2021-03-31-accounts

Trust Limited

ANNUAL REPORT AND FINANCIAL STATEMENTS

31 MARCH 2021

A Company Limited by Guarantee Registered in England No. 03470398 Charity Registration No. 1074619

The Forum Trust Limited

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

CONTENTS
	Page
Chairman’s Statement	1
Report of the Board of Directors	2 - 12
(Incorporating the Report of the Directors)
Independent Auditor’s Report	13 – 15
Consolidated Statement of Financial Activities	16
(Incorporating the Consolidated Income and Expenditure Account)
Group & Parent Charitable Company Balance Sheet	17
Consolidated Statement of Cash Flows	18
Notes to the Financial Statements	19 - 31

The Forum Trust Limited

CHAIRMAN’S STATEMENT

The Forum Trust has a 125-year lease on the building and when anyone looks back at the end of that time this will be one of the most extraordinary years the building will have seen.

It is a tribute to the robust foundations created by the Forum’s founders, the hard work and diligence of the staff and the expert contributions from my Board colleagues that that we are emerging from this intensely difficult period in such good order.

The Forum’s founders imagined a building that would become the heart of Norwich’s public life but this year its spaces have fallen quiet at the centre of a city that has been an oasis of calm. But behind the scenes it has been a hugely significant and busy year.

Our key events were reduced or had to be cancelled. Despite that, the affection of the Norwich public was shown in the way people could not wait to get back to The Forum as soon as we opened. Help from a variety of Government measures, notably the furlough scheme, along with some appropriate cost savings mean we are emerging in good health.

Fully rebuilding our finances and our events will not happen overnight. But we were determined to get up and running as soon as public safety issues allowed. As we write we are working on a busy programme at the heart of the re-opening of the City Centre underpinned by a substantial grant from the Arts Council’s Cultural Recovery fund.

We are hugely proud to operate without regular public subsidy, to have no debt, and to generate annual surpluses for investment in the building and our wider public purposes.

In this year we have done well to hold our own while behind the scenes work on improving the building has continued. We have taken the chance to revamp our IT and management systems, to transform our finance set up and to install state of the art event hire and ticket booking systems which will stand us in good stead as the public return.

As we move forward, we are even more aware of how much our activities depend on our partners, whether our tenants, our hirers or the coalition that comes together to put on the Norwich Science and Games Festivals and those who help keep Norfolk’s Heritage Open Days the biggest event of its kind outside London.

Thank you to them all. We have loved welcoming everyone back, whether staff back from furlough, our events emerging from hibernation, our hirers and most importantly the public.

It really wasn’t the same without you all.

John Fry July 2021

Page 1

The Forum Trust Limited

REPORT OF THE BOARD OF DIRECTORS (incorporating the Strategic Report)

The Board presents its annual report and financial statements for The Forum Trust Limited for the year ended 31 March 2021. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounts and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. The report and statements also comply with the Companies Act 2006 as The Forum Trust Limited was incorporated by guarantee on 19 November 1997. It has no share capital and is a registered charity. The guarantee of each member is limited to £10. The governing document is the Memorandum and Articles of Association of the Company dated 19 November 1997, as amended by a resolution dated 14 December 1998. Members, or their representatives, are the Directors of the Company.

STATEMENT OF DIRECTORS’ RESPONSIBILITIES

The Directors (who are also Trustees of The Forum Trust Limited for the purposes of charity law) are responsible for preparing the Report of the Board of Directors (including the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Directors to prepare financial statements for each financial year. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company and group for that period.

In preparing these financial statements, the Directors are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP 2019 (FRS 102);

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company and group will continue in business.

The Directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as each of the Directors is aware:

• there is no relevant audit information of which the charitable company and group’s auditor is unaware, and

• the Directors, have each taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

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The Forum Trust Limited

REFERENCE AND ADMINISTRATIVE DETAILS

Charity number: 1074619 Company number: 03470398 Limited by Guarantee Principal Office: The Forum, Millennium Plain, Norwich, NR2 1TF

Auditor: Lovewell Blake LLP, Bankside 300, Peachman Way, Broadland Business Park, Norwich, NR7 0LB Bankers: Lloyds Bank plc, 16 Gentleman’s Walk Norwich, NR2 1LZ Solicitors: Mills & Reeve LLP, 1 St James Court, Whitefriars, Norwich, NR3 1RU

Chairman: John Fry

Chief Executive: Timothy Bishop Company Secretary: Sonya Cooper (resigned September 2021)

Catherine Maliphant (appointed September 2021)

Members of the Company

The Members of the Company are –

John Fry Andrew Barnes Susan Guest Caroline Jarrold Christopher Maw David Merrick City College Norwich Norfolk County Council Norwich City Council Norwich University of the Arts University of East Anglia

Directors

The appointed Directors (and Trustees) are –

John Fry (Chairman) Andrew Barnes Susan Guest Caroline Jarrold Christopher Maw David Merrick

Corrienne Peasgood (City College Norwich) (#) Steven Morphew (Norfolk County Council) (#) Gail Harris (Norwich City Council) (#) Simon Ofield-Kerr (Norwich University of the Arts) (#) Sarah Barrow (University of East Anglia) (#)

(#) Not subject to retirement by rotation

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The Forum Trust Limited

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The Company is governed by its Memorandum and Articles of Association dated 19 November 1997 as amended by resolution dated 14 December 1998.

Annual General Meeting

The Company will hold an Annual General Meeting, the business for which will include receiving and adopting these financial statements and receiving the report of the auditor.

Directors

The Directors, who are also Trustees, are non-executive and shall be not less than eleven and not more than fifteen in number. They are appointed as follows:

• Norwich City Council and Norfolk County Council have the right to appoint one Director each. Directors appointed by the Councils are not subject to retirement by rotation. Directors appointed by the two councils are subject to the appointment processes of those bodies and the guidelines on appointment to public office as they apply to Local Government nominees.

• The Company may by ordinary resolution appoint a person who is willing to act to be a Director either to fill a vacancy or as an additional Director, but the Company in so doing shall not appoint as a Director any person who is associated with a local authority. On the occasion of a vacancy arising, all members are invited to nominate Directors. When considering nominees, the Board has regard to the requirement for any specialist skills needed.

At every Annual General Meeting one-third of the Directors, who are subject to retirement by rotation, shall retire.

The Company maintains liability insurance for its Directors and officers. The Directors and officers have also been granted a qualifying third-party provision under section 233 and 234 of the Companies Act 2006. Neither the Company's indemnity nor insurance provides cover in the event that a Director or officer is proved to have acted fraudulently or dishonestly.

The Company’s Memorandum & Articles of Association do not permit the payment of dividends.

Director induction and training

Following their appointment, all new Directors spend time with the Chief Executive to familiarise themselves with The Forum buildings and the facilities and services that are offered. This is then followed by an in-depth briefing about the Trust involving the Chairman and the Chief Executive where the topics covered include:

• The background, constitution and operating framework for the Trust

• The strategy, aims and objectives for the period

• The budget and business plan for the current year

• The current financial position

• Arrangements for Board meetings

Organisation

The Board of Directors administers the charity. The Board meets six times a year and ad hoc committees meet as required. A Chief Executive is appointed by the Directors to manage the day-to-day operations of the charity. To facilitate effective operations, the Chief Executive has delegated authority, within terms of delegation approved by the Directors, for operational matters including finance, employment and marketing strategy.

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The Forum Trust Limited

Pay Policy for Senior Staff

All Directors give of their time freely and no Director received any remuneration or reimbursed expenses in the year.

The pay of all staff is reviewed annually by a Board Sub-Committee, who meet with the Chief Executive and review the proposals put forward. Pay for each individual employee or banding is assessed with reference to inflation, individual performance and the financial performance and stability of the Trust. The Directors aim to strike a balance between The Forum’s charitable status and the need to retain suitably qualified and experienced staff across the organisation. The reward structure does not include performance bonuses or other such incentives and aims to reflect the nature of the business and its broad purpose.

