2021-03-31-accounts

Report and Financial Statements

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Charity Number: 1112716
Company Number: 5429030
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Contents

Contents
	Page
Trustees, Officers and Professional Advisors	2
Annual Report of the Trustees	3 to 12
Directors’ Report	3
Reference and Administrative Details	3
Objectives and Public Benefit	3
Public Benefit	3
Structure, Governance and Management	3
Trustees	4
Responsibilities of the Trustees	5
Auditors	6
Strategic Report	7
Mission	7
Achievements and Performance	7
Organisational Development	9
Fundraising Approach and Performance	10
Plans for the Future	10
Financial Review	11
Risk Management	11
Principal Risks and Uncertainties	12
Independent Auditors’ Report	13 to 15
Consolidated Statement of Financial Activities	16
Consolidated and Charity Balance Sheets	16
Consolidated Statement of Cash Flows	18
Notes to the Financial Statements	19 to 27

Front Cover: Temple by David Best, 2015. Produced by Artichoke in Derry~Londonderry. Photo by Matthew Andrews. Artichoke plans to produce a similar event, Sanctuary, in Bedworth in March 2022.

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Report and Financial Statements for the year ended 31 March 2021

Trustees, Officers and Professional Advisors

As at 21 September 2021

Trustees

Stephanie Flanders (Chair) Dal Babu OBE Jan Boud Allan Cook Sarah Coop Ruth Hogarth

Richard Kitson OBE Helen Marriage MBE David Micklem Olivia Parsons Rumaanah Yasin

Company Secretary

Neil Goulder FCA DChA

Finance Committee

Stephanie Flanders Richard Kitson OBE Helen Marriage MBE Sarah Coop Neil Goulder FCA DChA

Remuneration Committee

Stephanie Flanders Richard Kitson OBE Ruth Hogarth

Nominations Committee

Stephanie Flanders Sarah Coop Ruth Hogarth David Micklem

Ethics Committee

Stephanie Flanders Ruth Hogarth Tim Marlow

Executive Directors

CEO/Artistic Director Development Director Communications Director Finance & Operations Director

Helen Marriage MBE Sarah Coop Anna Vinegrad Neil Goulder FCA DChA

Registered Office and Operating Office

Toynbee Studios 28 Commercial Street London E1 6AB

Auditors

Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG

Bankers

Santander 100 Ludgate Hill London EC4M 7RE

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Annual Report of the Trustees

The Trustees present their report and the audited financial statements for the year ended 31 March 2021. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice – Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS102.

Directors’ Report

The Directors present their report for the year ended 31 March 2021, which should be read in conjunction with the Strategic Report.

Reference and Administrative Details

The registered name of the charity, the charity number and the company number are shown on the front cover of this report.

The registered office, current Trustees, executive Directors and advisers are show in the Trustees, Officers and Professional Advisors section of this report on page 2.

The Trustees who served during the year are listed in the Trustees section on page 4.

Objectives and Public Benefit

Objectives

Artichoke is a creative company producing extraordinary events in public spaces. Artichoke's mission is to conceive and produce events which set new benchmarks for the way in which the imagination of the artist can transform lives. Our events inspire, challenge and delight, giving pleasure to the widest possible audience. In fifteen years, the charity has raised over £36m to fund 24 projects and 13 conferences, and is one of Arts Council England’s National Portfolio Organisations.

Artichoke is unique: it does not duplicate the activity of other organisations and inhabits a territory outside the mainstream, working beyond the theatre, concert hall and gallery. It aims to put on shows which, whilst every bit as ambitious and technically complex as those of the major institutions, are popular, if not populist, in nature.

Public Benefit

We take full account of the guidance in the Charity Commission's general guidance on Public Benefit when reviewing our aims and objectives and in planning our future activities. In particular, the Trustees consider how activities will contribute to the aims and objectives set.

The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the charity.

Artichoke Trust has fulfilled its remit to put on extraordinary events that can change the way people look at the world. In 2020/21 Artichoke worked throughout the pandemic restrictions, releasing the Peace Camp sound track; planning and fundraising for Sanctuary, Combustion and Lumiere Durham 2021, and undertook the research and planning for additional events in following years.

Structure, Governance and Management

The financial statements that follow later in this report comprise the Statement of Financial Activities, the Balance Sheet, and the Statement of Cash Flows and related notes.

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Report and Financial Statements for the year ended 31 March 2021

The organisation is a charitable company limited by guarantee, incorporated on 19 April 2005 and registered as a charity on 13 January 2006.

The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. The Directors of the company are also charity Trustees for the purposes of charity law. In addition to the Annual General Meeting, decisions are taken at regular meetings of the Trustees.

Staff

The Trustees wish to record their thanks to the Artichoke staff who have risen to the challenge of remote working in a year which was focussed on preparing for a number of substantial projects in 2021/22 and beyond.

Pay Policy

Artichoke seeks to recruit high performing individuals, and sets remuneration levels which consider a range of factors including:

• An individual’s skills, performance and experience;

• The size and responsibility of the role; and

• External benchmark data for the charity and cultural sector.

When possible, an appropriate annual cost of living increase is considered.

