2021-03-31-accounts - North Music Trust

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				Page
Reference and administrative		details		1-2
Chair's statement
Trustees' report				4-23
Trustees' responsibilities	statement			24
Independent auditor's report		on the	financial statements	25-28
Consolidated statement	offinancial		activities	29-30
Consolidated balance sheet				31
Company balance sheet				32
Consolidated statement	ofcash flows			33
Notes to the flinanciai statements				34-67

Year ended	3	1 March	2021
Trustees			Lord Falconer ofThoroton, Charles Leslie Falconer, Chair	(resigned 30June 2020)
			Sir Martin Narey, Chair
			D B Bradford (resigned 30June 2020)
			ECox MBE
			SDas
			MD Sice
			H Florek
			M Gannon (resigned 30June 2020)
			Y HKim
			RJ McEwan-Brown OBE, Vice Chair
			S G Speed
			V Sarangapani
			T Wadsworth CBE
			J Spiers
			J M Scannell
			C Jackson
Company number	registered		04044936
Charity registered number			1087445
Registered	office		The Sage Gateshead St Mary's Square
			Gateshead
			Tyne and Wear
			NE8 2JR
Company	secretary		LTuck
Senior management team			A Pogson, Managing Director LTuck, Chief Operating Officer SVening, Finance Director Colin Johnson, Finance Director (resigned 10December 2020) F Anderson, Director External Relations and Strategic Planning T Dittes, Director ofRNS &Classical Music W Smith, Director, Contemporary Music EFlounders, Director of Marketing 8 Communications (resigned 7August 2020)
Independent		auditor	UNW LLP Chartered Accountants
			Cityg ate
			St James' Boulevard
			Newcastle upon Tyne
			NE1 4JE

		Unrestricted	Restricted	Endowment	Total	Restated
		funds	funds	funds	funds	Total funds
		2021	2021	2021	2021	2020
	Note				E
Income and
endowments from:
Donations and legacies		10,086,625	2,139,525		12,226, 'I 50	6,192,927
Charitable activities		914,696			914,696	6,455,615
Other trading activities		181,149			181,149	2,966,633
Investments		14,168		161,378	175,546	272,430
Other income						70,523
Total income and endowments		11,196,638	2,139,525	161,378	13,497,541	15,958,128
Expenditure on:
Raising funds:
Fundraising		566,995		38,672	605,667	739,061
Trading activities		1,346,570			1,346,570	3,045,052
Charitable activities	8	6,371,113	509,566		6,880,679	10,957,246
Exceptional costs	11	601,466			601,466
Total expenditure		8,886,144	509,566	38,672	9,434,382	14,741,359
Net income before
net gains/(losses)
on investments		2,310,494	1,629,959	122,706	4,063,159	1,216,769
Net gains/(losses) on
investments				1,032,429	1,032,429	(492,410)
Net income /
(expenditure)		2,310,494	1,629,959	1,155,135	5,095,588	724,359
Transfers between
funds	21	774,560	(934,636)	160,076
Net movement in funds		3,085,054	695,323	1,315,211	5,095,588	724,359

			Unrestricted	Restricted	Endowment	Total	Total
			funds	funds	funds	funds	funds
			2021	2021	2021	2021	2020
		Note		E	E
Reconciliation	of
funds:
Total funds brought
forward			2,285,369	1,107,932	6,034,312	9,427,613	8,703,254
Net movement	in funds		3,085,054	695,323	1,315,211	5,095,588	724,359
Total funds carried forward			5,370,423	1,803,255	7,349,523	14,523,201	9,427,613

				2021		2020
		Note				F
Fixed assets
Intangible assets		14		370		4,732
Tangible assets		15		3,170,873		2,345,362
Investments		16		7,349,523		6,355,766
				10,520,766		8,705,860
Current assets
Stocks		17	28,746		39,281
Debtors		18	1,542,815		2,317,377
Cash at bank and in hand			9,650,367		3,773,274
			11,221,928		6,129,932
Creditors: amounts	falling due within one
year		19	(3,994,263)		(5,101,868)
Net current assets				7,227,665		1,028,064
Total assets less current liabilities				17,748,431		9,733,924
Creditors: amounts	falling due after more
than one year		20		(3,225,230)		(306,311)
Total net assets				14,523,201		9,427,613
Charity funds
Endowment funds		21		7,349,523		6,034,312
Restricted funds		21		1,803,255		1,107,932
Unrestricted funds		21		5,370,423		2,285,369
Total funds				14,523,201		9,427,613

