980 12,015 2,664 4,408 20,471 19,087 Allocated as follows: Unrestricted Funds Restricted Funds 20,471 17,026 2,061 20,471 19,087 STAFF COSTS 2024 2023 The cost of employing staff was: Wages and salaries Employers, Social security costs Employers, contribution to defined contribution pension scheme 301,054 23,215 6,130 283,383 22,916 6,088 330,399 312,387 The average number of employees during the year was 9 (20 3. 12). No employees received total employee benefits (excludin £60,000 employer pension costs) of more than The trustees neither received nor waived any remuner tion during the current or previous year. The trustees did n ve any expenses reimbursed during the current or previous year. The charity considers that the ey management personnel Lurrently comprise the trustees, the Chief cutive and Artistic Director, the Executive Director and the Executive Produc r. The total employee benefits of the three key management personnel posts were £168,022 (2023: £146,434). The charity operates a defined contribution pension plan for its employees. The amount recognised as an expense in the year was £6,130 (2023: £6;088). Pension costs are allocated in accordance with the underlying activities of the individual. Where individuals are all cated to restricted fund pr()jec;ts then their pension costs are included in the restricted fund activities. THE SEACHANGE TRUST NOTES TO THE FINANCIAL STATEMLNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 FIXED ASSETS Capital project under truction Land & Buildings Fixtures, fittings equipment Total con Cost As of 31 March 2023 Additions 73,517 153,488 (72,308) 1,564,251 465,355 11,907 72,308 2,103,123 165,395 Transfers As of 31 March 2024 154,697 1,564,251 549,570 2,268,518 Depreciation As of 31 March 2023 Charge for the year 1,333,751 14,179 343,732 71,115 1,477,483 85,294 As of 31 March 2024 1,147,930 414,847 1,562,777 Net book value As of 31 March 2024 154,697 416,321 134,723 705,741 As of 31 March 2023 73,517 430,500 121,623 625,640 INVESTMENTS 2024 2023 Subsidiary undertaking The Trust holds 100 /0 of the issued share capital of Great Yarmouth Seachange Trading Limited, which is registered tn England. The company did not trade during the year, and its net liabilities on 31 March 2024 were £110 (31 March 2023. £110). The Trust is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. In accordance with the Charities SORP 24.13A, this subsidiary has not n consolidated in these accountq as its inclusion is not m terial for the purpose of giving a true and fair vi THE SEACHANGE TRUST NOTES T THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 STOC 2024 2023 Goods for resale 4,014 1,946 13 DEBT RS 2024 2023 Trade debtors Prepayments Accrued income Other debtors 184,551 29,258 346,392 25,117 61,452 4,270 143,319 11,640 585,318 220,681 Trade debtors includes bad debt provision of £NIL (£2,241 in 2023) Accrued income corresponds to £88,204 (£89,682 in 2023) in tax theatre relief relating to 2024. Grants totalling £252,032 (£023: £49,859) were included in accrued income where the charity considers it meets income recognition requirements as set out in th accounting policies. Financial instruments included in debtors are basic and are rn asured at amortised cost. 14 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Restated Trade creditors Accruals and deferred income Other creditors Taxation and s 16,858 45,919 28,597 8,992 21,187 36,169 13,647 8,832 cial securitv 100,366 79,835 Other Creditors has been restated for 2023 to split the loan payment due ￿11th1n one year and after one year which had been incorrectly analysed last year. Amount due Ivithin one siear changed from £5,132 to £13,647 to include additional amount of £8,515. Amount falling due after one year changed from £141,481 to £132,966 Certain income of the charity is contract income that is subject to performance-rel t d or time-liimited conditions. Where the income is received In advance of delivering the services required l)y Ithose conditions the inc me is accounted for as a liability and shown on th b lance sheet as deferred income. eferred income is rele sed to income in the rep rting period in which the perf rmance-related conditions or other conditions which limit recognition are met. THE SEACHANGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR (continued) Movements on deferred income are: 2024 2023 Opening balance Amounts released to income earn Amount deferred in year 2,000 (2,000) 1,978 d from charitable activities 2,000 Year-end balance 1,978 2,000 Financial instruments included in creditors are basic and are measured at amortised cost. 15 CREDITORS: AMOUNTS FALLING AFTER NE YEAR 2024 2023 Restated