Trustees

Trustees, who are also the Directors for the purpose of charity law, who served during the year and up to the date of this report are as follows:

Stephanie Flanders	Ruth Hogarth
Dal Babu	Richard Kitson OBE
Jan Boud	Helen Marriage MBE
Judith Chan (resigned 16 March 2021)	David Micklem
Allan Cook	Olivia Parsons
Sarah Coop	Rumaanah Yasin
Ivo Dawnay (resigned 29 September 2020)

Trustee Induction and Training

The induction process varies for each Trustee to ensure that every new member of the Board has the support they need to deepen their understanding of the organisation and their role as a Trustee. Elements of the induction include meeting the Chief Executive and Executive Directors, meeting other Board members, information packs and film footage about Artichoke's work and attendance at events.

Governance Methods

The Board of Trustees meets at least four times each year. Day to day management is delegated to senior staff. The CEO/Artistic Director and Development Director are Trustees and permission was given by the Charity Commission to appoint them to the Trustee Board.

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The Board has set up four Committees to focus on key policy areas affecting the Charity, and is responsible for all appointments to these Committees:

Finance Committee

Members of the Finance Committee consist of Board members plus the Finance & Operations Director. Key responsibilities are for Finance and Control, Audit and Risk.

Remuneration Committee

The committee is responsible for setting the remuneration of key management personnel and may carry out benchmarking exercises to ensure levels of pay are comparative to similar roles in the charitable and cultural sector.

Nominations Committee

The committee monitors the mix of skills on the Board, which shapes the manner in which it recruits new Trustees.

Ethics Committee

The committee is responsible for setting policy on potential funders, and reviewing specific prospective funders where necessary.

The Finance Committee meets at least four times a year, and reports back to each Trustee Meeting.

The Remuneration Committee meets in the first quarter of each calendar year, with further meetings as necessary.

The Nominations and Ethics Committees meet as necessary.

Responsibilities of the Trustees

The Trustees, who are also Directors of Artichoke Trust for the purpose of company law, are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires The Trustees to prepare financial statements for each financial year and not approve the financial statements unless they are satisfied that the financial statements give a true and fair view of the state of the affairs of the charity as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the year then ended.

In preparing these financial statements which give a true and fair view, the Trustees have followed best practice and:

• selected suitable accounting policies and then apply them consistently;

• observed the methods and principles of the Charities SORP;

• made judgements and estimates that are reasonable and prudent;

• stated whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepared the financial statements on the going concern basis as it is appropriate to presume that the charitable company will continue in business.

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

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Report and Financial Statements for the year ended 31 March 2021

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable Company's website. Legislation in the United Kingdom governing the preparation and dissemination of Financial Statements may differ from legislation in other jurisdictions.

In accordance with §418 of the Companies Act 2006, as the charity’s Directors, the Trustees certify that:

• so far as they are aware, there is no relevant audit information of which the charitable company’s Auditors are unaware; and

• as the Directors of the charity they have taken all the steps that they ought to have taken in order to make themselves aware of any relevant audit information and to establish that the charity’s Auditors are aware of that information.

This confirmation is given and should be interpreted in accordance with s418 of the Companies Act 2006.

Going concern

The Trustees consider there are no material uncertainties about the charity's ability to continue as a going concern. Despite the restrictions caused by Covid-19, the nature of our work allowed our staff to work from home during Lockdown, and our Designated Reserve was sufficient to cover a budget deficit in 2020/21 while we focused on 2022/3 projects. Shortly after the year end Artichoke received a £500k loan and £100k grant from the Social Investment Business (SIB) under the Coronavirus Business Interruption Loan Scheme (CBILS), and £994,682 from the Culture Recovery Fund. The review of our financial position, reserves levels and future plans gives Trustees confidence that Artichoke remains a going concern for the foreseeable future. More details on the General Reserve can be found in the Financial Review on page 11.

The Directors’ Report was approved by the Trustees on 21 September 2021, and is signed as authorised on its behalf by:

Stephanie Flanders Chair of Trustees and Director Artichoke Trust

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Strategic Report

The Directors present their Strategic Report for the year ended 31 March 2021, which should be read in conjunction with the Directors’ Report, which contains further strategic information.

The Charity’s Mission

Artichoke’s mission is to conceive and produce events which set new benchmarks for the way in which the imagination of the artist can transform lives. It achieves this by producing events which inspire, challenge and delight, giving pleasure to the widest possible audience.

Achievements and Performance

At the beginning of the year, Artichoke was set to spend the majority of 2020/21 working on Galway 2020 European City of Culture. With the arrival of the pandemic and associated restrictions, the Galway contract was terminated and the company worked mainly on developing projects for 2021 and beyond. Key activities during the year were as follows:

Macnas

Artichoke worked with Galway street theatre company Macnas as Executive Producer to rework its planned theatrical spectacle, Gilgamesh, in the wake of Covid-19. Gilgamesh was a dramatic interpretation of the world’s oldest surviving literary epic, with a creative team that includes one of Ireland’s most prominent playwrights, Marina Carr, and award-winning designer Julian Crouch. Artichoke’s role in Gilgamesh includes production and communications.

Peace Camp

During the summer, Artichoke re-edited the soundtrack to the 2012 Peace Camp installation. The hour-long soundscape was released via Soundcloud.

Combustion

During the year, Artichoke worked on the Research and Development of Combustion, a festival originally planned for Bedworth in the summer of 2021. An initial festival “Sanctuary” is planned for March 2022, with the main festival put back to Summer 2023.

Lumiere

During the year, Artichoke worked on the planning and fundraising for Lumiere, which returns to Durham for the seventh time in November 2021.