				2021		2020
		Note		E
Fixed assets
Intangible assets		14		370		4,732
Tangible assets		15		3,133,296		2,271,866
Investments		16		7,349,525		6,355,768
				10,483,191		8,632,366
Current assets
Debtors		18	2,657,826		2,908,256
Cash at bank and	in hand		7,955,717		1,999,600
			10,613,543		4,907,856
Creditors: amounts	falling due within one
year		19	(3,745,021)		(4,746,706)
Net current assets				6,868,522		161,150
Total assets less	current liabilities			17,351,713		8,793,516
Creditors: amounts	falling due after more
than one year		20		(3,225,230)		(298,334)
Total net assets				14,126,483		8,495,182
Charity funds
Endowment funds		21		7,349,523		6,034,312
Restricted funds		21		928,255		1,107,932
Unrestricted funds		21		5,848,705		1,352,938
Total funds				14,126,483		8,495,182

			2021	2020
			E	F
Cash flows from operating activities
Net cash used in operating activities			3,877,651	999,122
Cash flows from investing activities
Dividends, interests and rents from investments			175,546	272,430
Purchase of intangible assets				(634)
Purchase oftangible fixed assets			(1,126,539)	(780,349)
Proceeds from sale ofinvestments			3,629,425	1,896,137
Purchase ofinvestments			(3,590,754)	(1,853,173)
Net cash used in investing activities			(912,322)	(465,589)
Cash flows from financing activities
Cash inflows from new borrowing			3,000,000
Repayments of borrowing			(73,104)	(63,509)
Repayments offinance leases			(15,132)	(30,292)
Net cash provided by/(used in) financing		activities	2,911,764	(93,801)
Change in cash and cash equivalents	in	the year	5,877,093	439,732
Cash and cash equivalents at the beginning		ofthe year	3,7?3,274	3,333,542
Cash and cash equivalents at the end of		the year	9,650,367	3,773,274
The notes on pages 34to 67 form part ofthese financial statements

intangible asset is recognised as income Tangible fixed assets	intangible asset is recognised as income Tangible fixed assets	intangible asset is recognised as income Tangible fixed assets	and expenditure.	and expenditure.
Individual tangible fixed assets costing			F5,000 or more are capitalised.		Fixed assets are		initially
measured at cost and subsequently		measured		at cost less accumulated depreciation.		Depreciation		is
calculated so as to write off	the cost	ofan	asset, net ofanticipated disposal		proceeds,	over the	useful
economic life ofthe assets as follows:
Furniture, fixtures and fittings				3-10years straight line
Music				10years straight line
Instruments				10years straight line
Computer equipment				3years straight line
Technical equipment				5years straight line
Leasehold property	improvements			10years straight line
Forestage lift				50years straight line
Kitchen and catering	equipment			3-5years straight line
Car park equipment				5years straight line

						Unrestricted	Restricted	Total
						funds	funds	funds
						2021	2021	2021
						F	E
Arts Council	England -	core grant				3,576,744		3,576,744
GMBC -core grant						187,534		187,534
Other grants,	recovery	grant corporate donations			and
fundraising						3,183,223	2,139,525	5,322,748
Government	grants					2,475,426		2,475,426
Community	Foundation	-Sage Gateshead		Fund		663,698		663,698
						10,086,625	2,139,525	12,226,150
						Unrestricted	Restricted	Total
						funds	funds	funds
						2020	2020	2020
						F		F
Arts Council	England -	core grant				3,512,124		'3,512,124
GMBC - core grant						187,033		187,033
Other grants, corporate		donations	and fundraising			537,538	1,180,081	1,717,619
Other grant	income					68,755		68,755
Community	Foundation	-Sage Gateshead		Fund*		707,396		707,396
						5,012,846	1,180,081	6,192,927