As part of that, Directors ask the Chief Executive to leave the room while his salary and working arrangements are discussed following his annual appraisal.

Related Parties

The Company's wholly owned subsidiary, The Forum (Norwich) Limited, was established to operate the activities that fall outside the parent Company's charitable activities. It operates a car park in The Forum building. The subsidiary pays all its taxable profits to the parent Company under Gift Aid.

Further narrative regarding the nature of the relationship with the various bodies referred to above are given in note 22 of the financial statements.

Risk Management

The Board of Directors and Management Team have examined the major strategic, business and operational risks which the Company faces. They have implemented arrangements and systems to ensure risks are reviewed regularly and that appropriate arrangements are in place to mitigate the significant risks.

The Forum Trust's policy is to pursue a structured approach to the effective management of risk in the pursuit of its business objectives. In addition, risks are reviewed as an integral part of the strategic, business planning and budgeting processes. A major risk is the inability to deliver facilities and services for the agreed contractual period with the National Lottery Community Fund (as successors to the Millennium Commission) of 125 years. This is mitigated by the implementation of a property management policy, the maintenance of a sinking fund, the on-going replacement of equipment and frequent review of the strategic mission of the organisation.

PUBLIC BENEFIT

The Board of Directors and Management Team confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the aims and objectives and in planning future activities. In particular, the Board of Directors have considered how planned activities will contribute to the aims and objectives they have set.

The Forum Trust is committed to delivering The Forum’s Project Purpose for 125 years. That sets out that The Forum Trust will work independently and in partnership for the social and economic benefit of people in Norwich, Norfolk and beyond, ensuring that the landmark Forum building is an appealing, cultural and recreational amenity; that it enables people to learn from the history of their region; and that new technologies and their application to life and work are made accessible and understandable to all.

In order to adhere to the Project Purpose, the Forum Trust team works to:

• Maintain the balance and diversity of The Forum activities and events programme

• Increase the number of partners who can help to grow and enrich The Forum programme in ways that are mutually rewarding

• Continue to extend where possible its activities into the wider community through outreach work and partnership activities

• Provide opportunities to showcase and celebrate the talent and achievements of people in the Eastern region

• Helping people to understand more fully the unique combination of resources, services and opportunities available to them at The Forum.

• Provide opportunities to enrich lives and bring lifelong learning in a wide range of areas.

The Forum Trust recognises the challenges that Climate Change brings for us all. We seek excellence in every aspect of our business, and we are committed to minimising the environmental impact of our buildings, events, and operations. We are committed to working with our tenants, our visitors, and other stakeholders to minimise the overall impact of running a landmark building.

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The Forum Trust Limited

We have been continuously reviewing and improving our environmental performance. We have reduced our consumption of resources such as paper and single use plastics & managed waste generation and focused on reducing our energy use. Those changes have begun the journey of reducing our carbon footprint.

Building on that work we have identified our key priorities to continue to reduce our carbon footprint and work towards a zero-carbon operation and to do that we know we need to work with partners to develop an effective wider response to climate change. We are committed to sharing our progress to help others learn from what we are doing and to help us learn from others.

More information about The Forum Trust Limited can be found at www.theforumnorwich.co.uk.

ACTIVITIES

The Forum Trust activities, during the year under review, can be summarised as follows:

Facilities Management

The Forum Trust is responsible for managing The Forum complex; - the landmark Forum building, adjacent offices, and retail units at 2 Millennium Plain and the surrounding outdoor public spaces. The building is open to the public seven days a week, only closing on Christmas Day and Boxing Day.

Let Property

The Forum complex has a range of tenanted units which are managed by The Forum Trust Limited.

Events & Activities Programme

The Trust is responsible for a programme of events, activities, and exhibitions, with free public access, which makes full use of The Forum’s unique combination of indoor and outdoor spaces. The Atrium is an expansive and flexible indoor space which attracts a weekly footfall of an average of 35,000 people before the Covid-19 Pandemic restrictions. The external spaces successfully accommodate and engage a variety of audiences and encourage public participation.

Gallery

The Forum’s high definition, digital Gallery, is usually at the heart of many major city-wide events in the last year, including The Forum Trust led Norwich Science Festival, a celebration of the vibrant, world class and continually developing science and technology sectors in the county. This year it has been closed and used to support the tenants during lockdown and distancing restrictions helping, particularly the CAB.

Venue Hire

Venue Hire has only operated briefly with several well attended, albeit socially distanced events in the run up to Christmas when relaxation of the Covid regulations allowed.

Car Park

Through its trading subsidiary, the Trust manages a car park located beneath The Forum building.

Partnership Working

The Forum Trust leads and participates in a wide range of projects, partnerships and new initiatives in Norwich, Norfolk and beyond. The success of The Forum and the benefits it brings to the community in the form of the activities and public engagement which takes place is dependent on strong and effective partnerships with many organisations, and these relationships bring new ideas, innovation, and collaborative activity, both at The Forum and beyond. These partnerships and third-party events both support and enhance The Forum Trust’s own directly managed programme of activity.

Tenants within The Forum complex currently provide the following complementary services and amenities:

Norfolk & Norwich Millennium Library

The Library offers resources to support the learning and reading needs of people of all ages and abilities. There is information to help child and adult learners in their studies or career choices, as well as resources for job seekers, historians, and businesses. The Millennium Library is one of the UK’s most popular libraries, lending more items than anywhere else in the country. It has opened when Covid restrictions have allowed and found a wide variety of inventive ways to support users, help by FT staff.

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The Forum Trust Limited

Norwich Tourist Information Centre (TIC)

Managed by Norwich City Council the TIC is well used by visitors and local people, and offers advice, ideas and signposting, and stocking leaflets, maps, books, guides, post cards and gifts. It has been closed during Lockdown and with a surge in online access to information accelerated by the pandemic will not re-open.

BBC East Headquarters

The Forum is home to BBC Look East, BBC Radio Norfolk and BBC Voices, a community-based project which offers free filmmaking and radio workshops open to everyone including working with individuals, schools, and community groups. The Forum remaining open has made it possible for the BBC to keep operating, providing a vital community resource of accurate information and community support.

Pizza Express and Café Bar Marzano

Pizza Express and its café component, Marzano, provide food and drink to Forum visitors and complement The Forum as a popular meeting and leisure facility in Norwich. These businesses also supply catering and hospitality to support activities that take place in the building. Both have been hard hit by the restrictions on the hospitality industry, but have traded strongly since the Covid restrictions have been relaxed.

The Forum Shop by Jarrold

Operated by Jarrold & Sons Limited, Norwich’s independent department store, this tenanted retail outlet showcases art and gifts from East Anglia, offering locally made products, and items which capture the essence of Norwich and Norfolk's special appeal. Its lease came to an end on March 31, 2020 and was not renewed. Its space will be occupied by Norfolk CAB.

The TV & Movie Store

The TV & Movie Store is located opposite the main Forum building at 2 Millennium Plain. It sells a diverse catalogue of books, DVD’s and memorabilia from the world’s most popular TV, film, and radio shows.

Norfolk Citizens Advice Bureau

The independent local charity which offers free impartial advice on a wide range of subjects including debt, housing, employment, health, and education issues is a natural fit with the Forum’s Project Purposes and has thrived since moving here this year. It will move location within the Forum and has continued to provide a variety of online, telephone and appointment only services as restrictions have changed. Its role has never been more important with the huge pressures caused by lockdown.

OBJECTIVES

The Forum Trust’s strategy remains focused on the purpose agreed with the original stakeholders, but the detailed aims and way in which we deliver that strategy continue to evolve. We develop our public programme of events to reflect and support the aims of partners across the county and the changing needs of the community, and local area.

