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2021-03-31-accounts

REGISTERED COMPANY NUMBER: 04609212 (England and Wales) REGISTERED CHARITY NUMBER: 1110138

TRUSTEES' REPORT AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

FOR

FIERCE! (FESTIVAL) LIMITED

Sedulo Accountants Limited Chartered Certified Accountants 62-66 Deansgate Manchester M3 2EN

FIERCE! (FESTIVAL) LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Page
Trustees' Report 1 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Statement of Financial Position 7 to 8
Notes to the Financial Statements 9 to 15
Detailed Statement of Financial Activities 16 to 17

FIERCE! (FESTIVAL) LIMITED

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019).

Governing document

Fierce! (Festival) Limited is a Private Limited Company (4609212), limited by guarantee and not having a share capital, and a Registered Charity (1110138). The company is governed by Memorandum and Articles of Association, incorporated 3 December 2002, as amended by special resolution passed 31 May 2005. The basic company information is correct up to the date of filing this document.

Directors

The directors as named on page 4 have served either throughout or during the year.

Organisational Management

The Fierce! (Festival) Limited trustees meet at least four times per year which in 2020-21 has been online due to the ongoing Covid-19 pandemic and the related health and legal implications of meeting in person. A series of sub-groups in Finance, Fundraising and Marketing & Communications meet as required. The annual Board away day enables strategic planning and medium to long term review of organisational risk. Potential new trustees are invited to observe a Board meeting before becoming a trustee. The trustees have delegated the authority to Aaron Wright (Artistic Director) for the day-to-day management of the charity.

OBJECTIVES AND ACTIVITIES

Purposes and activities

Fierce! (Festival) Limited is Birmingham's cultivator of artists, audiences and contexts for new intersectional performance, (curating the leading international Live Art Festival), guided by our core values, trust; rigour; disruption and joy. Fierce has an international reputation for intelligent commissioning and commissioned work tours worldwide. The festival embraces theatre, dance, music, installations, activism, digital practices and parties. Fierce fills the city with performances in theatres, galleries and out-of-the-ordinary spaces Fierce is guided by its vision to transform the national performing arts landscape so that:

Planned public-facing activity in 2020-21 including a Club Fierce event in partnership with the Birmingham Hippodrome had to be cancelled because of the Covid-19 pandemic and related lockdown restrictions. A further three shows and special events which were in early planning stages had to be cancelled or postponed. Instead, the opportunity was taken to focus on organisational development and ensuring financial stability going forward which has included employment of an Administrative Assistant from January 2021. Fierce secured funding from Arts Council England as part of the consortium delivering the Horizon showcase of performance at the Edinburgh Festivals and planning for this, as well as two projects for the Birmingham Commonwealth Games Cultural Programme in 2022, began this year.

Supported by our main funder, ACE, and as a further impact of the ongoing COVID-19 pandemic, the Board have agreed to reschedule the planned 2021 festival by one year to allow adequate time to research, plan and fundraise for the festival in October 2022.

Page 1

FIERCE! (FESTIVAL) LIMITED

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021

The trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have regard to the Charity Commission's general guidance on public benefit "Charities and Public Benefit".

Fundraising

Fierce was awarded a bursary from the Weston Jerwood Foundation for an Assistant Curator who will join the team in April 2021, supported by a programme of organisational development.

Fundraising in 2020-21 has focussed on future projects as well as reviewing prospects and developing strategies in light of the ongoing pandemic and its effects on the funding landscape.

Programme

Fierce Further

Supported by the Jerwood Foundation, the Fierce Further programme began this year with research and initial meetings with artists. Progress has been delayed by the Covid-19 restrictions which has limited the potential for research; 3 artists have been selected for commissions for the 2022 festival with 3 artists offered other forms of support and funding for their work.

Distinctly Birmingham

This programme, funded by the Greater Birmingham and Solihull Local Enterprise Partnership (GBSLEP) is aimed at supporting artists developing work for the public realm and looking at alternative ways of supporting that work through partnerships with local businesses. The selected artists met with the lead facilitator and representatives from one of Birmingham's BIDs, their visits to the city were delayed by Covid-19 restrictions and will now take place early in 2021-22 followed by their pitches to local business leaders.