							Unrestricted	Total
							funds	funds
							2021	2021
Total	income	from	charitable	activities			914,696	914,696
					Un	restiicted	Restricted	Total
						funds	funds	funds
						2020	2020	2020
Total	income	from	charitable	activities		5,764,826	690,789	6,455,615

		Popular and	Total
	Classical	contemp.	funds
	2021	2021	2021
	F
Boxoffice income	71,357	437	71,794
Orchestra tax relief	34,395		34,395
Total 2021	105,752	437	106,189
		Popular and	Total
	Classical	contemp.	funds
	2020	2020	2020
		E	E
Boxoffice income	1,703,793	2,306,719	4,010,512
Orchestra tax relief	905,134		905,134
Other income	8,165	293	8,458
Total 2020	2,617,092	2,307,012	4,924,104

			Young	Public
			people	engagement	Total
			programme	programme	funds
			2021f	2021 f.	2021
Fee income			762,643	43,370	806,013
Sundry income			2,494		2,494
Total 2021			765,137	43,370	808,507
			Young	Public
			people	engagement	Total
			programme	programme	funds
			2020	2020	2020
					F
Fee income			1,207,318	319,930	1,527,248
Sundry income				4,263	4,263
Total 2020			1,207,318	324,193	1,531,511
Income from	trading	activities
				Unrestricted	Total
				funds	funds
				2021	2021
Conferences	and events			165,232	165,232
Catering income				2,700	2,700
Car park income				13,177	13177
Retail sales				40	40
				181,149	181,149

			Unrestricted	Total
			funds	funds
			2020	2020
Conferences		and events	684,690	684,690
Catering	income		1,839,814	1,839,814
Car park	income		244,478	244,478
Retail sales			197,651	197,651
			2,966,633	2,966,633

	Unrestricted	Endowment	Total
	funds	funds	funds
	2021 E	2021 f	2021
Bank interest	14,168		14,168
Dividends		161,378	161,378
Total 2021	14,168	161,378	175,546
	Unrestricted	Endowment	Total
	funds	funds	funds
	2020	2020	2020
	F	F	f.
Bank interest	10,674		10,674
Dividends		261,756	261,756
Total 2020	10,674	261,756	272,430

			Unrestricted	Endowment	Total
			funds	funds	funds
			2021	2021	2021
				F	f.
Building expenses			258		258
Marketing	expenses		218,809		218,809
Investment	management	costs		38,672	38,672
Allocation	ofsupport costs (note 10)		347,928		347,928
			566,995	38,672	605,667

			Restated
			Unrestricted	Endowment	Total
			funds	funds	funds
			2020	2020	2020
				F	f.
Marketing	expenses		266,854		266,854
Investment	management	costs		42,964	42,964
Allocation	of support costs (note 10)		429,243		429,243
			696,097	42,964	739,061

			Unrestricted	Total
			funds	funds
			2021	2021
Conferences		and events	167,498	167,498
Catering	expenses		520,653	520,653
Car park	expenses		18,369	18,369
Retail expenses			33,223	33223
Allocation	of	support costs (note 10)	606,827	606,827
Total 2021			1,346,570	1,346,570

		Restated
		Unrestricted	Total
		funds	funds
		2020	2020
		E	E
Conferences	and events	439,419	439,419
Catering expenses		1,587,152	1,587,152
Car park expenses		17,914	17,914
Retail expenses		209,971	209,971
Allocation of	support costs (note 10)	790,596	790,596
Total 2020		3,045,052	3,045,052

			Unrestricted	Restricted	Total
			funds	funds	funds
			2021	2021	2021f
Provision	ofcharitable	activities	6,371,113	509,566	6,880,679
			Unrestricted	Restricted	Total
			funds	funds	funds
			2020	2020	2020
			E	f.	F
Provision	ofcharitable	activities	10,134,106	823,140	10,957,246

			Direct	Support	Total
			costs	costs	funds
			2021	2021	2021
			E		f,
Provision	ofcharitable	activities	3,672,320	3,208,359	6,880,679
			Direct	Support	Total
			costs	costs	funds
			2020	2020	2020
			E		F
Provision	ofcharitable	activities	6,716,503	4,240,743	10,957,246