This year much of that has been on hold but the aim now is very much to rebuild those events with their importance to the life of the region very much re-emphasised by the gap their enforced cancellation has left.

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The Forum Trust Limited

STRATEGIC REPORT

ACHIEVEMENTS AND PERFORMANCE

Like all public facing organisations this has been an exceptional year.

Use of Public Spaces

The programme of public events includes those initiated and delivered by The Forum Trust, events created in partnership with others and those brought to The Forum by many different organisations. The vast majority have had to be cancelled or reduced.

Cancellations include:

• Norwich Games Festival: A free event created by the Forum Trust reflecting and showcasing the growing importance of the Games Development industry in Norwich. It is supported by both local universities, Norwich University of the Arts, who were involved in its initial development, and the University of East Anglia.

• Norwich Science Festival (NSF): Reflects a key sector of the local economy and its contribution and importance have bene underlined by work done to combat the pandemic.

• Makers’ Festival: A hugely popular event that will be one of the early returns next year, albeit more as a series of exhibitions with interactive events likely to still be a problem.

• Other City Events: The building and the outdoor spaces are usually at the centre of a wide range of city events with the Norfolk and Norwich Festival bringing its grand launch to our outside spaces and alongside the Lord Mayor’s Weekend; the Norwich Pride event, and the Run Norwich 10K; and many other community events. The programme had to be cancelled and was clearly much missed.

On a more positive note, Heritage Open Days did go ahead tailored to the circumstances at the time and helped by many of the events being outside. The Norfolk Heritage Open Days is the largest coordinated HODs event in the UK with hundreds of events across Norwich and Norfolk.

Building and Facilities Management

A continuing focus on reducing energy conservation continues to deliver significant environmental benefits and cash savings. Throughout the year the Forum complex continued to be maintained to a high standard in a cost-efficient manner with a great deal of work to maintain the building able to be accelerated while it was shut.

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The Forum Trust Limited

FINANCIAL REVIEW

Operating Result

The following table summarises the underlying financial performance of the charity and its subsidiary, based on unrestricted operations, over the last 5 years (figures taken from the Consolidated Statement of Financial Activities on page 16):

TABLE 1- SUMMARY OF UNRESTRICTED OPERATIONS (EXCLUDING DEPRECIATION)

	2020/21 £	2020/21 £	2019/20 £	2018/19 £
Net income from Trading Subsidiary	18,859		577,296	589,070
Net income from Lettings and Investments	386,100		504,368	512,742
Net cost of Operations (consisting of Public Facing Activity and Corporate)	(280,429)		(687,594)	(567,171)
Governance costs	(116,557)		(101,905)	(62,854)
Unrestricted Operating Surplus - before Depreciation		7,973	292,165	471,787
Note: the comparatives for 2019/20 and 2018/19 have been amended from those disclosed in the prior year Annual Report and Financial Statements to be consistent with the presentation for 2020/21.

In the Directors’ opinion the result of the unrestricted operations provides the clearest analysis of how the Forum is managed and operated. It is at this level that both the monthly management reporting and bi-monthly Board reporting are undertaken and at which operational decisions are taken.

Depreciation has been excluded from the above figures as the Directors consider that this better reflects the underlying performance of the Trust.

This year’s operating deficit was ahead of budget for the year. When compared with prior years the result is, as expected, lower. Loss of income resulted from the car park being closed because of Government guidance surrounding Covid-19. The property area of the business continued to achieve a surplus above budget, other favourable variances occurred within Events and Corporate Public Facing Activities.

The budgets and strategy were reviewed and adjusted accordingly to allow for the financial implications surrounding Covid -19. Deferment of Investment, Capital and Event expenditure allowed the company to maintain reserves at an acceptable level.

A 10-year financial strategy developed in 2017, set a level for unrestricted reserves at the end of the period and gives a tool for budgeting and management of the operating surplus through to 2027. The strategy is being reviewed as part of a wider project to define the company’s mission, objectives and long-term goals allowing for the financial and social implications deriving from Covid -19.

Result for the Year

The Consolidated Statement of Financial Activities shows a decrease in funds for the year of £1,226,538 (2020: £1,013,422). This result is after charging depreciation of £1,203,714 (2020: £1,198,807).

Unrestricted Operations

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The Forum Trust Limited

Incoming Resources for the consolidated unrestricted operations for the year were £1,188,204. After resources expended, including a depreciation charge of £248,066, net outgoing unrestricted resources totalled £391,267. In addition to this deficit:

• £24,842 was transferred to the restricted sinking fund reserves as the Company’s sinking fund contributions.

• £176,016 was transferred from the restricted sinking fund reserves to account for a distribution to the unrestricted reserve (to reflect expenditure incurred).

As a result of the year’s activity unrestricted reserves decreased by £240,093 (2020 increase: £49,421) leading to a balance on unrestricted reserves at the year-end of £3,404,080 (2020: £3,644,173).

Restricted Capital and Projects

The Restricted Capital and Projects fund decreased by £951,973 (2020: £956,162) in the year to £22,230,089 (2020: £23,182,063). This was after charging depreciation of £955,976.

Restricted Building Services

The Company manages building services in respect of both of its buildings via a service charge regime, operated on normal commercial property management principles. Monies are received and held in trust, and costs are recharged to all tenants, including in respect of The Forum Trust’s own occupancy. For the year, the Company Statement of Financial Activities shows incoming resources for the two buildings in total of £959,735 (excluding The Forum Trust’s contributions). Total expenditure for the two buildings in total was £843,033 was made on repairs and running costs (excluding costs recharged to The Forum Trust), giving a net increase to Sinking Funds of £116,702 (see note 19).

After transfers and distributions, the overall Sinking Funds covering the Forum Building and Millennium Plain decreased by £34,472 (2020: increased by £106,681).

The Forum (Norwich) Limited

The charity's wholly owned subsidiary, The Forum (Norwich) Limited generated a reduced turnover of £376,691 (2020: £979,459). The reduction related to several periods of closure during Government closure restrictions due to Covid 19. The loss for the year amounted to £34,697.

Investment Policy

The Company does not hold any specific financial investments. Short term cash balances are invested as appropriate with the Company's bankers. The Company's significant investment is in the landmark Forum building.

Policy on Reserves

The unrestricted reserves policy includes the following designated funds: These were identified as required for the long-term success of the Trust, with the focus being on the accumulation of reserves to allow for the on-going fulfilment of the strategy.

• Operational Reserve – a designated fund set up to provide for future unanticipated service charge expenditure, rental voids, or operational losses. This fund has a current balance of £500,000 and an assessment of this level and any potential requirement is made each year as part of the budgeting process.

• Car Park Equipment Repair Fund - a designated fund with the intention of ensuring a fund is available to replace the equipment in the car park as required. Due to a diligent and planned programme of on-going maintenance a full replacement of the equipment at any time is unlikely. Transfers to the fund are made on a yearly basis at the level necessary to cover general maintenance and minor replacement.

The balance of the unrestricted reserves comprises the General Fund of £2,905,835 which is maintained to provide for working capital with any excess being used for periodic replacement of furniture, plant and equipment in areas occupied by the Trust, and their periodic refurbishment. The excess will enable the Trust to refresh the offer and update the technologies in use.

The restricted funds policy consists of two elements:

• Building Services - the Service Charge regime and the Sinking Fund operation for the two buildings operated by the Trust. The Sinking Fund is for the long-term maintenance and replacement over the life of the project.

• Capital and Project Fund - from the original construction of the two buildings.

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The Forum Trust Limited

Level of Reserves

The reserves balances at 31 March 2021 are shown in Notes 19 and 20.

Total unrestricted reserves for the group at 31 March 2021 are £3,404,080. Excluding unrestricted tangible fixed assets gives a net current unrestricted assets figure of £2,265,160. This is the liquid, controllable asset that the management and Directors have at their disposal to manage The Forum Trust day to day and is the basis of the financial strategy that guides them.