Fierce FWD

Trips planned for the cohort of 6 artists on this artist development programme had to be cancelled due to Covid-19. The programme was wrapped up and has been redesigned to launch in 2021-22 to offer broader support for more artists in the region.

Equality and diversity

Equality and diversity are at the core of Fierce's vision and the levels of inequity in our society exposed by the pandemic and the numerous struggles for liberation which have reached mainstream conversation in 2020 have prompted some specific work in this area including:

Fierce recognises the need to continue to pursue the diversification of the team and board, which has been a key objective in the recent recruitment and ongoing board recruitment.

Page 2

FIERCE! (FESTIVAL) LIMITED

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021

FINANCIAL REVIEW

Financial position

The festival's biennial model produces consecutive years of surplus and deficit and the aim for 2020-21 was to recoup the deficit from the 2019 festival year of £55,811 to produce a surplus ahead of the 2021 festival. The Covid-19 pandemic has meant that expected earned income from ticket sales and hire of our rehearsal room was not achievable and fundraising had to be put on hold as several funds closed, repurposed, or restricted funding. To mitigate these changes careful financial management, use of the government's Job Retention Scheme when possible and developing income streams such as consultancy, meant that the switch from a deficit - break-even model to a surplus - break-even one ahead of the next festival in 2022 was achieved.

Total income for the year was £159,898 and total expenditure was £76,792 resulting in a surplus of £20,981 after the deficit of £55,811 from 2019-20.

Reserves policy and going concern

As described above, the successful switch to a surplus - break-even model around the biennial festival has resulted in a surplus of £20,981 allowing a contribution of £5,000 to reserves.

Fierce has yet to build sufficient reserves equivalent to a minimum three months' general expenditure to cover a period of unforeseen difficulty but this is a significant first step. A successful application to Arts Council England's Culture Recovery Fund will allow a more significant contribution to reserves in 2021-22 with long-term plans to build the reserves fund by contributing further in non-festival years. As such, the trustees believe it is appropriate to prepare the financial statements on the going concern basis.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006 and is governed by it's Memorandum and Articles of Association adopted on incorporation on 5 December 2002 as amended by special resolution on 31 May 2005.

Risk policy discussion

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

04609212 (England and Wales)

Registered Charity number

1110138

Registered office

Albert House Albert Street Birmingham B4 7UD

Page 3

FIERCE! (FESTIVAL) LIMITED

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021

Trustees

E Evans T J Hodgson Dr B L Lobel S S Trotman G A Collinge S Pennington H J Dyke S T M Campbell (appointed 13.7.20) J Johnson-Small (appointed 29.9.20)

Company Secretary

Ms C Groom

Independent Examiner

Sedulo Accountants Limited Chartered Certified Accountants 62-66 Deansgate Manchester M3 2EN

Bankers

Barclays Bank plc Birmingham Business Centre Colmore Road Birmingham

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

6th September 2021 Approved by order of the board of trustees on ............................................. and signed on its behalf by:

.......................................................................... E Evans - Trustee

Page 4

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

FIERCE! (FESTIVAL) LIMITED

Independent examiner's report to the trustees of Fierce! (Festival) Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or

  2. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

  3. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Daniel Wilson FCCA Sedulo Accountants Limited Chartered Certified Accountants 62-66 Deansgate Manchester M3 2EN

Date: .............................................

Page 5

FIERCE! (FESTIVAL) LIMITED

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

----- Start of picture text -----
31.3.21 31.3.20
Unrestricted Restricted Total Total
fund fund funds funds
Notes £ £ £ £
INCOME FROM
Grants and contributed 2 153,307 3,600 156,907 233,086
Other trading activities 3 2,991 - 2,991 37,013
Total 156,298 3,600 159,898 270,099
EXPENDITURE ON
Charitable activities
Charitable Expenditure 81,331 1,775 83,106 325,975
NET INCOME/(EXPENDITURE) 74,967 1,825 76,792 (55,876)
RECONCILIATION OF FUNDS
Total funds brought forward (55,282) (529) (55,811) 65
TOTAL FUNDS CARRIED FORWARD 19,685 1,296 20,981 (55,811)
----- End of picture text -----