			Popular and	Total
		Classical	contemp.	funds
		2021	2021	2021
Staff costs		1,464,814	190,601	1,655,415
Artist costs		60,636	26,451	87,087
Orchestra	and soloist costs	69,372		69,372
Technical	costs	65,718	22,896	88,614
Travel and	subsistence	6,778	35	6,813
Other costs		80,066	6,793	86,859
Allocation	of support costs	997,353	997,352	1,994,705
		2,744,737	1,244,128	3,988,865

			Restated
		Restated	Popular and	Total
		Classical	contemp.	funds
		2020	2020	2020
				F
Staff costs		1,620,484	532,803	2,153,287
Artist costs		287,976	667,209	955,185
Orchestra	and soloist costs	722,180		722,180
Technical	costs	435,869	112,734	548,603
Travel and	subsistence	74,990	21,848	96,838
Other costs		132,270	298,031	430,301
Allocation	ofsupport costs	1,329,775	1,329,775	2,659,550
		4,603,544	2,962,400	7,565,944

			Young	Public
			people	engagement		Total
			programme	programme	Both	funds
			2021	2021	2021	2021
					f,	E
Staff costs			641,915	98,426		740,341
Self-employed		fees	8,010			8,010
Travel and	subsistence		(4,935)			(4,935)
Resources			14,086			14,086
Training			144			144
Hire costs			(511)			(511)
Other costs			50,922	704	869,399	921,025
Allocation	of support costs		606,827	606,827		1,213,654
			1,316,458	705,957	869,399	2,891,814
			Restated	Restated
			Young	Public
			people	engagement		Total
			programme	programme	Both	funds
			2020	2020	2020	2020
				E
Staff costs			1,190,177	400,214		1,590,391
Self-employed		fees	26,426			26,426
Travel and	subsistence		29,359	417		29,776
Resources			49,514	2,748		52,262
Training			2,026			2,026
Hire costs			9,555	3,694		13,249
Other costs			57,779	5,447	299,606	362,832
Allocation	of	support costs	790,596	790,596		1,581,192
			2,155,432	1,203,116	299,606	3,658,154

				Costs of
				raising	Trading	Charitable	Total
				funds	activities	activities	funds
				2021	2021	2021	2021
					E	E
Direction	and	policy		76,238	35,578	142,312	254,128
Human resources				7,586	28,826	115,303	151,715
Building	services			48,725	185,154	740,618	974,497
Finance,	accountancy		and audit	33,672	33,672	134,689	202,033
IT				64,156	64,156	256,626	384,938
Marketing	and	customer experience		57,679	115,358	980,547	1,153,584
Irrecoverable		VAT		7,476	28,408	113,630	149,514
Tech Team				22,265	44,529	378,493	445,287
Process	Planning			6,840	13,680	116,277	136,797
Depreciation				12,205	46,380	185,521	244,106
Other costs				11,086	11,086	44,343	66,515
				347,928	606,827	3,208,359	4,163,114

statement	s as	the bas	is for allocation in th	e prior year has also b	een revised a	s below.
				Restated	Restated	Restated
				costs of	trading	charitable	Total
				raising funds	activites	activities	funds
				2020	2020	2020	2020
				E		F
Direction	and	policy		90,652	42,304	169,216	302,172
Human resources				8,378	31,836	127,346	167,560
Building	services			76,064	289,043	1,156,174	1,521,281
Finance.	accountancy		and audit	49,727	49,727	198,907	298,361
IT				60,356	60,356	241,422	362,134
Marketing	and	customer experience		86,579	173,158	1,471,844	1,731,581
Irrecoverable		VAT		6,952	26,416	105,663	139,031
Tech Team				24,831	49,662	422,125	496,618
Process	Planning			8,408	16,815	142,929	168,152
Depreciation				12,136	46,118	184,473	242,727
Other costs				5,161	5,161	20,645	30,967
				429,244	790,596	4,240,744	5,460,584

		Unrestricted	Total	Total
		funds	funds	funds
		2021	2021	2020
		F	F	F
Restructuring	costs	601,466	601,466