The financial strategy was produced covering the 10-year period from 2017 to 2027. The main aim was to ensure the Trust has the same level of net current unrestricted reserves at the end as it does at the beginning. This allows the Trust to enter the next ten years with a robust plan for managing its operations.

Summary budgets for each of the 10 years have been produced showing the shape of the current model and the level of operating surplus that can be achieved. The schedule is flexible and is based on firstly maintaining the building, on developing its offer and in continuing to offer a rich programme of free events and projects in line with the Project Purpose. The model can then be flexed to allow for substantial capital investment in the building and to grasp opportunities to invest appropriately in activities.

In the medium and longer term the Directors are aware that inflationary pressures potentially mean that cost pressures on staff and consumables may not be matched by income inflation from the car park and rental income from tenants. In addition, in the medium term, Covid-19 will continue to have an impact. So, while the existing model feels robust, Directors will continue to give attention to how to address those longer-term trends during this ten-year period.

The management of the restricted reserves focuses on a longer period. The largest part relates to the original construction of the building, which is reduced over time by the depreciation charge. The remainder relates to the Sinking Funds for each building. Whilst significant management decisions are not required on these in the short term, there is a duty to ensure that they allow the Directors to maintain the buildings over time to the current standards that the public, tenants, and users have become accustomed.

An independent review of the Sinking Fund for the main Forum building was carried out during 2010/11. This assessed the current level of contributions and value of the fund in relation to the programmed expenditure for the following 20 years. The results and proposed contributions for the next 10 years were communicated to the tenants in March 2011. An internal informal review of the Sinking Fund is carried out on a yearly basis allowing any significant departure from the plan to be addressed in a timely manner. The next formal independent review is currently under review.

Financial Risk Management Objectives and Policies

In common with other charities, the Company aims to minimise financial risk. The measures used by the Directors to minimise this risk include the preparation of income and cash flow forecasts, monthly monitoring of actual performance against these forecasts and ensuring that adequate financing facilities are in place to meet the requirements of the business. Costs are carefully monitored to ensure they remain within the constraints of agreed budgets. The following are identified as potential areas of risk and the group’s exposure to them is noted:

• Price risk – The group’s major price risk is the fees charged for use of the car park and for venue hire. The fees of competitors and services provided by them are closely monitored. With specific reference to the car park, the principle remains that it is operated for parking on a short-term basis.

• Credit risk – The group has a low overall credit risk with a large portion of income derived from the car park, venue hire fees and interest. The other major source of income is through rents and whilst this has an element of inherent credit risk, the tenants generally have good trading history. All debts, regardless of which activity they relate to, are chased actively by the finance department.

• Liquidity risk – The group’s working capital requirements are regularly reviewed in conjunction with financing facilities as part of routine financial management.

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The Forum Trust Limited

FUTURE PLANS

We are looking at a 3-5 year programme to rebuild our finances and to grow footfall and events back. Planning for the rest of this year has had to very much consider the possibility of continued or re-introduced restrictions.

The healthy reserves of the Trust set out by the Board stood the Forum in good stead during this period. Costs were cut and use of the Government’s Job Retention scheme (furlough) and other support reduced them further.

Our Head of Public Facing Activities secured a £224,000 Arts Council Cultural Recovery Fund subsequent to the balance sheet date and this has enabled us to plan a more ambitious programme of events this year while also supporting our reserves.

We used some of the other Government support we have had to help ensure the survival of our smaller tenants, both with the overall aim of retaining jobs, and with the long-term interests of the Trust in mind with some tenants holding long leases.

Overall

We continue to closely monitor all our assumptions about the future costs that we face to maintain the building as it ages to create a robust ten-year financial framework to take us forward. We have been revisiting all those elements that go into the building’s Sinking Fund with outside consultants, as we do every ten years. That enables the Directors to commit to continued significant spending on future events and projects. We continue to use our investment to lever other bid and sponsorship funding to raise the impact of all our activity.

Partnerships

Partnerships remain critical to the way we work across all our key events and wide range of smaller events. The Science and Gaming Festivals, Run Norwich and other key activity could not have happened without partnership working and collaboration with a wide range of organisations.

Building

Investment in the building continue to enhance our offer to visitors and The Forum Trust continues to invest in both maintaining the building to a high standard and enhancing the offer to visitors.

Staffing

The core of the operation remains a relatively small multi-skilled team who support each other across all The Forum Trust’s activities. We continue to invest in their training and development.

TAXATION

As a registered charity, The Forum Trust Limited has obtained exemption from Corporation Tax. Charitable tax exemptions are claimed to the extent that income and/or gains are applicable.

Under Trust tax law, The Forum Trust Limited is liable to Income Tax on bank interest earned on the Restricted Sinking Fund bank accounts.

AUDITOR

A resolution to re-appoint Lovewell Blake LLP as auditor of the Company will be included at the Annual General Meeting.

On behalf of the Board of Directors (Trustees)

John Fry, Chairman 27 October 2021

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The Forum Trust Limited

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND DIRECTORS OF THE FORUM TRUST LIMITED

Opinion

We have audited the financial statements of The Forum Trust Limited (the ‘parent charitable company’) and its subsidiary (the ‘group’) for the year ended 31 March 2021 which comprise the consolidated and parent charitable company balance sheets, the consolidated and parent charitable company statements of financial activities (incorporating income and expenditure accounts), the consolidated statement of cash flows, and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group’s and parent charitable company's affairs as at 31 March 2021, and of the group's incoming resources and application of resources, including its income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

• have been prepared in accordance with the requirements of the Companies Act 2006 and Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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 group and parent 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 we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis 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 relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s or parent charitable company’s ability to continue 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 of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Directors are responsible for the other information. The other information comprises the information included in the Directors’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

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The Forum Trust Limited

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Directors’ report (incorporating the strategic’ report and the Trustee’s report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the Directors’ report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified any material misstatements in the strategic report and the Directors’ report:

We have nothing to report in respect of the following matters where the Companies Act 2006 and Charities Act 2011 requires us to report to you if, in our opinion:

• adequate and sufficient accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent charitable company's financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of Directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audits; or

Responsibilities of Directors

As explained more fully in the Statement of Directors’ Responsibilities, the Directors (who are also the Trustees of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the group’s and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole 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 level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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The Forum Trust Limited

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

• Enquiry of management and those charged with governance;

• Enquiry of entity staff compliance functions to identify any instances of non-compliance with laws and regulations;

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• Performing audit work over the risk of management override of controls, testing of journal entries and other adjustments for appropriateness, evaluation the business rational of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company’s Directors, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s members and its Directors 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 members[, ] Directors as a body and the charitable company’s Directors as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Proctor FCA DChA (Senior Statutory Auditor)

For and on behalf of Lovewell Blake LLP Chartered accountants & statutory auditor Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB

Date: 8 November 2021

Lovewell Blake LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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The Forum Trust Limited

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating the Consolidated Income and Expenditure Account) For the year ended 31 March 2021

INCOME INCOME FROM OTHER TRADING ACTIVITIES: Note DONATIONS AND GRANTS 2 COMMERCIAL TRADING OPERATIONS - SUBSIDIARY 14 INVESTMENT AND RENTAL INCOME 7 INCOME FROM CHARITABLE ACTIVITIES 3 INCOME FROM OTHER INCOME 4 TOTAL INCOME EXPENDITURE COSTS OF RAISING FUNDS 5 EXPENDITURE ON CHARITABLE ACTIVITIES 6 OTHER EXPENDITURE 8 TOTAL EXPENDITURE NET (EXPENDITURE) FOR THE YEAR BEFORE TRANSFERS TRANSFERS BETWEEN FUNDS – CONTRIBUTION TO SINKING FUND 19 TRANSFERS BETWEEN FUNDS – SINKING FUND EXPENDITURE 19 NET MOVEMENT IN FUNDS BALANCES BROUGHT FORWARD BALANCES CARRIED FORWARD	Unrestricted	Restricted	2021	2020
	funds £	funds £	Total funds £	Total funds
				£
	98,184 376,691 498,773 21,346 193,210	7,000 - 906,496 - 53,239	105,184 376,691 1,405,269 21,346 246,449
				29,838
				979,459
				1,664,748
				285,568
				-
	1,188,204	966,735	2,154,939	2,959,613
	445,663 1,133,808 -	547,721 1,249,772 4,513	993,384 2,383,580 4,513
				1,142,211
				2,827,011
				3,813
	1,579,471	1,802,006	3,381,477	3,973,035
	(391,267) (24,842) 176,016	(835,271) 24,842 (176,016)	(1,226,538) - -	(1,013,422)
				-
				-
	(240,093)	(986,445)	(1,226,538)	(1,013,422)
	3,644,173	24,836,782	28,480,955	29,494,377
	3,404,080	23,850,337	27,254,417	28,480,955

The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The accounting policies and notes on pages 19 to 31 form an integral part of these financial statements.