Office Refurbishment

Artichoke’s offices were cramped, in a poor state of repair, and unsuitable for Covid-safe working. Following a review of the options, Artichoke took out a ten-year lease on its offices at Toynbee studios, plus an adjoining meeting room and corridor. The spaces were knocked through and turned into offices suitable for the company’s longer-term needs. The work was completed in time for 21 June, the original date for Step 4 of the Government’s roadmap out of Lockdown.

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Report and Financial Statements for the year ended 31 March 2021

Arts Council England and Let’s Create

Under its 10-year strategy Let’s Create, ACE is setting a clear agenda for a broader kind of cultural democracy and will target funding accordingly. ACE requires a much more active role for the Boards of arts organisations and expects to see evidence of closer scrutiny by Boards of the organisation’s progress towards meeting ACE targets. We are confident that our work over the past sixteen years will be viewed as exemplary in respect of ACE’s new policy direction. We do recognise, however, that we will need to shift the emphasis of what we do and how we describe it.

We have responded to Let’s Create with a business plan which outlines our ambitions for 2021/22 and 2022/23, together with a budget and audience engagement plans for the current pipeline of projects. Our plan addresses how we aim to meet ACE’s Investment Principles, with the proviso that these will evolve over the next two years. It also sets out the intended outcomes of our projects, which we believe make a significant contribution to ACE’s ambition to develop people’s creativity, have a deep and lasting effect on places and the people who live in them, and develop diverse talent.

Over the next two years, we will concentrate on playing three different roles.

• Firstly, as a creative placemaker, we will work with and form long-term partnerships with public, private and voluntary organisations to develop projects located in communities which elevate, transport, animate or provoke people out of their comfort zones. They will offer hope and optimism and celebrate local communities’ strengths and ideas, particularly after the trauma of the COVID pandemic. In doing so, we will build our digital presence to improve reach, experience and engagement for both live and remote audiences.

• In our second role, as an enabler, we will identify, support and champion people who have traditionally faced systemic barriers to developing careers in the arts, whether that be as artists, producers, technicians or administrators. By providing the necessary ‘scaffolding’ - for example through traineeships, mentoring, and commissions - we will develop people’s vocational and technical skills to help shape a cultural workforce that reflects the local communities and wider society where we work to engage and delight.

• While Artichoke’s events have succeeded beyond all expectations in relation to their popularity and their ability to showcase the work of contemporary artists, they have not always succeeded in breaking through the prejudice that exists around work in the public domain in the minds of critics and the wider art world. So, in our third role, we will act as an advocate, working with audiences, participants, academics, funders and sponsors to spark debates that question, explore and challenge perceptions of what art is, what it can achieve and how it can inspire.

The projects we are now developing will require new partnerships and fresh ways of working. They will require us to be diverse in the skills and perspectives we bring together, and to cut across the usual boundaries of the public, private and voluntary sectors as we always have. Artichoke has always responded quickly to address the challenges and opportunities of the time and we are confident that our bold and ambitious ideas will help to reinvigorate the relationship between artists and audiences and develop understanding of what constitutes ‘next practice’ as we emerge from Lockdown.

Inclusivity and Diversity

The events of May 2020, with the murder of George Floyd in the United States and the raised profile of Black Lives Matter, forced us to revisit and place greater emphasis on our commitment to inclusion. In the last year, we have moved forward on all fronts to prioritise an approach to recruitment, artist selection, learning and participation and audiences that emphasises diversity and inclusion.

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Artichoke’s Inclusivity Working Group (IWG) is made up of staff and Board members, and is a forum for progressive discussion on matters relating to diversity and inclusion. The IWG meets regularly to review existing company policies and to bring forward for discussion new and progressive employment, communications and programming ideas. Feedback from the IWG is made to the SMT in relation to policy initiatives and to the wider staff for the promotion of a continuing forward-looking agenda.

Artichoke’s Green strategy

Artichoke is taking a more active approach to a Green agenda. Within the company we have formed a Green Team that looks at our own practices and tries to encourage a ‘circular’ approach to everything we do, from energy use within the office through to adopting Cycling to Work schemes. The Green Team is a voluntary group made up of staff members. In refurbishing the office, we decided not to install air conditioning, despite the extremes of heat and cold depending on the season. Instead, we have invested in blinds (both winter and summer) as well as living plants and opening windows. LED lighting has replaced the previous fixtures and we continue to monitor our use of paper and other consumables.

We continue to investigate new ways of making our events ever more sustainable. We follow closely the activities and approach of SiPA (Sustainability in Production Association), a grouping of major event producers including many of the large outdoor festivals, and are taking on board a variety of their green initiatives.

We are also in discussion with Cundalls, a global engineering company, and have proposed a formal partnership to look at ways to mitigate our event carbon footprint. Our proposal centres around a long-term relationship at Board level, using our events as pilots to trial new practices and new thinking. The proposal is with Cundalls’ SMT/Sustainability Team at the moment for consideration.

We have been investigating active ways to offset our carbon footprint and are in discussion with the Woodland Trust to set up a Artichoke tree-planting scheme, which would see us directly funding tree planting in proportion to our energy uses as a line-item in the budget.

Finally, following several months of work with the Climate Coalition developing a prospective project for COP26 in November, we decided to withdraw our proposal and are now looking at creating a stand-alone project with Early Morning Opera to present at COP26 instead.

Organisational Development

Staff Development

The company is committed to training and development for both core and temporary staff. Annual review meetings are held with core staff and training and development plans revised for the coming year. Staff are supported in membership of professional bodies and to take an active role within their field, learning from others and sharing their own knowledge. Several members of staff benefitted from bespoke mentoring programmes. The company continues to monitor and review the implementation and development of its diversity action plan.