			2021	2020
Depreciation oftangible		fixed assets:
-owned	by the charitable group		298,865	273,039
Amortisation of intangible fixed assets			4,362	8,354
Auditor's	remuneration	-audit	17,400	16,550
Auditor's	remuneration	-other services	1,250	1,200
Operating	lease rentals		14,687	14,589

Staff costs
				Group	Group	Company	Company
				2021	2020	2021	2020
				F	E	F	F
Wages and	salaries			3,167,124	7,268,100	2,549,393	6,170,120
Social security costs				301,742	499,797	285,027	443,585
Contribution	to defined	contribution	pension
schemes				186,115	460,260	180,129	439,379
				3,654,981	8,228,157	3,014,549	7,053,084

		Group	Group	Company	Company
		2021	2020	2021	2020
		No.	No.	No.	No.
Performance	Programming	50	53	50	53
Creative Learning		107	132	107	132
Management	and administration	108	69	108	69
Customer services team		243	211	243	211
		508	465	508	465

Group	Group
2021	2020
No	No

14.	Intangible assets
	Group and company
		Software &
		website
		development
		E
	Cost
	At 1 April 2020	60,163
	At 31 March 2021	60,163
	Amortisation
	At 1 April 2020	55,431
	Charge for the year	4,362
	At 31 March 2021	59,793
	Net book value
	At 31 March 2021	370
	At 31 March 2020	4,732

	Leasehold	Fixtures,		Assets
	property	fittings &		under
	improvements	equipment	Instruments	construction	Total
			E.	E
Cost
At 1 April 2020	'I,540,659	3,384,659	617,624	573,448	6,116,390
Additions		201,319		925,220	1,126,539
Disposals		(14,503)			(14,503)
At 31 March 2021	1,540,659	3,571,475	617,624	1,498,668	7,228,426
Depreciation
At 1 April 2020	811,456	2,606,380	353,192		3,771,028
Charge for the year	44,660	218,926	23,190		286,776
On disposals		(251)			(251)
At 31 March 2021	856,116	2,825,055	376,382		4,057,553
Net book value
At 31 March 2021	684,543	746,420	241,242	1,498,668	3,170,873
At 31 March 2020	729,203	778,279	264,432	573,448	2,345,362

	Leasehold	Fixtures,		Assets
	property	fittings &		under
	improvements	equipment	Instruments	construction	Total
	E	E		f.	F
Cost
At 1 April 2020	1,540,659	2,609,052	617,624	573,448	5,340,783
Additions		199,156		925,220	1,124,376
At 31 March 2021	1,540,659	2,808,208	617,624	1,498,668	6,465,159
Depreciation
At 1 April 2020	811,456	1,904,269	353,192		3,068,917
Charge for the year	44,660	195,096	23,190		262,946
At 31 March 2021	856,116	2,099,365	376,382		3,331,863
Net book value
At 31 March 2021	684,543	708,843	241,242	1,498,668	3,133,296
At 31 March 2020	729,203	704,783	264,432	573,448	2,271,866

				Listed
				investments
Group
Cost or valuation
At 1 April 2020				6,355,766
Additions				3,590,754
Disposals				(2,867,333)
Revaluations				270,336
At 31 March 2021				7,349,523
Net book value
At 31 March 2021				7,349,523
At 31 March 2020				6,355,766
	Investments
	in
	subsidiary		Listed
Company	companies	f	investments	Total f,
Cost or valuation
At 1 April 2020			6,355,766	6,355,768
Additions			3,590,754	3,590,754
Disposals			(2,867,333)	(2,867,333)
Revaluations			270,336	270,336
At 31 March 2021		2	7,349,523	7,349,525
Net book value
At 31 March 2021		2	7,349,523	7,349,525
At 31 March 2020		2	6,355,766	6,355,768