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The Forum Trust Limited – Company Number 03470398

GROUP AND PARENT CHARITABLE COMPANY BALANCE SHEET As at 31 March 2021

Note FIXED ASSETS TANGIBLE FIXED ASSETS 13 INVESTMENTS 14 CURRENT ASSETS STOCK AND WORK IN PROGRESS 15 DEBTORS & PREPAYMENTS 16 CASH AT BANK AND IN HAND 17 CURRENT LIABILITIES CREDITORS: Amounts falling due within one year 18 NET CURRENT ASSETS NET ASSETS FUNDS RESTRICTED FUNDS 19 UNRESTRICTED FUNDS 19 TOTAL FUNDS	Group	Group	Company	Company
	2021	2020	2021	2020
	£	£	£	£
	23,347,435	24,491,981	23,347,435	24,491,981
	-		1	1
	23,347,435	24,491,981	23,347,436	24,491,982
	2,845	14,861	2,845	14,861
	884,548	697,813	734,594	827,531
	3,990,009	4,090,885	3,987,438	3,825,068
	4,877,402	4,803,559	4,724,877	4,667,460
	(970,420)	(814,585)	(802,589)	(698,145)
	3,906,982	3,988,974	3,922,288	3,969,315
	27,254,417	28,480,955	27,269,724	28,461,297
	23,850,337	24,836,782	23,850,337	24,836,782
	3,404,080	3,644,173	3,419,387	3,624,515
	27,254,417	28,480,955	27,269,724	28,461,297

Approved by the board of Directors on 27 October 2021 and signed on its behalf by:

John Fry Chairman

The accounting policies and notes on pages 19 to 31 form an integral part of these financial statements.

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The Forum Trust Limited

CONSOLIDATED STATEMENT OF CASH FLOWS

For the year ended 31 March 2021

Note NET CASH INFLOW FROM OPERATING ACTIVITIES NET EXPENDITURE ADJUSTMENTS FOR: INTEREST RECEIVABLE 7 DEPRECIATION OF TANGIBLE FIXED ASSETS 13 LOSS ON DISPOSAL OF FIXED ASSETS CHANGES IN: DECREASE IN STOCK AND WORK IN PROGRESS 15 (INCREASE)/DECREASE IN TRADE AND OTHER DEBTORS 16 INCREASE IN TRADE AND OTHER CREDITORS 17 CASH GENERATED FROM OPERATIONS INTEREST RECEIVED NET CASH FROM OPERATING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES PURCHASE OF FIXED ASSETS 13 NET CASH FROM INVESTING ACTIVITIES NET INCREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR CASH AND CASH EQUIVALENTS AT END OF YEAR	2021	2020
	£	£
	(1,226,538) (6,357) 1,203,714 1,523 12,016 (186,735) 155,835
		(1,013,422)
		(26,264)
		1,198,907
		-
		5,705
		77,672
		4,659
	(46,542)	247,257
	6,357	26,264
	(40,185)
		273,521
	(60,691)	(220,966)
	(60,691)	(220,966)
	(100,876) 4,090,885	52,555
		4,038,330
	3,990,009	4,090,885

The accounting policies and notes on pages 19 to 31 form an integral part of these financial statements.

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The Forum Trust Limited

NOTES TO THE FINANCIAL STATEMENTS,

1 ACCOUNTING POLICIES

The following accounting policies have been used consistently in dealing with items which are considered material in relation to the financial statements.

a) Basis of preparation of financial statements

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and Generally Accepted Accounting Practice.

The Forum Trust Limited is private company limited by guarantee and is incorporated in England and Wales and meets the definition of a public benefit entity under FRS 102. The reporting currency is £ sterling. The address of the registered office is as detailed on page 3. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

b) Judgements in applying accounting policies and key sources of estimation uncertainty The charitable company and group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are addressed below.

(i) Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 13 for the carrying amount of the property plant and equipment, and note 1(i) for the useful economic lives for each class of assets.

c) Going concern

The Directors have prepared financial forecasts which take account of the impact of the Covid-19 pandemic and having considered these carefully have concluded that they have a reasonable expectation that the company and group have adequate resources to continue in operational existence for the foreseeable future, thus they continue to adopt the going concern basis of accounting in preparing the financial statements. This conclusion reflects the significant level of reserves and cash resources held.

d) Group financial statements

The financial statements consolidate the results of the charity and its wholly owned subsidiary The Forum (Norwich) Limited on a line-by-line basis.

e) Reserves

The Company establishes restricted reserves for specific purposes where their use is subject to external restrictions.

The Restricted Capital and Projects Fund represents the balance of the cost of the building less accumulated depreciation and other capital funding commitments.

The Restricted Building Services fund represents sinking fund reserves to cover the replacement of major items. These are classed as restricted funds as they are contributions from tenants held on trust for the material replacement of plant and the structure of the building.

The remainder of the reserves are classed as unrestricted reserves , which are available for use at the discretion of the Directors in furtherance of the charitable objectives of the Trust. Within unrestricted reserves the group has established designated reserves where reserves are earmarked for a particular purpose.

An explanation of the reserves policy implemented by the Company is detailed in the Report of the Board of Directors.

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The Forum Trust Limited

1 ACCOUNTING POLICIES (continued)

f) Income

All income is included in the Statement of Financial Activities when the Group is entitled to the income, it is probable that the income will be received and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

• Income from donations and grants are included in the financial statements when receivable. Grants, where entitlement is not conditional on the delivery of specific performance by the Company, are recognised when the Company becomes unconditionally entitled to the grant.

• Investment income is included when receivable.

• Property rental income is included in the financial statements in relation to the period to which it relates under the various property leases.

• Income from charitable activities is recognised in the financial statements on an accruals basis.

• Car park income from the subsidiary is included in unrestricted operations and is recognised in the financial statements on an accruals basis.

g) Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

h) Expenditure

All expenditure is accounted for on an accruals basis and has been listed under headings that aggregate all the costs relating to that activity. Where costs cannot be directly attributed they have been allocated to activities on a basis consistent with the use of the resources.