Staff are encouraged to engage widely with external agencies and organisations and company members have spoken at conferences, events and forums during the year. Artichoke hosts training placements, including paid opportunities, to support the development of those working in and entering the sector.

The company is a member of the Living Wage Foundation.

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Report and Financial Statements for the year ended 31 March 2021

Fundraising approach and performance

Each project is supported by a Development Board, which includes key stakeholders and advises the Development team.

Artichoke received £476,748 core funding from Arts Council England as part of its National Portfolio Agreement. With the Covid restrictions preventing festivals during the year, fundraising for projects amounted to £430,368 (including Deferred Income).

The Arts Council extended Artichoke’s NPO funding through until 2023 as part of its Covid19 response plan, and Durham County Council funding for Lumiere Durham has been confirmed for 2021.

Data Protection

The charity’s main fundraising activity involves communications with statutory bodies, corporates, trusts and foundations via telephone, fundraising events, sponsored events, gala dinners and email in line with best fundraising practice. We have a number of members of our Hearts supporters’ scheme, and communicate with them in line with the terms of that scheme.

Where members of the public have joined our mailing list, or have signed up to take part in a specific event, we adhere to tight guidelines informed by the GDPR legislation. Our privacy policy can be found at https://www.artichoke.uk.com/privacy-policy-2/

Our fundraising activities with the public follow the following principles:

• We do not sell contact details to anyone;

• We only contact individuals if they have expressed an interest in our work;

• If we are asked to change how we communicate with individuals, or stop, we will respect that;

• We do not engage in cold-calling, door to door or street fundraising;

• We try hard to ensure no one ever feels pressurised to support our work;

• We adhere to best fundraising practice; and

All our activities are open, fair, honest and legal.

No complaints about fundraising activity were received in the year.

Plans for the Future

Artichoke received significant support shortly after the year end, allowing it to deliver festivals within months of the end of Lockdown at the end of June 2021:

• A £500k loan and £100k grant from the Coronavirus Business Interruption Loan Scheme; and

• A £994,682 grant from Round 2 of the Culture Recovery Fund.

Key projects planned in the next fifteen months includes:

• Concluding our Executive Producer work with Macnas .

• Women Making History exhibition;

• Mass Notification System : a small project in Brighton;

• Temple : an installation in Bedworth, which will be a forerunner to the Combustion festival in 2022. This is funded from the CRF Grant;

• Lumiere Durham 2021 ;

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• New National Gallery : a project to bring art to billboards This is partially funded from the CRF Grant; and

• Oxford Together : a festival celebrating the achievements of the city of Oxford.

Financial Review

The detailed figures for the year ended 31 March 2021 are set out in the financial statements that follow this Trustees’ Report.

Activities were principally supported by our Arts Council NPO Grant and our Designated Reserve. There was some limited use of furlough (resulting in £82k of CJRS income) and recruitment of three posts were delayed, but the majority of the year was spent preparing the company to emerge rapidly from Lockdown in Summer 2021.

At 31 March 2021 the general unrestricted fund is £720,818 – approximately six months’ reserves (31 March 2020: £652,352) – and the Designated Reserve had shrunk from £761,011 to £60,000 – a sum sufficient to fund a small project.

Balance Sheet

Total net assets at 31 March 2021 are £909,666. Further details of the funds analysis can be found in notes 11 and 12 of the financial statements.

Reserves policy

The Trustees have examined the charity's requirements for reserves in the light of the main risks to the organisation. The Trustees are committed to maintaining sufficient reserves to support current organisational activities and to:

• See the charity through the Covid-19 crisis;

• Safeguard the charity's service commitment in the event of unforeseen delays or interruptions to income streams;

• Provide protection against risk, including a shortfall on project funding; and

• Develop new projects.

Artichoke’s strategic priority is to run a sustainable business that focusses on its unique output, and its position in the cultural fabric of the nation. To support sustainability, and in line with its duties as a charity, the organisation needs to maintain reserves. The target for general unrestricted reserves, excluding those tied up in tangible fixed assets and designated reserves, is to hold six months’ operating costs. On current expenditure, this amount is equivalent to £720,000.

The general reserve at the year-end was £720,818, with £60,000 remaining in the Designated Reserve. This provides a strong financial foundation, allowing Artichoke to absorb a forecast deficit of £250k in 2021/22. We plan to restore the General Reserve within the following two years.

In addition, the charity had restricted funds carried forward at 31 March of £129,148. Details of the restrictions on those funds are provided on page 25.

Risk Management

Artichoke has a formal risk management process through which the Board identifies the major risks to which the organisation may be exposed and has ranked these by likelihood and impact. Project Risk Registers are maintained on an ongoing basis, and the charity’s overall Risk Register was updated in March 2021. All significant risks, together with current mitigation actions, are reviewed by the Trustees. The Trustees are satisfied that systems have been developed and are in place to mitigate identified risks to an acceptable level.

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Report and Financial Statements for the year ended 31 March 2021

Principal Risks and Uncertainties

The principal risks and uncertainties identified by the charity are as follows:

Risk Identified Action taken to mitigate the risk Fundraising lower than forecast Targets being interrogated, scenario planning in operation Key personnel risk Insurance, Succession Planning Project operational and funding Risks identified in Project Risk Register and addressed risks and mitigated through assiduous monitoring and planning Covid 19 Offices closed throughout pandemic and expanded/refurbished to allow distancing; ensure plans for future projects are sufficiently flexible to incorporate Government guidelines as they evolve.

