2021-03-31-accounts

				Page
Reference and Administrative		Oetails ofthe Company,	its Trustees and Advisers
Trustees' Report				2-12
Independent	Auditors' Report	on the Financial Statements		13-16
Consolidated	Statement of Financial Activities			17
Consolidated	Balance Sheet			18
Company Balance Sheet				19
Consolidated	Statement ofCash Flows			20
Notes tothe	Financial Statements			21-44

		Reference	and Administrative Details	and Administrative Details	and Administrative Details	ofthe	Company,	Company,	ita Trustees	and Advisers	and Advisers
			For the Year		Ended 31 March 2021
Trustees			Claire Baxter
			Elizabeth Carey-Thomas
			Angels Choon
			lan Curryer
			Jade Foster (appointed		1	December 2020)
			Annabel Franks
			Susan Greenaway
			Anthea Hamilton (resigned			16June 2021)
			Harjeet Johal
			John (Jack) Kirkland	(resigned 24 June				2020)
			Barbara Matthews
			A'icha Mehrez (appointed			1 December		2020)
			David (Paul) Roberts	(resigned 23 September 2020)
			Matt Symonds
			Caragh Thuring (appointed			21 September 2021)
Company	registered
number			05678059
Charity registered
number			1116670
Registered		office	Weekday Cross
			Nottingham
			NG12GB
Senior management			Sam Thorne, Executive Director"
team			Andy Batson, Head ofAudiences				&Partnerships
			Kiera Blakey, Head of Exhibitions				(maternity		cover)
			Andrew Elliott, Finance and Operations					Director'
			Amanda Spruyt, Head	ofLearning
			Nicole Yip, Chief Curator *Non Statutory Director		and Head of Public				Programmes	(maternity	leave)
Independent		auditors	PKF Smith Cooper Audit		Limited
			Statutory Auditors &Chartered Accountants
			2 Lace Market Square
			Nottingham
			NG1 1PB
Investment		managers	Canaccord Genuity Wealth			Management
			The Point
			Loughborough Road
			West Bridgford
			Nottingham
			NG2 7QW
Solicitors			Browne Jacobson
			Mowbray House
			Castle Meadow Road
			Nottingham
			NG1 7BJ

			Unrestricted	Restricted	Total	Total
			funds	funds	funds	funds
			2021	2021	2021	2020
		Note			5	5
Income from:
Donations			33,966		33,966	82,096
Charitable activities			1,356,577	222,787	1,579,364	1,709,314
Other trading activities			76,317		76,317	676,355
Investments			16,707		16,707	19,119
Other income			278,937		278,937	95,626
Total income			1,762,504	222,787	1,985,291	2,583,513
Expenditure on:
Raising funds:
Cost ofraising donations			10,229		10,229	26,751
Other trading expenses			228,171		228,171	412,105
Charitable activities		10	1,265,128	315,984	1,581,112	2 105,760
Total expenditure			1,503,528	315,984	1,819,512	2,544,517
Net gains/(losses)	on investments		114,450		114,450	(49,285)
Transfers between	funds	22	(35,146)	35,146
Net movement in	funds		338,280	(58,051)	280,229	(10,389)
Reconciliation of	funds:
Total funds brought	forward		836,033	58,051	894,084	904,473
Net movement in funds			338,280	(58,051)	280,229	(10,389)
Total funds carried forward			1,174,313		1,174,313	894,084

		F	ort	he Year Ended 31 March 2021
					2021	2020
					K	8
Cash flows from operating		activities
Net cash	used in operating	activities			505,666	110,228
Cash flows from investing		activities
Purchase	oftangible fixed assets				(499)	(35,848)
Proceeds	from sale of investments				186,037	217,321
Purchase	ofinvestments				(182,788)	(232,489)
Net cash	provided by/(used in) investing			activities	2,750	(51,016)
Change	in cash and cash	equivalents	in	the year	508,416	59,210
Cash and	cash equivalents	at the beginning		ofthe year	421,135	381,925
Cash and cash equivalents		at the end of		the year	929,551	42'1,135
The notes on pages 21 to 44 form part ofthese financial statements

Depreciation is provided on the following basis:	Depreciation is provided on the following basis:
Plant and machinery	25o/o
Fixtures and fittings	25oA
Office equipment	25o/o
Computer equipment	25o/o

		Unrestricted	Total	Total
		funds	funds	funds
		2021	2021	2020
			6
Donations	and benefactor income	33,966	33,966	82,096
Total 2020		82,096	82096

		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
		2021	2021	2021	2020
			F
Income from charitable	activities	1,356,577	222,787	1,579,364	1,709,314
Total 2020		1,140,782	568,532	1,709,314