Overheads and other salaries are allocated between expenses headings on the basis of time spent. Governance costs are those incurred in connection with the management of the Company's assets, organisational administration and compliance with constitutional and statutory requirements.

i) Fixed Assets

All fixed assets are recorded at cost. Assets with a value of more than £1,000 are generally capitalised. Assets have been depreciated from the time they were brought into use, their useful lives being assumed as follows:

Leasehold Land	Over the 125 year lease term
Buildings	Over 50 years
Plant and Machinery	Over 25 years
South Wing Fit-out_(included within Buildings & Equipment)_	Over 5 years
Digital Display and CCTV Systems_(as above)_	Over 5 years
Office IT and Other Equipment	Over 3 years
Computer Systems_(included within Office & IT)_	Over 3 years

j) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

k) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

l) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

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The Forum Trust Limited

1 ACCOUNTING POLICIES (continued)

m) Financial instruments

The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

n) Pension policy

The Company makes contributions to personal pension arrangements. It has also selected and nominated a Stakeholder Pension Provider. It will match employee contributions to Pensions following each employee completing a probationary employment period. With regard to hourly paid staff, the Company is prepared to contribute where hours worked result in earnings which are in excess of the National Insurance Minimum Earnings Limit.

o) Taxation

The Company's charitable activities normally fall within the exemptions afforded by part 11 of chapter 3 of the Corporation Taxes Act 2010. Where this is not the case appropriate provision will be made.

p) Redundancy

Where an obligation to make a redundancy or termination payment exists, the costs incurred by the charity are accounted for on an accruals basis and included within employee benefits.

2 DONATIONS AND GRANTS – GRANTS RECEIVABLE

Grant Income – Norwich City Council Grant Income – Royal Society of Chemistry Grant Income – John Jarrold Trust Grant Income – British Science Association Grant Income – BEIS funding via UKSFN Grant Income – Community Chest Grant Income – Paul Bassham Charitable Trust Grant income – Holmes Hines Memorial Fund	Group	Group	Company	Company
	2021	2020	2021	2020
	£	£	£	£
	104,184	6,000	104,184	6,000
	-	8,650	-	8,650
	-	1,500	-	1,500
	-	9,938	-	9,938
	-	1,750	-	1,750
	-	1,000	-	1,000
	-	1,000	-	1,000
	1,000	-	1,000	-
	105,184	29,838	105,184	29,838

Of the group total, £7,000 (2020: £29,838) relates to restricted operations and £98,184 (2020: £Nil) relates to covid support grants (unrestricted operations) .

3 INCOME FROM CHARITABLE ACTIVITIES

Hire & Exhibitions	Group	Group	Company	Company
	2021	2020	2021	2020
	£	£	£	£
	21,346	285,568	21,346	285,568

All income from Hire & Exhibitions was unrestricted in both 2021 and 2020.

4 INCOME FROM OTHER INCOME

Covid-19 Job Retention Scheme Insurance claim	Group	Group	Company	Company
	2021	2020	2021	2020
	£	£	£	£
	235,079	-	235,079	-
	11,370	-	11,370	-
	246,449	-	246,449	-

Of the group total, £53,239 (2020: £Nil) relates to restricted operations and £193,210 (2020: £Nil) relates to unrestricted operations and £235,079 is government grant income.

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The Forum Trust Limited

5 ANALYSIS OF EXPENDITURE ON RAISING FUNDS

Staff costs Support costs Other direct costs	Trading expenses	Investment management costs	Total 2021	Total 2020
	£	£	£	£
	-	243,979	243,979	280,127
	39,896 310,806	- 398,703	39,896 709,509	39,642
				822,442
	350,702	642,682	993,384	1,142,211

£547,721 (2020: £653,059) of the above costs were attributable to restricted funds. £445,663 (2020: £456,278) of the above costs were attributable to unrestricted funds.

6 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIVES

Staff costs Premises Insurance Supplies and services Promotion Other overheads Allocated costs Corporate Depreciation Other direct costs	Property	Events	Hire & Exhibitions	Governance costs	Total 2021	Total 2020
			£		£	£
	-	338,170	35,863	55,604	429,637	532,092
	- - - - - - - 1,203,714 291,127	10,530 11,844 4,239 8,958 708 30,527 275,646 - 6,574	7,586 362 1,462 - - 4,780 33,153 - 780	- - - - - - - - 61,953	18,116 12,206 5,701 8,958 708 35,307 308,799 1,203,714 360,434	28,906
						2,333
						12,107
						68,579
						1,797
						43,993
						428,924
						1,198,907
						509,373
	1,494,841	687,196	83,986	117,557	2,383,580	2,827,011

£1,249,772 (2020: £1,256,155) of the above costs were attributable to restricted funds.

£1,133,808 (2020: £1,603,730) of the above costs were attributable to unrestricted funds.

Analysis of Governance Costs:

Legal and professional fees Taxation advice Audit fees Payroll costs Apportionment of staff and support costs	2021	2020
	£	£
	49,603	34,846
	1,630 10,720 - 55,604	2,655
		9,135
		500
		55,769
	117,557	102,905

7 INVESTMENT AND RENTAL INCOME

INVESTMENT AND RENTAL INCOME
Interest receivable on cash deposits Rents, service charges and Sinking Funds contributions received from tenants Costs recharged to tenants Total	2021	2020
	£	£
	6,357	26,264
	1,114,967 283,945	1,349,330
		269,154
	1,405,269	1,644,748

Of the group total, £498,773 (2020: £614,487) relates to unrestricted operations and £906,496 (2020: £1,050,261) relates to restricted operations.

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The Forum Trust Limited

8 OTHER EXPENDITURE

The company reached agreement with HM Revenue & Customs concerning the existence of a taxation liability, under trust tax, on bank interest received on the Restricted Sinking Fund accounts. The taxation charges are shown within Other Resources Expended and the breakdown of these is shown below. The trust tax rate is 45% and includes a 20% rate band on the first £1,000 of each trust.

20% rate band on the first £1,000 of each trust.
Company and Group Taxation charge on Sinking Fund bank interest received Taxation charge comprises of: Tax on Sinking Fund interest of £10,584 (2020: £11,256 at 40%) Adjustment to prior year
	2021	2020
	£	£
	4,513	3,813
	4,513	4,502
	-	(689)
	4,513	3,813

9 NET (EXPENDITURE) FOR THE YEAR

This is stated after charging: Depreciation Auditors’ remuneration Audit	Group	Group	Company	Company
	2021	2020	2021	2020
	£	£	£	£
	1,203,714	1,198,907	1,203,714	1,198,907
	10,720	9,135	7,975	8,005

10 TAXATION

Gift aid payments from the subsidiary company are effective for tax purposes in the period such distribution is formally made.

11 DIRECTORS' EMOLUMENTS

The Directors are non-executive Directors, and they received no emoluments during either year. No expenses have been paid to Directors during the year (2020: £Nil).

12 STAFF COSTS

Salaries Social Security Costs Pension Costs Life Assurance Childcare Scheme	2021	2020
	£	£
	654,143	802,900
	51,773	65,725
	63,425	70,671
	5,051	4,802
	95	137
	774,487	944,235

Redundancy/termination payments of £13,725 (2020: £Nil) were made in the year.

The key management personnel of The Forum Trust comprise the Chief Executive, the Head of Property and Facilities, the Head of Public Facing Activity and the Head of Finance. The total aggregate compensation of the key personnel were £234,345 (2020: £231,912).

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The Forum Trust Limited

12 STAFF COSTS (Continued)

Senior employees received remuneration (including benefits) falling within the following ranges:

£70,000 - £79,999	2021	2020
	Number	Number
	1	1

At the year end the company had accrued employer’s pension contributions payable of £6,477 (2020: £7,335).

NUMBER OF EMPLOYEES The monthly average number of people employed over the year (including part- time and occasional workers) was
	2021	2020
	Number	Number
	44	56

13 TANGIBLE FIXED ASSETS

Company & Group COST At 1 April 2020 Additions during the year Disposals during the year AT 31 MARCH 2021 DEPRECIATION At 1 April 2020 Provided in year On disposals AT 31 MARCH 2021 NET BOOK VALUE AT 31 MARCH 2021 NET BOOK VALUE AT 31 MARCH 2020
	Leasehold Land	Buildings & Equipment	Office & IT	Total
	£	£	£	£
	2,250,000 - -	41,987,816 26,394 (98,887)	271,588 34,297 (61,898)	44,509,404 60,691 (160,785)
	2,250,000	41,915,323	243,987	44,409,310
	331,500 18,000 -	19,493,994 1,149,420 (98,559)	191,929 36,294 (60,703)	20,017,423 1,203,714 (159,262)
	349,500	20,544,855	167,520	21,061,875
	1,900,500	21,370,468	76,467	23,347,435
	1,918,500	22,493,822	79,659	24,491,981

Of the £1,203,714 depreciation charge for the year, £248,066 relates to unrestricted assets and £955,648 relates to restricted assets.