The Strategic Report was approved by the Trustees on 21 September 2021, and is signed as authorised on its behalf by:

Stephanie Flanders Chair of Trustees and Director Artichoke Trust

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Independent Auditors' Report to the Members and Trustees of Artichoke Trust

Opinion

We have audited the financial statements of Artichoke Trust for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Income and Expenditure account, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the charitable company’s affairs as at 31 March 2021 and of the charitable company’s net movement in funds, including the income and expenditure, for the year then ended;

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

have been prepared in accordance with the requirements of the Companies Act 2006.

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 charity 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 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 Trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report. 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

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Report and Financial Statements for the year ended 31 March 2021

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. 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 Trustees’ Report (which includes the Strategic Report and the Directors’ Report prepared for the purposes of company law) 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 included within the Trustees’ 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 charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report (which incorporates the Strategic Report and the Directors’ Report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept by the charitable company; or

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

• certain disclosures of Trustees’ remuneration specified by law are not made; or

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

• the Trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the Trustees’ Report and from the requirement to prepare a Strategic Report.

Responsibilities of Trustees for the financial statements

• As explained more fully in the Trustees’ responsibilities statement set out on page 5, the Trustees (who are also the Directors 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 Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

• In preparing the financial statements, the Trustees are responsible for assessing the 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 Trustees either intend to liquidate the 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

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,

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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.

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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to charity and company law applicable in England and Wales, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011, and consider other factors such as income tax, payroll tax and VAT.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to revenue recognition and management override of controls. Audit procedures performed by the engagement team included:

• Inspecting correspondence with regulators and tax authorities;

• Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

• Evaluating management’s controls designed to prevent and detect irregularities;

• Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and

• Challenging assumptions and judgements made by management in their critical accounting estimates.

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. Our audit work has been undertaken so that we might state to the charitable company's members 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, as a body, for our audit work, for this report, or for the opinions we have formed.

Jane Askew (Senior Statutory Auditor) For and on behalf of Haysmacintyre LLP, Statutory Auditor Date: 21/9/2021

10 Queen Street Place London EC4R 1AG

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Report and Financial Statements for the year ended 31 March 2021

Statement of Financial Activities (including Income & Expenditure Account) for the year ended 31 March 2021

			2021		2020
	Unrestricted		Restricted	Total	Total
	Notes	£	£	£	£
Income from:
Donations and legacies	3	574,472	-	574,472	532,806
Charitable Activities	4	169,956	29,641	199,597	2,811,231
Investments
Interest receivable		8,282	-	8,282	7,283
Total Income		752,710	29,641	782,351	3,351,320
Expenditure on:
Raising funds	6	385,725	-	385,725	360,766
Charitable Activities	6	1,043,346	68,825	1,112,171	2,813,169
Total Expenditure		1,429,071	68,825	1,497,896	3,173,935
Net income (expenditure) for the year
before taxation		(676,361)	(39,184)	(715,545)	177,385
Taxation	8	43,816	-	43,816	714,183
Net income (expenditure) for the year
after taxation		(632,545)	(39,184)	(671,729)	891,568
Funds brought forward 1 April 2020		1,413,363	168,332	1,581,695	690,127
Funds at 31 March 2021	12	780,818	129,148	909,966	1,581,695

The statement of financial activities includes all gains and losses recognised in the year. All transactions during the year are derived from continuing activities.

Full comparative figures for the year ended 31 March 2020 are shown in note 16. The notes on pages 19 to 27 form part of these financial statements.

16

Artichoke Trust Balance Sheet

as at 31 March 2021 Company Number: 5429030

Notes Fixed assets Investments Current Assets Debtors 9 Cash at bank and in hand 10 Net current assets Net assets 11 Funds Unrestricted funds General reserve 12 Designated reserve 12 Restricted funds 12 TOTAL FUNDS 12 Creditors:amounts falling due within one year	£ £ £ £ 2 2 60,104 919,283 1,131,026 782,083 1,191,130 1,701,366 (281,166) (119,673) 909,964 1,581,693 909,966 1,581,695 720,818 652,352 60,000 761,011 129,148 168,332 909,966 1,581,695 2021 2020
	£ 60,104 1,131,026
	1,191,130 (281,166)

The financial statements on pages 16 to 27 were approved by the Trustees on 21 September 2021 and signed on their behalf by:

Stephanie Flanders Chair

17

Report and Financial Statements for the year ended 31 March 2021

Statement of Cash Flows and Net Debt for the year ended 31 March 2021

Net (expenditure) income for the year before tax Investment income Tax Decrease (increase) in debtors Increase (decrease) in creditors Net cash generated by (used in) operating activities Returns on investment and servicing of finance Bank interest received Increase (decrease) in cash and cash equivalents in the year Cash at 1 April Cash at 31 March Reconciliation of net (expenditure) / income to net cash flow from operating activities

2021 2020 £ £ (715,545) 177,385 (8,282) (7,283) 43,816 714,183 859,179 (588,278) 161,493 (439,662) 340,661 (143,655) 8,282 7,283 348,943 (136,372) 782,083 918,455 1,131,026 782,083

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Notes to the Accounts

1. Accounting Policies

These financial statements are prepared on a going concern basis under the historical cost convention. The principal accounting policies adopted are set out below.