							Unrestricted	Restricted	Total	Total
							funds	funds	funds	funds
							2021 F	2021	2021	2020f
Arts Council England Core Funding							1,024,303		1,024,303	1,005,796
DCMS Cultural Recovery Grant							220,000		220,000
Arts Council England Capital	Investment									11,380
Arts Council England Managed		Funds						9,821	9,821	42,601
Arts Council England Cultural		Destinations								25,925
Arts Council England - Other	Funding							3,493	3,493	9,457
Nottingham Trent University	&	University				of
Nottingham grants								98,512	98,512	182,102
Other University income								11,007	11,007	26,385
Nottingham City Council							111,610		111,810	117,484
Other Trust and Foundations	Learning				grants			96,290	96,290	131,263
Exhibitions and other income								3,664	3,664	173,866
Education projects									664	3,055
							1,356,577	222,787	1,579,364	1,709,314
Total 2020							1,140,782	5S8,532	1,709,314
Trust and Foundation restricted			income split
									2021 K	2020f
Garfield Weston Foundation									8,588	15,000
Thomas Farr Foundations										2,500
Building Better Opportunities									31,963	48,898
The Paul Hamlyn Foundation									51,213	37,077
The Prtnce's Foundation for Children				8	the Arts		(Start Schools	Programme)		1,335
Family Engagement Programme									1,267	12,852
Renewal Trust										11,000
Small projects income									3,261	2,601
									96,280	131,263

					Unrestricted	Total	Total
					funds	funds	funds
					2021	2021	2020
						8	5
	Gala Dinner fundraiser						139,985
	Total 2020				139,988	139,986
	Income from non charitable		trading	activities
					Unrestricted	Total	Total
					funds	funds	funds
					2021	2021	2020
					8	8
	Shop income				41,189	41,189	171,240
	Room hire	and event fees			4,461	4,461	107,402
	Cafe income				19,465	19,465	227,638
	Artist editions income				11,202	11,202	30,090
					78,317	76,317	538,370
	Total 2020				535,370	535,370
6.	Investment	income
					Unrestricted	Total	Total
					funds	funds	funds
					2021f	2021 8	2020
	Dividends	from listed investments			16,551	16,551	17,998
	Bank interest receivable				156	156	1,123
					15,707	16,707	19,119
	Total2020				19,119	19,119

		Unrestricted	Total	Total
		funds	funds	funds
		2021	2021	2020
		5	5
Other grant income				3,158
Exhibition	tax relief	35,956	35,956	88,522
Coronvirus	Job Retention Scheme grant	197,703	197,703	4,948
Business	Support grants	45,278	45,278
		278,937	278,937	9S,S28

		Unrestricted	Total	Total
		funds	funds	funds
		2021	2021	2020
		5		5
Marketing	and public relations	7,528	7,528	23,982
Voluntary	income staff costs	2,701	2,701	2,769
		10,229	10,229	26,751
Total 2020		26,751	26,751

			Unrestricted	Total	Total
			funds	funds	funds
			2021	2021	2020
			F	6	5
Cost ofsales			54,738	54,738	238,651
Distribution	expenses		1,478	1,478	17,958
Administration		expenses	19,723	19,723	28,121
Wages and	salaries		136,495	136,495	109,251
Depreciation			15,737	15,737	18,125
			228,171	228,171	4'l2, 706
Total 2020			412,106	412106

		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
		2021	2021	2021	2020
		F	6	8	5
Costs	ofcharitable activities	1,101,258	315,984	1,417,242	1,906,734
Costs	of raising donations	18,006		18,006	18,282
Costs	of raising funds	145,864		145,864	180,744
		1,265,128	315,984	1,581,112	2,105,760
Total	2020	1,548,550	557,110	2,105,760

			Activities
			undertaken	Support	Total		Total
			directly	costs	funds		funds
			2021	2021	2021		2020
			6	6
Costs	ofcharitable	activities	1,042,953	374,289	1,417,242	1,906,734
Costs	ofraising donations			18,006	18,006		18,282
Costs	ofraising funds		71,607	74,257	145,864		180,744
			1,114,560	466,552	1,581,112	2,105,760
Total	2020		1,496,903	608,857	2,105,760

				Costs of
			Charitable	raising	Total	Total
			activities	funds	funds	funds
			2021	2021	2021	2020
			5	6	6
Staff costs			794,096	69,126	863,222	835,171
Marketing	and public relations		20,833	2,481	23,314	85,023
Irrecoverable		VAT	37,759		37,759	60,792
Exhibition	expenses		143,743		143,743	373,153
Community		and education expenses	46,522		46,522	142,764
			1,042,953	71,607	1,114,560	1,496,903
Total 2020			1,429,021	67,882	1,496,903