14 INVESTMENTS

The Charity holds 1 share of £1 in its wholly owned subsidiary company The Forum (Norwich) Limited (company number 04226824) which is incorporated in the United Kingdom. The company operates a Car Park in The Forum Building. The company gift aids its taxable profits to The Forum Trust Limited.

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The Forum Trust Limited

14 INVESTMENTS (Continued)

The summary of its financial performance is set out below:

Turnover Cost of Sales Gross Profit Administrative expenses Operating (Loss)/Profit (Loss)/Profit on ordinary activities before taxation (Loss)/profit for the financial year Amount donated to The Forum Trust Limited Net Assets	2021	2020
	£	£
	376,691	979,459
	(368,552)	(460,689)
	(8,139)	518,770
	(43,106)	(43,378)
	(34,967)	475,392
	(34,967)	475,392
	(34,967)	475,392
	-	475,392
	(15,308)	19,659

15 STOCK AND WORK IN PROGRESS

WIP Costs - Events Programme	Group	Group	Company	Company
	2021	2020	2021	2020
	£	£	£	£
	2,845	14,861	2,845	14,861
	2,845	14,861	2,845	14,861

16 DEBTORS AND PREPAYMENTS

Trade Debtors Group undertakings Prepayments and accrued income Total 17 CASH AT BANK AND IN HAND Cash at Bank and in hand Total	Group	Group	Company	Company
	2021 £	2020	2021 £	2020
		£		£
	597,760 - 286,788	330,516	515,160 103,799 115,635	321,380
		-		323,868
		367,297		182,283
	884,548	697,813	734,594	827,531
	Group		Company
	2021 £	2020	2021 £	2020
		£		£
	3,990,009	4,090,885	3,987,438	3,825,068
	3,990,009	4,090,885	3,987,438	3,825,068

The operation of certain bank accounts is restricted in nature being held in respect of Sinking Funds, see note 20.

18 CREDITORS: amounts falling due within one year

Trade Creditors Provision for Income Tax Taxation and Social Security Other Creditors Accruals Deferred Income Total	Group	Group	Company	Company
	2021 £	2020	2021 £	2020
		£		£
	305,986	235,228	80,214	72,377
	2,608 49,537 160,096 80,788 371,405		2,608 49,537 160,097 77,747 432,386
		2,167		2,167
		99,804		82,289
		5,800		5,800
		91,565		86,238
		380,021		449,274
	970,420	814,585	802,589	698,145

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Deferred income 1 April 2020 Released during the year Deferred during the year Deferred income 31 March 2021	Group	Group	Company	Company
	2021 £	2020	2021 £	2020
		£		£
	380,021 (380,021) 371,405	398,504	442,274 (442,274) 432,386	459,897
		(398,504)		(459,897)
		380,021		442,274
	371,405	380,021	432,386	442,274

Deferred income related to hire income, rental income, service charge contributions and sinking fund contributed charged to tenants in advance.

19 ANALYSIS OF MOVEMENTS IN FUNDS

Group 31 March 2021 Unrestricted funds General Funds Operational Reserve Car Park Equipment Repair Fund Non Charity Trading Funds Total Unrestricted funds Restricted funds Capital and Projects Fund Building Services Total Restricted funds Total funds
	Balance 1 April 2020	Income	Expenditure	Transfers/ Taxation	Balance 31 March 2021
	£	£	£	£	£
	3,085,291 500,000 39,224 19,658	789,013 - 10,000 389,191	(1,126,773) - - (452,698)	158,304 - - (7,130)	2,905,835 500,000 49,224 (50,979)
	3,644,173 23,182,063 1,654,719	1,188,204 7,000 959,735	(1,579,471) (958,973) (843,033)	151,174 - (151,174)	3,404,080 22,230,090 1,620,247
	24,836,782	966,735	(1,802,006)	(151,174)	23,850,337
	28,480,955	2,154,939	(3,381,477)	-	27,254,417

Group 31 March 2020

Unrestricted funds General Funds Operational Reserve Car Park Equipment Repair Fund Non Charity Trading Funds Total Unrestricted funds Restricted funds Capital and Projects Fund Building Services Total Restricted funds Total funds	Balance 1 April 2019	Income	Expenditure	Transfers/ Taxation	Balance 31 March 2020
	£	£	£	£	£
	3,044,945 500,000 30,149 19,658	890,055 - 10,000 979,459	(713,812) - (925) (1,345,271)	(135,897) - - 365,812	3,085,291 500,000 39,224 19,658
	3,594,752 24,138,225 1,761,400	1,879,514 29,838 1,050,261	(2,060,008) (987,000) (926,027)	229,915 1,000 (230,915)	3,644,173 23,182,063 1,654,719
	25,899,625	1,080,099	(1,913,027)	(229,915)	24,836,782
	29,494,377	2,959,613	(3,973,035)	-	28,480,955

Transfers between funds are explained in the Directors’ Report.

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19 ANALYSIS OF MOVEMENTS IN FUNDS (continued)

Company 31 March 2021

Unrestricted funds General Funds Operational Reserve Car Park Equipment Repair Fund Total Unrestricted funds Restricted funds Capital and Projects Fund Building Services Total Restricted funds Total funds	Balance 1 April 2020 £	Income £	Expenditure £	Transfers/ Taxation £	Balance 31 March 2021 £
	3,085,291 500,000 39,224	892,488 - 10,000	(1,265,920) - -	158,304 - -	2,870,163 500,000 49,224
	3,624,515 23,182,063 1,654,719	902,488 7,000 1,068,704	(1,265,920) (958,973) (944,872)	158,304 - (158,304)	3,419,387 22,230,090 1,620,247
	24,836,782	1,075,704	(1,903,845)	(158,304)	23,850,337
	28,461,297	1,978,192	(3,169,765)	-	27,269,724

Company 31 March 2020

Unrestricted funds General Funds Operational Reserve Car Park Equipment Repair Fund Total Unrestricted funds Restricted funds Capital and Projects Fund Building Services Total Restricted funds Total funds	Balance 1 April 2019	Income	Expenditure	Transfers/ Taxation	Balance 31 March 2020
	£	£	£	£	£
	3,044,947 500,000 30,149	1,504,335 - 10,000	(1,700,897) - (925)	236,906 - -	3,085,291 500,000 39,224
	3,575,096	1,514,335	(1,701,822)	236,906	3,624,515
	24,138,225 1,761,400	29,838 1,193,014	(987,000) (1,061,789)	1,000 (237,906)	23,182,063 1,654,719
	25,899,625	1,222,852	(2,048,789)	(236,906)	24,836,782
	29,474,721	2,737,187	(3,750,611)	-	28,461,297

Restricted fund descriptions

The Capital and Projects Fund is a long term designated investment fund. The fund includes the restricted fixed assets including land, buildings and plant and machinery. Restricted income received from grants is allocated to the fund and costs relating to grants charged to the fund.

The Building Services Restricted Funds are the contributions from tenants into the Sinking Funds to provide for the long term repair and maintenance of The Forum building, and 2 Millennium Plain. The Forum Trust also makes contributions to these funds.