Accounting convention

The financial statements have been prepared in accordance with the Financial Reporting Standard Applicable in the UK and the Republic of Ireland (FRS 102). The charitable company is a public benefit company for the purposes of FRS 102, and has prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102 (Charities SORP, second edition effective 1 January 2019), the Companies Act 2006 and the Charities Act 2011.

Going concern

As explored in the Directors’ Report on page 6, the Trustees have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern including the impact of the Covid-19 pandemic. The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular, the Trustees have considered the charity’s forecasts and projections and have taken account of pressures on grants, sponsorship, donations and investment income. The Trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgments and estimates

In preparing financial statements, it has been necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. In the view of the Trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements and no estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

Title

The charitable company has an exemption under Paragraph 60 of the Companies Act 2006 from using “Limited” in the title.

Income and expenditure

Income and expenditure items have been credited or charged in the Statement of Financial Activities on an accruals basis. All income is recognised once the charity has entitlement to income, it is probable that income will be received and the amount of income receivable can be measured reliably.

Grants, donations and sponsorship income

Unrestricted income relating to future accounting periods is taken to the balance sheet as deferred income for recognition in those future accounting periods.

19

Report and Financial Statements for the year ended 31 March 2021

Donations in kind

Where the charity receives donated services or facilities for which it would otherwise have paid, these are valued at the estimated amount that the charity would have paid to acquire the service or facility.

Restricted funds

Income is recorded on a receivable basis and allocated to a Restricted Fund if a limitation on their use is specified by the donors and providers. Funds received for the direct operation of the charity are treated as unrestricted funds. Other income received without external restriction is designated by the Trustees for particular purposes as deemed appropriate.

Direct charitable expenditure

Overheads are allocated to direct charitable expenditure on the basis of the time spent by staff on activities which directly serve objectives of the Board.

Expenditure on Raising Funds

All expenses incurred with the intention of raising funds for the charity are allocated to Raising Funds.

Museums & Galleries Exhibition Tax Relief

There are substantial uncertainties over the mechanisms and eligibility of this relief, so MGETR is recognised it at the time it is approved by HMRC.

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.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments.

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.

Pensions

Existing employees with service of over three months may opt to contribute to the group stakeholder pension or to a personal pension scheme, funded by contributions from employer and employee salary sacrifice. The charity operates a defined contribution scheme and pension costs charged in the financial statements equal the contributions payable during the year.

2. Company Structure

The charity is a company limited by guarantee registered in England. The members of the company are the Trustees named on page 2. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. At 31st March 2021 the number of members was 11 (2020: 14).

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3. Income from Donations

ncome from Donations	ncome from Donations
Unrestricted £ Donations for core activities: Arts Council England 476,748 Coronavirus Job Retention Scheme 82,539 Core grants 559,287 Hearts memberships and donations 15,185 574,472 Donations for projects: Lumiere Durham - PROCESSIONS - - Total donations 574,472		Restricted 2021 2020 £ £ £ - 476,748 468,134 - 82,539 -
	559,287 15,185	- -	559,287 468,134 15,185 51,147
	574,472	-	574,472 519,281
	- -	- -	- 13,500 - 25
	-	-	- 13,525
	574,472	-	574,472 532,806

In 2020, all donations for core activities and all but £13,500 of donations for projects were unrestricted.

4. Income from Charitable Activities

ncome from Charitable Activities	ncome from Charitable Activities
Unrestricted Notes £ Grants 4a 23,201 Earned income 4b 146,755 Sponsorship 4c - Total income from charitable activities 169,956		Restricted 2021 2020 £ £ £ 29,641 52,842 64,654 - 146,755 2,244,177 - - 502,400
	169,956	29,641	199,597 2,811,231

In 2020, all income from charitable activities was unrestricted apart from £63,504 of grants.

4a Income from Charitable Activities – Grants

ncome from Charitable Activities – Grants	ncome from Charitable Activities – Grants
Unrestricted £ Lumiere Durham 2021 Trusts and Foundations Evan Cornish Foundation - Sir James Knott Trust - Fresh Leaf Charitable Foundation - Savoy Educational Trust - Hadrian Trust - Quebec Ministry of Culture - Amazon 1,000 R W Mann Trust - Trusts and Foundations 1,000 Total Lumiere Durham 2021 1,000		Restricted 2021 2020 £ £ £ 7,000 7,000 - 5,000 5,000 - 4,841 4,841 - 2,300 2,300 - 1,000 1,000 - 1,200 1,200 - - 1,000 - 300 300 -
	1,000	21,641	22,641 -
	1,000	21,641	22,641 -

21

Report and Financial Statements for the year ended 31 March 2021

In 2020, all but £1,150 of grant income was Lumiere Durham 2019 Statutory Funding Trusts & Foundations Total Bloomberg Connects Trusts and Foundations Bloomberg Philanthropies Less: Deferred Income Total Bloomberg Connects PROCESSIONS Statutory 1418 Now Total PROCESSIONS Other Trusts & Foundations Total Other Total grants	- -	- -	- 5,875 - 57,629
	-	-	- 63,504
	50,000 (27,799)	- -	50,000 - (27,799) -
	22,201	-	22,201 -
	-	8,000	8,000 -
	-	8,000	8,000 -
	-	-	- 1,150
	-	-	- 1,150
	23,201	29,641	52,842 64,654
	restricted.