				Costs of
				ra Ising	Costs of
			Charitable	donations &	raising	Total	Total
			activities	legacies	funds	funds	funds
			2021	2021	2021	2021	2020
			6		K	E
Staff costs			129,318	18,006	16,369	163,693	166197
Depreciation			33,214			33,214	45,125
Office costs			16,123		2,094	18,217	20,439
Property	expenses		174,451		55,794	230,245	353,856
Training	and	professional fees	245			245	1,944
Governance		costs	20,938			20,938	21,296
			374,289	18,006	74,257	466,552	608,857
Total 2020			477,713	18,282	112,862	S08,857

Auditors' remuneration
				2021f	2020 5
Fees payable to the Group's	auditor	for the audit ofthe Group's	annual
accounts				8,650	8,650
Fees payable to the Group's	auditor	in respect of:
Ag taxation advisory services	not included above			1,050	1,050

Staff costs
	Group	Group	Company	Company
	2021 6	2020 f	2021	2020
Wages and salaries	1,051,077	1,004,310	927,203	903,481
Social security costs	75,711	74,127	67,494	87,998
Pension costs	39,323	34,950	34,919	32,857
	1,166,111	1,113,387	1,029616	1,004,138

			Group	Group	Company	Company
			2021	2020	2021	2020
			No.	No.	No.	No.
Office	and	administration	70	72	59	82

Group	Group
2021	2020
No.	No.

	Plant and	Fixtures and	Office	Computer
	machinery	fittings	equipment 6	equipment 6	Total E
Cost
At 1 April 2020	171,748	65,209	41,705	102,344	381,006
Additions				499	499
At 31 March 2021	171,748	85,209	41,705	102,843	381,505
Depreciation
At 1 April 2020	120,483	27,034	40,348	99,358	287,223
Charge for the year	33,766	13,378	717	1,090	48,951
At 31 March 2021	154,249	40,412	41,065	100,448	336,174
Net book value
At 31 March 2021	17,499	24,787	640	2,395	45,331
At 31March 2020	51,265	38,175	1,357	2,986	93,783

	Plant and	Office	Computer
	machinery	equipment	equipment	Total
	6		6	6
Cost
At 1 April 2020	144,051	41,705	102,344	288,100
Additions			499	499
At 31 March 2021	144,051	41,705	102,843	288,599
Depreciation
At 1 April 2020	97,346	40,348	99,358	237,052
Charge for the year	31,407	717	1,090	33,214
At 31 March 2021	128,753	41,065	100,448	270,266
Net book value
At 31 March 2021	15,298	640	2,395	18,333
At 31March 2020	45,705	1,357	2,986	51,048

	Listed
	investments
Group	6
Fair value
At 1 April 2020	476,827
Additions	182,788
Disposals	(186,037)
Revaluations	114,450
At 31 March 2021	588,028
Net book value
At 31 March 2021	588,028
At 31March 2020	476,827

Notes t Forthe Fixed asset Investments (continued)	o the Financial Statements Year Ended 31 March 2021
	Shares in
	group	Listed
Company	undertakings 6	investments K	Total 6
Cost or valuation
At 1 April 2020	50,000	476,827	526,827
Additions		182,788	182,788
Disposals		(186,037)	(186,037)
Revaluations		114,450	114,450
At 31 March 2021	50,000	588,028	638,028
Net book value
At 31March 2021	50,000	588,028	638,028
At 31March 2020	50,000	476,827	526,527

The following	was a subsidiary	was a subsidiary	undertaking	undertaking	undertaking	ofthe Company:	ofthe Company:
Name						Company	Class of	Holding	Included	in
						number	shares		consolidation
Noiiingham	Contemporary	Trading		Limited		06612673	Ordinary	100%	Yes
The financial	results ofthe	subsidiary			for the year were:
Name						Income	Expenditure	Profitt(Loss)	Net	assets
								ISurplus/		K
								(Deficit) for
								the year
								6
Nottingham	Contemporary	Trading				76,317	(154,836)	(78,619)		11,177
Limited

				Group	Group
				2021	2020
					5
Shop	and	cafe	stock	46,124	50,212

		Group	Group	Company	Company
		2021	2020	2021	2020
		E	5	F
Due within one year
Trade debtors		45,828	44,275	42,797	7,656
Amounts owed by group undertakings				92,377	110,011
Other debtors		38,544	95,397	36,689	95,397
Prepayments	and accrued income	85,871	93,639	83,460	89,514
		170,043	234,311	255,323	303,578

				Group	Gmup	Company	Company
				2021	2020	2021	2020
					5
Trade creditors				46,125	56,799	40,688	47,090
Other taxation and		social security		21,025	42,272	19,096	19,757
Other creditors				32,013	53,874	22,845	35,055
Accruals	and deferred income			505,601	229,238	505,601	229,238
				604,764	382,183	588,230	331,140
				Group	Gmup	Company	Company
				2021	2020	2021 f	2020
Deferred	income at 1 April 2020			367,835	153,104	367,935	153,104
Resources deferred		during the year			357,935		367,935
Amounts	released	from previous	periods		(153,104)		(153,104)
Deferred	income at 31 March 2021			367,935	367,935	367,935	367,935