The notes form part of these financial statements

Page 6

FIERCE! (FESTIVAL) LIMITED

STATEMENT OF FINANCIAL POSITION 31 MARCH 2021

----- Start of picture text -----
31.3.21 31.3.20
Unrestricted Restricted Total Total
fund fund funds funds
Notes £ £ £ £
FIXED ASSETS
Tangible assets 9 778 - 778 1,038
CURRENT ASSETS
Debtors 10 12,690 - 12,690 25,151
Cash at bank 29,260 1,296 30,556 -
41,950 1,296 43,246 25,151
CREDITORS
Amounts falling due within one year 11 (23,043) - (23,043) (82,000)
NET CURRENT ASSETS/(LIABILITIES) 18,907 1,296 20,203 (56,849)
TOTAL ASSETS LESS CURRENT
LIABILITIES 19,685 1,296 20,981 (55,811)
NET ASSETS/(LIABILITIES) 19,685 1,296 20,981 (55,811)
FUNDS 13
Unrestricted funds 19,685 (55,282)
Restricted funds 1,296 (529)
TOTAL FUNDS 20,981 (55,811)
----- End of picture text -----

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

continued...

Page 7

FIERCE! (FESTIVAL) LIMITED

STATEMENT OF FINANCIAL POSITION - continued 31 MARCH 2021

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

6th September 2021 The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. E Evans - Trustee

The notes form part of these financial statements

Page 8

FIERCE! (FESTIVAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

In common with virtually every other charity in the country, the Company has been experiencing the effects of the Coronavirus pandemic. Whilst the full impact of this exceptional situation on the Company cannot be assessed with complete certainty at the current time, the Directors believe they have taken all possible steps to protect the Company including accessing relevant Government assistance.

At the time of signing these accounts the Directors are of the opinion that the Company will remain viable for the foreseeable future and therefore these Financial Statements have been prepared on the Going Concern basis.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment - 20% on cost

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

continued...

Page 9

FIERCE! (FESTIVAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

1. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2. GRANTS AND CONTRIBUTED

Unrestricted
funds
£
Grants
132,865
Other Project Income
1,429
Other income
-
Government Grants
19,013
153,307
Grants received, included in the above, are as follows:
Arts Council England
Jerwood Foundation
Other Project Income
The Dance Exchange
Theatre Tax Credits
Goethe Institute
Shubbak Festival
BE Fest
University of Birmingham
Midlands Art Centre
Warwick Arts Centre
Fonds Podium
Stanley Thomas
Canadian High Commission
Pro Helvetia
Flanders Arts Institute
Distinctly Birmingham
Other grants		 Restricted
funds
£
3,600
-
-
-
3,600		 31.3.21
Total
funds
£
136,465
1,429
-
19,013
156,907
31.3.21
£
133,015
1,250
750
-
-
-
-
-
-
-
-
-
-
-
-
-
2,350
(900)
136,465		 31.3.20
Total
funds
£
220,830
10,944
1,312
-
233,086
31.3.20
£
136,567
-
6,940
3,000
12,000
8,583
10,000
1,000
400
10,000
5,000
3,798
6,671
1,100
11,495
1,154
-
3,122
220,830

continued...

Page 10

FIERCE! (FESTIVAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

3. OTHER TRADING ACTIVITIES

----- Start of picture text -----
|||||| |---|---|---|---|---| |31.3.21|31.3.20| |Unrestricted|Restricted|Total|Total| |funds|funds|funds|funds| |£|£|£|£| |Ticket sales|(5,868)|-|(5,868)|30,385| |Earned income|8,859|-|8,859|6,628| |-| |2,991|2,991|37,013|

----- End of picture text -----

4. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

----- Start of picture text -----
|||| |---|---|---| |31.3.21|31.3.20| |£|£| |Depreciation - owned assets|260|260| |-| |Surplus on disposal of fixed assets|(1,298)|

----- End of picture text -----

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.

Trustees' expenses

During the year, trustee expenses were re-imbursed to the value of £x,xxx (2020 - £1,847).

6. STAFF COSTS

The average monthly number of employees during the year was as follows:

----- Start of picture text -----
|||| |---|---|---| |31.3.21|31.3.20| |Administration|3|2|

----- End of picture text -----

No employees received emoluments in excess of £60,000.

continued...