	The following	w	ere subsidiary undertaki	ngs ofthe company:
	Names			Company	Class of	Holding Included			in
				number	shares		consolidation
	Music North Limited			04344453	Ordinary		100% Yes
	Royal Northern		Sinfonia Limited	100998218	Ordinary		100% Yes
	The financial	results ofthe subsidiaries		for the year were:
	Names			Income Expenditure		Profit/(Loss)			Net
					F	for	the year	assets/(liabi
							F		lities)
	Music North	Limited		181,149	(797,254)		(164,802)		(54,072)
	Royal Northern		Sinfonia Limited	1,805,625 2,200,411			(394,786)	426,620
17.	Stocks
							Group		Group
							2021		2020
							F		F
	Goods for resale						28,746		39,281
1&.	Debtors
				Group	Group		Company	Company
				2021	2020		2021		2020
						F
	Trade debtors			284,961	580,909		155,579		379,740
	Amounts owed		by group undertakings				1,932,951	2,061,894
	Other debtors			852,834	1,555,986		188,661		134,557
	Prepayments	and accrued income		405,020	180,482		380,635		332,065
				1,542,815	2,317,377		2,657,826	2,908,256

					Group	Group	Company	Company
					2021 f.	2020f	2021 F	2020 E
Other loans (note 20)					79,220	79,220	79,220	79,220
Trade creditors					494,485	356,517	435,285	326,662
Other taxation and	social		security		170,842	218,090	171,133	220,136
Obligations under finance			lease and hire
purchase contracts					8,041	15,196
Other creditors					32,953	48,009	32,375	41,379
Accruals and deferred		income			3,208,722	4,384,836	3,027,008	4,079,309
					3,994,263	5,101,868	3,745,021	4,746,706
					Group	Group	Company	Company
					2021	2020	2021	2020
					f.	F		E
Deferred income
Deferred income brought			forward		3,301,196	3,108,354	3,062,016	2,930,731
Resources deferred	during the year				1,825,022	2,977,386		2,738,206
Amounts released	from previous			periods	(2,474,997)	(2,784,544)		(2,606,921)
Deferred income at		31 March 2020			2,651,221	3,301,196	3,062,016	3,062,016

			Group	Group	Company	Company
			2021 E	2020	2021	2020f
Other loans			3,225,230	298,334	3,225,230	298,334
Net obligations		under finance lease and hire
purchase	contracts			7,977
			3,225,230	306,311	3,225,230	298,334

								Balance at
			Balance at 1			Transfers	Gains/	31 March
			April 2020 F	Income f	Expenditure	in/out E	(Losses)	2021
Unrestricted
funds
Designated
funds
Capital projects			573,448			925,220		1,498,668
Fixed asset		fund				1,066,695		1,066,695
Financial
security fund						500,000		500,000
			573,448			2,491,915		3,065,363
General funds
General funds			1,711,921	11,191,037	(8,886,144)	(1,717,355)		2,299,459
Unallocated
amounts				5,601				5,601
			1,711,921	11,196,638	(8,886,144)	(1,717,355)		2,305,060
Total
Unrestricted
funds			2,285,369	11,196,638	(8,886,144)	774,560		5,370,423
Endowment
funds
Endowment		fund	6,034,312	161,378	(38,672)	160,076	1,032,429	7,349,523
Restricted
funds
Forestage	Lift		615,030			(9,520)		605,510
Capital project			492,902	754,959		(925,116)		322,745
Garfield Weston				875,000				875,000
CoMusica-
National
Foundation		for
Youth Music				92,860	(92,860)
David Goldman
awards				3,654	(3,654)

							Balance at
		Balance at 1			Transfers	Gains/	31 INarch
		April 2020	income	Expenditure	in/out	(Losses)	2021
		f.	E	E		E
Community
Music Sparks			178,289	(178,289)
CoMusica-
National
Foundation	for
Youth Music			189,771	(189,771)
Individual
donations			18,279	(18,279)
Principal
partners			26,713	(26,713)
		1,107,932	2,139,525	(509,566)	(934,636)		1,803,255
Total offunds		9,427,613	13,497,541	(9,434,3&2)		1,032,429	14,523,201