							Balance at
		Balance at 1			Transfers	Gainer	31 March
		April 2020 6	Income	Expenditure 6	in/out 8	(Losses)f	2021 6
Unrestricted
funds
Designated
funds
Investment	fund	491,966	16,551	(4,247)	(16,038)	114,450	602,682
Capital repair
and replacement
fund		116,370		(8,834)			107,536
Development
fund		30,595					30,595
Exhibitions
Insurance
Excess fund		11,492				~	11,492
		650,423	16,551	(13,081)	(16,038)	114,450	752,305
General funds
Unrestricted
funds		185,610	1,745,963	(1,490,447)	(19,108)		422,008
Total
Unrestricted
funds		836,033	1,762,504	(1,503,528)	(35,146)	114,450	1,174,313
Restricted
funds
Restricted	Funds	31,380	222,787	(289,313)	35,146
Capital
investment		26,671		(26,671)
		58,051	222,787	(315,984)	35,146
Total offunds		894,084	1,985,291	(1,819,512)		114,450	1,174,313

Statement	offund	s - prior year
								Balance at
		Balance at				Transfers	Gainer	31March
		1April 2019	income f	Expenditure	f	in/outf	(Losses)f	2020f
Unrestricted
funds
Designated
funds
Investment	fund	552234	17996	(4,173)		(24,806)	(49,285)	491,966
Capital repair
and replacement
fund		136,572		(20,202)				116,370
Development
fund		30,595						30,595
Exhibitions
Insurance
Excess fund		15,208		(3,716)				11,492
		734,609	17,996	(28,091)		(24,806)	(49,285)	650,423
General funds
Unrestricted
funds		123,234	1,996,986	(1,959,416)		24,806		185,610
Total
Unrestricted
funds		857,843	2,014,982	(1,987,507)			(49,285)	836,033
Restricted
funds
Restricted	Funds	4,987	557,152	(530,759)				31,380
Capital
investment		41,642	11,380	(26,351)				26,671
		46,629	568,532	(557,110)				58,051
Total offunds		904,472	2583,514	(2,544,617)			(49,285)	894,084

Summary offund	s - prior year
						Balance at
	Balance at			Transfers	Gains/	31March
	1Aprii 2019f	Income	Expenditure E	in/oui E	(Losses)	2020
Designated
funds	734,609	17,996	(28,091)	(24,806)	(49,285)	S50,423
General funds	123,234	1,996,98S	(1,959,416)	24,806		185,610
Restricted funds	46,629	568,532	(557,110)			58,051
	904,472	2583,514	(2,544,617)		(49,285)	894,084

Analysis of net assets between funds Analysis ofnet assets between funds -current year
	Unrestricted	Restricted	Total
	funds	funds	funds
	2021	2021	2021
		6
Tangible fixed assets	30,033	15,298	45,331
Fixed asset investments	588,028		588,028
Current assets	1,145,718		1,145,718
Creditors due within one year	(589,466)	(15,298)	(604,764)
Total	1,174,313		1,174,313
Analysis of net assets between funds - prior year
	Unrestricted	Restricted	Total
	funds	funds	funds
	2020	2020f	2020
Tangible fixed assets	50,035	43,748	93,783
Fixed asset investments	476,826		476,826
Current assets	685,300	20,357	705,657
Creditors due within one year	(376,128)	(6,054)	(382,182)
	836,033	58,051	894,084

											Group	Gmup
											2021	2020
											5
	Net income/expenditure				for the	year	(as	per	Statement	of Financial
	Activities)										280,229	(10,389)
	Adjustmenbr	for:
	Depreciation	charges									48,951	63,249
	Losses/(gains)	on investments									(114,450)	57,325
	Loss on the sale of		fixed		assets							6,123
	Decrease/(increase)			in stocks							4,088	(15,948)
	Decrease in debtors										49,092	1,445,322
	Increase/(decrease)			in creditors							222,583	(135,458)
	Net cash provided		by operating			activities					490,493	1,410,226
26.	Analysis ofcash and cash equivalents
											Group	Group
											2021	2020
											5	E
	Cash in hand										929,551	421,135
27.	Analysis ofchanges			in	net debt
										At 1 April		At 31 March
										2020	Cash flows	2021
												6
	Cash at bank	and in	hand							421,135	508,416	929,551

payments	un	der non-cancellable operating leases as fol	lows:
			Group	Group	Company
			2021f	2020 f	2020 f
Not later than		1 year	1,272	2,908
Later than	1	year and not later than 5years		1,272
			1,272	4,180