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##
##
|||||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|||||||||
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||||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|
##
##
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##
##
|||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|||||||
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|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|
##
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##
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##
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##
##
##
|||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|
##
##
##
##
##
##
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|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|
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|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|
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||||||||||||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|
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|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||
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