										Balance at
			Balance at					Transfers	Gains/	31 March
			1 April	2019 E	Income	Expenditure	f	in/out	(Losses) f	2020
Unrestricted
funds
Designated
funds
Capital projects								573,448		573,448
General funds
General funds			1,169,918		13,825,502	(13,875,255)		591,756		1,711,921
Total
Unrestricted
funds			1,169,918		13,825,502	(13,875,255)		1,165,204		2,285,369
Endowment
funds
Endowment		fund	6,569,686		261,756	(42,964)		(261,756)	(492,410)	6,034,312
Restricted
funds
Forestage	Lift		633,650			(18,620)				615,030
Capital project			330,000		1,081,795	(15,445)		(903,448)		492,902
In Harmony					282,172	(282,172)
Centre for
Advanced
Training					187,424	(187,424)
David Goldman
awards					29,450	(29,450)
Community
Music Sparks					19,806	(19,806)
CoMusica-
National
Foundation		for
Youth Music					156,493	(156,493)
Individual
donations					11,096	(11,096)
Principal
partners					26,463	(26,463)

Statement offun	ds - prior year	(continued)
						Balance at
	Balance at			Transfers	Gains/	31 March
	1 April 2019	Income	Expenditure	in/out	(Losses)	2020
	E				F
0 Kavil OG Knut		52,671	(52,671)
PRSFTalent
Development		23,500	(23,500)
	963,650	1,870,870	(823,140)	(903,448)		1,107,932
Total offunds	8703,254	15,958,128	(14,741,359)		(492,410)	9,427,613

Analysis	ofnet assets between funds -	current year
		Unrestricted	Restricted	Endowment	Total
		funds	funds	funds	funds
		2021f	2021 F	2021 E	2021 E
Tangible	fixed assets	2,565,363	605,510		3,170,873
Intangible	fixed assets	370			370
Fixed asset investments				7,349,523	7,349,523
Current assets		10,024,183	1,197,745		11,221,928
Creditors	due within one year	(3,994,263)			(3,994,263)
Creditors	due in more than one year	(3,225,230)			(3,225,230)
Total		5,370,423	1,803,255	7,349,523	14,523,201

		Unrestricted	Restricted	Endowment	Total
		funds	funds	funds	funds
		2020	2020	2020	2020
			E		F
Tangible	fixed assets	1,730,332	615,030		2,345,362
Intangible	fixed assets	4,732			4,732
Fixed asset investments		321,454		6,034,312	6,355,766
Current assets		5,192,102	937,830		6,129,932
Creditors	due within one year	(4,656,940)	(444,928)		(5,101,868)
Creditors	due in more than one year	(306,311)			(306,311)
Ttl		2,285,369	1,107,932	6,034,312	9,427,613

23.	Reconciliation ofn	et movement	in fund	s to net cash flow from ope	rating activities
					Group	Group
					2021	2020
						f.
	Net income for the year (as per Statement			of Financial Activities)	5,095,588	724,359
	Adjustments for:
	Depreciation and amortisation charges				291,138	281,393
	Losses/(gains) on investments				(1,032,429)	492,410
	Dividends, interests	and rents from	investments		(175,546)	(272,430)
	Loss on the sale of	fixed assets			14,252
	Decrease in stocks				10,535	23,559
	Decrease in debtors				774,562	54,591
	(Decrease)/increase	in creditors			(1,100,449)	(253,975)
	Decrease in provisions					(50,785)
	Net cash provided	by operating	activities		3,877,651	999,122
24.	Analysis ofcash and cash equivalents

		Group	Group
		2021	2020
Cash	in hand	9,650,367	3,773,274
Total	cash and cash equivalents	9,650,367	3,773,274

						Other non-
				At I April		cash	At 31 March
				2020	Cash flows	changes	2021f
				F
Cash at bank and	in hand			3,773,274	5,877,093		9,650,367
Debt due within I	year			79,220	(73,104)	73,104	(79,220)
Debt due after I year				298,334	3,000,000	(73,104)	(3,225,230)
Finance leases				23,173	(15,132)		(8,041)
				3,372,547	2,965,329		6,337,876
Capital commitments
				Group	Group	Company	Company
				2021	2020	2021	2020
				K		E	F
Contracted for but not provided			in these
financial statements
Acquisition oftangible		fixed assets		656,000	912,000	656,000	912,000

At 31 March 2021 the group and the company had comm payments under non-cancellable operating leases as follows:	itments to make future minim	um lease
	Group	Group
	2021	2020
	F	F
Not later than I year	14,687	14,687
Later than I year and not later than 5years	23,702	39,394
	38,389	54,081