Page 11

FIERCE! (FESTIVAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

----- Start of picture text -----
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
fund fund funds
£ £ £
INCOME FROM
Grants and contributed 233,086 - 233,086
-
Other trading activities 37,013 37,013
Total 270,099 - 270,099
EXPENDITURE ON
Charitable activities
-
Charitable Expenditure 325,975 325,975
-
NET INCOME/(EXPENDITURE) (55,876) (55,876)
RECONCILIATION OF FUNDS
Total funds brought forward 594 (529) 65
TOTAL FUNDS CARRIED FORWARD (55,282) (529) (55,811)
8. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 April 2020 and 31 March 2021 10,000
AMORTISATION
At 1 April 2020 and 31 March 2021 10,000
NET BOOK VALUE
At 31 March 2021 -
At 31 March 2020 -
----- End of picture text -----

continued...

Page 12

FIERCE! (FESTIVAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

----- Start of picture text -----
9. TANGIBLE FIXED ASSETS
Computer
equipment
£
COST
At 1 April 2020 and 31 March 2021 1,298
DEPRECIATION
At 1 April 2020 260
Charge for year 260
At 31 March 2021 520
NET BOOK VALUE
At 31 March 2021 778
At 31 March 2020 1,038
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.21 31.3.20
£ £
Trade debtors 11,963 2,043
Other debtors 727 -
-
Prepayments and accrued income 23,108
12,690 25,151
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.21 31.3.20
£ £
-
Bank loans and overdrafts (see note 12) 17,437
Trade creditors - 36,784
-
Social security and other taxes 2,424
Other creditors 127 452
Accruals and deferred income 22,916 24,903
23,043 82,000
----- End of picture text -----

continued...

Page 13

FIERCE! (FESTIVAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

12. LOANS

An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank overdrafts
13.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Restricted funds
Restricted Fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Restricted funds
Restricted Fund
TOTAL FUNDS		 At 1.4.20
£
(55,282)
(529)
(55,811)
Incoming
resources
£
156,298
3,600
159,898		 31.3.21
31.3.20
£
£
-
17,437
Net
movement
At
in funds
31.3.21
£
£
74,967
19,685
1,825
1,296
76,792
20,981
Resources
Movement
expended
in funds
£
£
(81,331)
74,967
(1,775)
1,825
(83,106)
76,792

continued...

Page 14

FIERCE! (FESTIVAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

13. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

At 1.4.19
£
Unrestricted funds
General fund
594
Restricted funds
Restricted Fund
(529)
TOTAL FUNDS
65
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
270,099
TOTAL FUNDS
270,099		 Net
movement
At
in funds
31.3.20
£
£
(55,876)
(55,282)
-
(529)
(55,876)
(55,811)
Resources
Movement
expended
in funds
£
£
(325,975)
(55,876)
(325,975)
(55,876)

14. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2021 (2020: £Nil).

Page 15

FIERCE! (FESTIVAL) LIMITED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

----- Start of picture text -----
31.3.21 31.3.20
£ £
INCOME
Grants and contributed
Grants 136,465 220,830
Other Project Income 1,429 10,944
Other income - 1,312
Government Grants 19,013 -
156,907 233,086
Other trading activities
Ticket sales (5,868) 30,385
Earned income 8,859 6,628
2,991 37,013
Total incoming resources 159,898 270,099
EXPENDITURE
Charitable activities
Wages 69,179 55,248
Social security 1,744 2,243
Pensions 1,415 1,409
Insurance 1,929 1,910
Travel 294 4,907
Research and Development 259 999
Marketing and Publicity (1,889) 26,195
Project Costs 1,594 73,642
Communication costs 1,388 1,792
Artists fees and expenses 775 145,242
Rent and Rates 2,400 3,059
Office Costs 196 1,860
Accountancy 2,234 5,090
Depreciation of tangible fixed assets 260 260
-
Profit on sale of tangible fixed assets (1,298)
81,778 322,558
Support costs
Governance costs
Accountancy fees 1,250 1,250
Carried forward 1,250 1,250
----- End of picture text -----

This page does not form part of the statutory financial statements

Page 16

FIERCE! (FESTIVAL) LIMITED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

----- Start of picture text -----
31.3.21 31.3.20
£ £
Governance costs
Brought forward 1,250 1,250
Board admin 78 2,167
1,328 3,417
Total resources expended 83,106 325,975
Net income/(expenditure) 76,792 (55,876)
----- End of picture text -----

This page does not form part of the statutory financial statements

Page 17