4b Income from Charitable Activities – Earned Income

Unrestricted £ Commissions/Fees: Lumiere Durham 39,408 Galway 2020 and related 55,476 Other 42,820 137,704 Merchandising: Lumiere Durham - PROCESSIONS 9,051 Ticket sales, artistic sales & conferences: Lumiere Durham - Other - Total earned income 146,755	Unrestricted £ Commissions/Fees: Lumiere Durham 39,408 Galway 2020 and related 55,476 Other 42,820 137,704 Merchandising: Lumiere Durham - PROCESSIONS 9,051 Ticket sales, artistic sales & conferences: Lumiere Durham - Other - Total earned income 146,755	Restricted 2021 2020 £ £ £ - 39,408 1,291,183 - 55,476 667,316 - 42,820 235,665	Restricted 2021 2020 £ £ £ - 39,408 1,291,183 - 55,476 667,316 - 42,820 235,665
		- - - - -	137,704 2,194,164 - 20,167 9,051 25 - 28,397 - 1,424
	146,755	-	146,755 2,244,177

In 2020, all earned income was unrestricted.

Commission income and ticket sales of £163,292 for Lumiere Durham have been taken to deferred income and will be recognised as income in 2021/22.

22

4c Income from Charitable Activities – Sponsorship

Unrestricted £ Sponsorship: Lumiere Durham - Total sponsorship -	Unrestricted £ Sponsorship: Lumiere Durham - Total sponsorship -	Restricted 2021 2020 £ £ £ - - 502,400	Restricted 2021 2020 £ £ £ - - 502,400
	-	-	- 502,400

In 2020, all sponsorship income was unrestricted.

Sponsorship of £25,250 for Lumiere Durham has been taken to deferred income and will be recognised as income in 2021/22.

5. Net Income / Expenditure for the Year

Net Income / Expenditure for the Year
This is stated after charging:	2021	2020
	£	£
Auditor's remuneration:
Audit of the annual accounts	8,700	8,775
Operating lease payments	9,435	2,201

6. Total Expenditure

Total Expenditure
Costs directly allocated to activities Consultants, Producers, Artists Production costs Staff costs Audit & financial services Marketing Travel & Accommodation Other Development Support costs allocated to activities (on a time basis) Office costs Premises Bank charges Professional fees	Raising Funds £ 6,410 - 319,977 - - 518 8,778 9,137 39,811 1,094 -	Charitable activities		Total Total 2021 2020 £ £ 100,721 728,224 41,371 973,126 1,007,081 1,029,355 8,700 8,775 79,831 81,693 4,696 248,991 8,778 5,079 45,689 69,900 199,055 25,699 1,974 2,718 - 375 1,497,896 3,173,935
		Performance £ 94,311 41,371 687,104 - 79,831 4,178 - 36,552 159,244 880 -	Governance £ - - - 8,700 - - - - - - -
	385,725	1,103,471	8,700

The increase in premises costs reflects the costs of the office refurbishment.

For full comparatives, see note 16.

23

Report and Financial Statements for the year ended 31 March 2021

7. Staff Costs and Numbers

Salaries and other staff costs Social security costs Pension costs The average number of employees during the year Charitable activities - project staff Full-time equivalent - core The emoluments of higher-paid employees fell within the following range: £60,001 - £70,000 £70,001 - £80,000 £80,001 - £90,000 £90,001 - £100,000 £100,001 - £110,000	2021 2020 £ £ 758,832 837,003 76,736 89,782 171,514 102,571
	1,007,082 1,029,356
	10 10 9 9
	19 19
	2021 2020 - 2 2 1 - 1 1 - - 1

Pension contributions (including salary sacrifice contributions) in the year for the provision of defined contribution schemes for higher paid employees were £101,080 (2019/20: £67,368). As at 31 March 2021, March contributions of £26,038 were outstanding (2019/20: £Nil).

Out of pocket expenses, most significantly travel and subsistence, of £601 (2019/20: £7,339) were reimbursed to two Trustees (Helen Marriage, Sarah Coop) in their capacity as executive directors of the charity.

Trustees receive no remuneration as Trustees. During the year two Trustees (2019/20: two Trustees) received remuneration as members of staff: the total cost including National Insurance and pension contributions totalled £254,645 (£163,403: Helen Marriage; £104,208: Sarah Coop) (2019/20: £254,645 (£147,369: Helen Marriage; £107,276: Sarah Coop)). This is considered to be the key management remuneration paid by the charity.

8. Taxation

The company is a registered charity and is therefore not liable to income tax or corporation tax on funds received and expended on activities covered by its charitable status.

The company is, however, eligible for Museums & Galleries Tax Relief.

9. Debtors

Trade debtors Other debtors and prepayments Taxation	2021 2020 £ £ 26,653 164,530 17,723 40,570 15,728 714,183
	60,104 919,283

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10. Creditors: amounts falling due within one year

Trade creditors Other taxes and social security costs Other creditors Accruals Deferred income	2021 2020 £ £ 13,708 8,284 13,709 19,066 26,223 1,314 11,185 54,232 216,341 36,777
	281,166 119,673

All deferred income was received in the year and related to project funding. The 2020 deferred income related to a project in Durham and was released in the year.