Other creditors 119,176 132,966 119,176 132,966 Other Creditors has been restated for 2023 to split the loan payment due within one year and after one year which had been incorrectly analysed last year, as per note 14. FUND RECONCILIATION 2024: Restrict d Restricted fund fund projects capital Unrestrict d funds Total 2024 Total 2023 Fund balance as at 31 March 2023 Movements in year Transfer between funds 547,553 11,645 63,189 248,873 310,938 351,416 921,680 611,934 807,903 113,777 Fund balance as at 31 March 2024 559,198 312,062 662,354 1,533,614 921,680 Unrestricted funds are analysed as follows: 2024 2023 Unrestricted - General Designated - Depreciation - Drill Hall Designated - Depreciation - Other general fund assets Designated - Artistic Development and Production Designated - Capital Programme 100,000 76,574 248,568 84,056 50,000 100,000 78,603 266,100 52,850 50,000 Balance on 31 March 2024 559,198 547,553 THE SEACHANGE TRUST NOTES T THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 FUND RECONCILIATION YEAR (continued) 2023: Restricted Restricted fund fund projects capital Unrestricted funds Total 2023 Total 2022 Fund balance as at 31 March 2022 Movements in year Transfer between funds 481,665 47,110 18,778 34,423 47,544 18,778 291,815 19,123 807,903 927,761 113,777 (119,858) Fund balance as at 31 March 2023 547,553 63,189 310,938 921,680 807,903 17 ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024: Restricted Restricted fund fund projects capital Unrestricted funds Total 2024 Total 2023 Tangible fixed assets Investment Current assets less creditors 43,387 662,354 705,741 625,640 515,809 312,062 827,871 296,038 559,198 312,OG2 662,354 1,533,614 921,680 2023: Restricted Restricted fund fund projects capital Unrestricted funds Total 2023 Total 2022 Tangible fixed assets Investment Current asseto less creditors 314,702 310,938 625,940 419,966 232,849 63,189 296,038 387,935 547,553 63,189 310,938 921,680 807,903 THE SEACHANGE TRUST NOTES TO THE FINANCIAL STATEMENTS (C NTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 MOVEMENT IN RESTRICTED FUNDS 2024: Fund balance at 1 April 2023 Fund balance at 31 March 2024 Transfers inl(out) general fund Income Expenditure Proj Architectural Heritage Fund- Ice House Project The National Lottery Community Fund Historic England Heritage Action Zone National Heritage Lottery Fund Ice House Delivery National Heritage Lottery Fund - Ice House Development cts 3,418 275,759 (38,691) 240,486 11,069 28,180 (28,317) 10,932 10,712 53,000 41,960 (64,470) (17,434) 758 24,526 37,990 39,990 (39,862) 36,118 63,189 436,889 (188,774) 758 312,062 Capital ACE Capital- 2015/16 ACE Small Capital- 2018119, including Norfolk County Council capital grant, Virgin Money Foundation grant and Geoffrey Watling Charity) Great Yarmouth BC- Winter Adaptations Great Yarmouth BC - Purchase of Ice House GYBC Townsdeal 125,572 (16,425) 109,147 133,450 (35,479) 97,971 2,416 49,500 (1,480) (1,200) 936 48,300 406,000 406,000 310,938 406,000 (54,584) 662,354 374,127 842,889 243,358 758 974,416 THE SEACHANGE TRUST NOTES TO THE FINANCIAL STATEME,NTS (CONTINUED) FOR THE Y AR ENDED 31 MARCH 2024 MOVEMENT IN RESTRICTED FUNDS (CONTINUED) Details of restricted funds Architectural Heritage Fund Funding towards the capital development scheme for the Historic Ice House on the South uay of the river Yare in Great YarmoLJth, comprising of det il d d sign plans, planning permission and initial capital works. The National Lottery Community Fund Big Lottery, three years, funding to support people to become more active and connected to their communities through access to fcicilities and activities including Family Saturday events, making workshops. circus skills ndtr ining pportuniti Great Yarmouth Borough Council- Winter Adaptions Fund Funding to provide spaces to enhance COVID social distancing, including the improvement of outdoor spaces that are utilised for charitable activities. Historic England - Heritage Action Zone (HAZ) & Know Your Neighbour A three-5iear funded cultural regeneration programme working with artists and communities to celebrate Great Yarmouth's unique character, herita and national signific nce as a centre for circus and entertainment. Know Your Neighbour is follow on funding for a volunteer programme building on HAZ activity Funding from National Heritage Lottery Fund tovtriard the development phase of the Ice House project including a 6 month community consultation programme and activity plan development and work tomiard the submission of a £1.96 million bid for Ice House Capital Works and Engagement project delivery in 2024-25. N tional Heritage Lottery Fund ACE Capital 2015116: A