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20 ANALYSIS OF NET ASSETS BETWEEN FUNDS

----- Start of picture text -----
2021
Restricted Funds Unrestricted Funds
Totals
Capital and Car Park Operational Non charity
General
Projects Building Equipment Reserve Trading
Funds
Group Fund Services Repair Funds
£ £ £ £ £ £ £
Tangible Fixed 22,208,515 - - - 1,138,920 - 23,347,435
Assets
Investments - - - - - - -
Cash at Bank 16,757 1,949,711 49,224 500,000 1,471,747 2,570 3,990,009
Other Current
4,818 (329,464) - - 295,168 (53,549) (83,027)
assets / (liabilities)
22,230,090 1,620,247 49,224 500,000 2,905,835 (50,979) 27,254,417
----- End of picture text -----

----- Start of picture text -----
2020
Restricted Funds Unrestricted Funds
Totals
Capital and Car Park Operational Non charity
General
Projects Building Equipment Reserve Trading
Funds
Group Fund Services Repair Funds
£ £ £ £ £ £ £
Tangible Fixed 23,169,386 - - - 1,322,595 - 24,491,981
Assets
Investments - - - - - - -
Cash at Bank 16,907 1,805,254 39,224 500,000 1,463,683 265,817 4,090,885
Other Current
(4,230) (150,535) - - 299,013 (246,159) (101,911)
assets / (liabilities)
23,182,063 1,654,719 39,224 500,000 3,085,291 19,658 28,480,955
----- End of picture text -----

Company Tangible Fixed Assets Investments Cash at Bank Other Current assets / (liabilities)	Restricted Funds	Restricted Funds	Unrestricted Funds	Unrestricted Funds	Unrestricted Funds	2021 Totals
	Capital and Projects Fund	Building Services	Car Park Equipment Repair	Operational Reserve	General Funds
	£	£	£	£	£	£
	22,208,515 - 16,757 4,817	- - 1,949,711 (329,463)	- - 41,506 -	- - 500,000 -	1,138,920 1 1,479,464 259,496	23,347,435 1 3,987,438 (65,150)
	22,230,089	1,620,248	41,506	500,000	2,877,881	27,269,724

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20 ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued)

Company Tangible Fixed Assets Investments Cash at Bank Other Current assets / (liabilities)	Restricted Funds	Restricted Funds	Unrestricted Funds	Unrestricted Funds	Unrestricted Funds	2020 Totals
	Capital and Projects Fund	Building Services	Car Park Equipment Repair	Operational Reserve	General Funds
	£ 23,169,386 - 16,907 (4,230)	£ - - 1,805,254 (150,535)	£ - - 39,224 -	£ - - 500,000 -	£ 1,322,595 1 1,463,683 299,012	£ 24,491,981 1 3,825,068 144,247
	23,182,063	1,654,719	39,224	500,000	3,085,291	28,461,297

21 CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES The National Lottery Community Fund (as successors to the Millennium Commission) has a debenture (dated 1st May 1998) over the assets of the Company in respect of monies advanced. The total advanced at 31 March 2021 was £32,490,730 (2020: £32,490,730) out of the maximum grant to be provided of £32,490,730.

Lombard Property Facilities Limited hold an assignment of deposit (dated 8 September 2000) over Lloyds TSB Bank PLC account numbers 3363347 and 3384468. They also hold a debenture (dated 3 November 2000) fixed and floating charges over the undertaking and all property and assets. They also hold a legal mortgage (dated 13 September 2001) over the property and all buildings fixtures and erections on the property and basement car park and (dated 10 Mary 2002) over the Forum buildings, fixtures, benefit of licences and insurances. They also hold a deposit charge and deed of charge (dated 31 December 2003) over the Forum and 2 Millennium Plain buildings and the car park.

The National Lottery Community Fund hold a debenture (dated 5 June 1998) comprising fixed and floating charges over the undertaking and all property and assets. Also a charge over agreement for lease (dated 25 June 1998). Also a legal charge (dated 17 September 2001) over the Forum leasehold property, basement car park, all plant and machinery, all book debts and other debts, patents, trade-marks, service marks, designs and other intellectual property, all fees, royalties and other rights of every kind deriving therefrom. They also hold a legal charge (dated 14 May 2002) over the Forum property together with all plant and machinery, all book debts and other debts relating to income received from the property, all patents, trade-marks, service marks, designs and other intellectual property rights, all fees, royalties and other rights of every kind deriving therefrom.

Canadian Imperial Bank of Commerce hold a deposit agreement and deposit charge and an indemnity reserve deposit agreement and deposit charge (dated 8 September 2000).

At the balance sheet date there was a revenue commitment for reglazing broken roof units costing £39,445 (excluding VAT).

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22 TRANSACTIONS WITH RELATED PARTIES

During the year the group had the following transactions with related parties:

Norfolk County Council – Steven Morphew is an elected member Service, Sinking fund and insurance charges to related party Recharges to related party Trading income received from related party Trading expenditure paid to related party Amount due from related party at the year end Amount due to related party at the year end Norwich City Council – Gail Harris is an elected member Service, Sinking fund and insurance charges to related party Recharges to related party Trading income received from related party Grant income received from related party Sponsorship income received from related party Rates paid to related party Amount due from related party at the year end Amount due to related party at the year end City College Norwich – Corrienne Peasgood is Principal & CEO and Andrew Barnes is Chair Rental income from related party Service, Sinking fund and insurance charges to related party Recharges to related party Trading income received from related party Sponsorship expenditure paid to related party Amount due from related party at the year end University of East Anglia – Sarah Barrow is Dean of the Faculty of Arts & Humanities Internship expenditure paid to related party Trading income received from related party Amount due from related party at the year end Norfolk & Norwich University Hospital Trust – John Fry was Chairman of the NNUH Trust until June 2019 Trading income received from related party Norfolk & Norwich Festival – Corrienne Peasgood is a Member and Andrew Barnes was Vice Chair Trading income received from related party Trading expenditure paid to related party Amount due from related party at the year end Norwich University of the Arts – John Last was Vice Chancellor until January 2021 Trading income received from related party Sponsorship income from the related party	2021	2020
	£	£
	359,188	411,783
	73,146	49,678
	(1,248)	3,605
	30	496
	225,059	116,214
	-	390
	8,912	10,225
	955	1,084
	-	524
	91,684	-
	-	6,000
	181,319	186,344
	3,027	3,062
	177,796	171,647
	-	3,362
	-	838
	-	206
	-	2,811
	-	150
	-	12,141
	-	18,158
	(1,260)	2,509
	(333)	-
	-	1,645
	(158)	1,747
	-	600
	200	200
	-	1,304
	(490)	5,000

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22 TRANSACTIONS WITH RELATED PARTIES (Continued)

2 TRANSACTIONS WITH RELATED PARTIES (Continued)
Norwich BID – Tim Bishop and Stephen Morphew are board members Trading income received from related party Trading expenditure paid to related party Amount due from related party at the year end	2021	2020
	£	£
	-	895
	155	11,810
	-	2,738

23 OPERATING LEASES – AS LESSOR

The total future minimum lease payments under non-cancellable operating leases are as follows:

Not later than one year Later than one year and not later than five years Later than five years Total	Group	Group	Company	Company
	2021 £	2020	2021 £	2020
		£		£
	502,724 1,913,070 588,070	527,307	502,724 1,913,070 588,070	527,307
		1,954,671		1,954,671
		1,097,979		1,097,979
	3,003,864	3,579,957	3,003,864	3,579,957

24 COMPANY STATUS

The Company is a registered charity and is a Company limited by guarantee and does not have a share capital. The nature of the guarantee is that in the event of the Company being wound up each member or person ceasing to be a member within one year of the Company being wound up undertakes to contribute to the assets of the Company up to an amount not exceeding £10. At 31 March 2021 there were 11 members (31 March 2020: 11).

25 SURPLUS OF THE CHARITY (parent company)

A deficit of £1,191,573 (2020: £1,013,424) has been recognised in the accounts of the Charity. The Charity is not required to produce its own Profit and Loss account because of the exemption provision in Section 408 of the Companies Act 2006.

Page 31