11. Analysis of Net Assets Between Funds

	Unrestricted	Unrestricted	Restricted	Restricted		Total		Total
						2021		2020
		£		£		£		£
Fixed assets		2		-		2		2
Current assets	1,061,982			129,148	1,191,130		1,701,366
Current liabilities		(281,166)		-	(281,166)		(119,673)
		780,818		129,148		909,966	1,581,695
For full comparatives, see note 16.
Funds
	Balance at	Income		Expenditure		Taxation		Balance at
	1 April 2020							31 March	2021
	£		£		£		£		£
Restricted funds:
PROCESSIONS	168,332	8,000		(47,184)			-	129,148
Lumiere Durham 2021	-	21,641		(21,641)			-		-
	168,332	29,641		(68,825)			-	129,148
Unrestricted funds:
General Reserve	652,352	752,710		(728,060)		43,816		720,818
Designated Reserve	761,011	-		(701,011)			-	60,000
	1,581,695	782,351		(1,497,896)		43,816		909,966

For full comparatives, see note 16.

12. Funds

For full comparatives, see note 16.

Grant income and donations received specifically for projects, as outlined in the Trustees' report, are treated as restricted.

The PROCESSIONS restricted funds relate to the Women Making History exhibition in Summer 2021.

The Designated Reserve supported a budget deficit in 2020/21 as a result of Covid-19 related factors. The balance is set aside for a project in 2021/22.

13. Related party transactions

During the year seven Trustees (2019/20: eight) donated a total amount of £3,802 (2019/20: £33,502).

Further information about the Trustees who are remunerated by the Trust is provided in note 7.

25

Report and Financial Statements for the year ended 31 March 2021

14. Operating leases

At the year end, the charity was committed to the total future annual minimum lease payments in respect of operating leases:

ayments in respect of operating leases:
In less than one year In two to five years	2021 2020 £ £ 32,449 109 61,129 -
	93,578 109

15. Subsidiary undertaking

Artichoke Trust owns 100% of the £2 issued share capital of Artichoke Productions Limited. Artichoke Productions Limited is dormant and did not trade during the year or subsequent to the year end. The Companies House annual filing fee was paid on behalf of the subsidiary by Artichoke Trust.

The subsidiary had a net asset value at 31 March 2021 of £2 (2020: £2).

16. Comparative statements for 2020

Statement of Financial Activities 2020

Unrestricted £ Income from: Donations and legacies 519,306 Charitable Activities 2,747,727 Investments Interest receivable 7,283 Total Income 3,274,316 Expenditure on: Raising funds 360,766 Charitable Activities 2,707,542 Total Expenditure 3,068,308 Net income (expenditure) for the year before taxation 206,008 Taxation 714,183 Net income (expenditure) for the year after taxation 920,191 Funds brought forward 1 April 2019 493,172 Funds at 31 March 2020 1,413,363	Unrestricted £ Income from: Donations and legacies 519,306 Charitable Activities 2,747,727 Investments Interest receivable 7,283 Total Income 3,274,316 Expenditure on: Raising funds 360,766 Charitable Activities 2,707,542 Total Expenditure 3,068,308 Net income (expenditure) for the year before taxation 206,008 Taxation 714,183 Net income (expenditure) for the year after taxation 920,191 Funds brought forward 1 April 2019 493,172 Funds at 31 March 2020 1,413,363	Restricted Total £ £ 13,500 532,806 63,504 2,811,231 - 7,283 77,004 3,351,320 - 360,766 105,627 2,813,169 105,627 3,173,935 (28,623) 177,385 - 714,183 (28,623) 891,568 196,955 690,127 168,332 1,581,695
	3,274,316
	360,766 2,707,542
	3,068,308
	206,008 714,183
	920,191
	493,172
	1,413,363

26

Total Expenditure 2020

Costs directly allocated to activities Consultants, Producers, Artists Production costs Staff costs Audit & financial services Marketing Travel & Accommodation Other Development Support costs allocated to activities (on a time basis) Office costs Premises Bank charges Professional charges	Raising Funds £ 18,800 - 311,089 - - 5,008 5,079 13,980 5,140 1,670 -	Charitable activities Performance Governance Total £ £ £ 709,424 - 728,224 973,126 - 973,126 718,266 - 1,029,355 - 8,775 8,775 81,693 - 81,693 243,983 - 248,991 - - 5,079 55,920 - 69,900 20,559 - 25,699 1,048 - 2,718 375 375 2,804,394 8,775 3,173,935
		Performance £ 709,424 973,126 718,266 - 81,693 243,983 - 55,920 20,559 1,048 375
	360,766	2,804,394

Analysis of Net Assets Between Funds 2020

Unrestricted £ Fixed assets 2 Current assets 1,533,034 Current liabilities (119,673) 1,413,363	Unrestricted £ Fixed assets 2 Current assets 1,533,034 Current liabilities (119,673) 1,413,363	Restricted Total £ £ - 2 168,332 1,701,366 - (119,673) 168,332 1,581,695
	1,413,363

Funds 2020

Restricted funds: Processions Lumiere Durham 2019 Unrestricted funds: General fund Designated Reserve	Balance at 1 April 2019 £ 183,337 13,618	Income £ - 77,004	Expenditure £ (15,005) (90,622)	Transfers Balance at 31 March 2020 £ £ - 168,332 - - 168,332 - 652,352 - 761,011 - 1,581,695
	196,955 493,172 -	77,004 3,227,488 46,828	(105,627) (3,068,308) 714,183
	690,127	3,351,320	(2,459,752)

17. Contingent Asset

After the year end, the company submitted a claim for Museums and Galleries Tax Relief based on its results for the year ended 31 March 2020. A significant portion of its claim for the year ended 31 March 2019 had not been approved by HMRC at 31 March 2021. No accrual has been made in these financial statements for either of these.

27