Treasury Grant, administered by the Arts Council, as part of the Government's Long-term Economic Plan for the East. £125,000 of the funding provided was to enable repayment of finance debts of the Trust and ther fore 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 2018119 equipment in the Drill House and conversion of three adjacent storage sheds into additional facilities. This includes a £10,000 match-funding contribution from Norfolk County Council, a £35,000 match-funding contribution from The Virgin Money Foundation and a £6,000 grant from the Geoffrey Watling harity. Great Yarmouth Funding tow rd the purchase of the Ice H Borough Council Works scheme via Towns Deal Funding use building and Capital THE SEACHANGE TRUST TES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 VEMENT IN RESTRICTED FUNDS (CONTINUED) 2023: Fund balance at 1 April 20 Fund balance at 31 March 2023 Transfers to/(from) Expenditure general fund Income Projects Capital Reserve Circus School Equipment Architectural Heritage Fund- Ice House Project The National Lottery Community Fund Norfolk Community Foundation: Norfolk Recovery Fund 9,277 1,388 (9,277) (1,3 74,242 70,824 3,418 2,005 28,180 19,116 11,069 713 (713) Norfolk County Council Eyeful Tower Interreg Norfolk County Council Historic England - H ritage Action Zone National Heritage Lottery Fund 45,000 37,600 (7,400) 21,040 36,000 37,990 46,328 10,712 37,990 34,423 221,412 173,868 (18,778) 63,189 Capital ACE Capital- 2015116 ACE Small Capital 2018119, including Norfolk County Council capital grant, Virgin Money Foundation grant and Geoffrey Watling Charity) Great Yarmouth BC Vtlinter Adaptations Great Yarmouth Purchas of Ice House 141,997 16,425 125,572 145,922 12,472 133,450 3,896 1,480 500 2,416 49,500 50,000 291,815 50,000 30.877 310,938 326,238 271,412 204,745 18,778 374,127 THE SEACHANGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 RELATED PARTY TRANSACTIONS The Trust has a 100 % owned subsidiary company, Great Yarmouth Seachange Trading Limited, which is incorporated in England. This has not traded during 2023124. MS Colin-stokes is a company director. B Williamson is an elected councillor for Great Yarmouth Borough Council, and H Notcutt was an employee of the Council during the financial period. During the year the Trust received management fees and other income from the Council of £58,500 and £5,000 respectively (2023: £58,500 and NIL). Other income included an asset grant of £406,000 towards the Purchase of the Ice House. (2023: £50,000). Sales of NIL were generated in the period (2023: £1,199). At the year-end £176,000 (2023: 50,000) was due from Great Yarmouth Borough Council to the Trust. The Trust purchased services of £2,134 (2023. £2,760) from Great Yarmouth Borough Council. At the year-end £165 (2023. £180) was due to GYBC from the Trust. B Williamson is the chair of Great Yarmouth Preservation trust, no services (2023. £Nil) MS Colin-stokes is a director of Contemporary Taste Limited. During the year the Trust sold no services to Contemporary Taste Ltd (2023: £NIL) to the company but did received sponsorship of £120 (2023: £483). At the year-end there were no balances due to/from the Trust (2023. Nil). M Smith is the proprietor of Sara's Tea Rooms. During the year the Trust sold no services (2023: Nil) to the business but did receive £120 in sponsorship (2023: £583). At the year-end there were no balances due to/from the Trust (2023: Nil). C Richards is the Principle of East Norfolk Sixth Form College. During the year the Trust sold services of £154 (2023: Nil) to the business and received NIL in sponsorship (2023. NIL). The Trust purchased services of £300 (2023. £Nil). At the year-end there were no balances due to/from the Trust (2023: Nil). uring the period the trust purchased THE SEACHANGE TRUST TES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 STATEMENT OF FINANCIAL ACTIVITIES- 2023 COMPARATIVES Total Funds 2023 Unrestricted Restricted Fund Fund Income from: Grants and donations Investments Charitable activates 857,993 140 185,782 271,412 1,129,405 140 185,782 Total income 1,043,915 271412 1,315,327 Expenditure on: Raising funds Charitabl objectives Governance costs Impairment loss/charge for depreciati 12,901 1,032,477 17,026 12,901 171,807 1,204,284 2,061 19,087 Total expenditure 1,086,487 204,745 1,291,232 Net income l (expenditure) before tax for the year (42,572) 66,667 24,095 Taxation 89,682 89,682 Net income l (expenditure) after tax for the year 47,110 66,667 113,777 Net movement in funds 65,888 47,889 113,777 Reconciliation of funds: Total funds brought fonNard 481,665 326,238 807,903 Total funds carried f rward 547,553 374,127 921,680