2022-03-31-accounts

				Page
Reference and Administrative		Details 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
Consolidated	Statement ofCash Flows			20
Notes to the	Financial Statements			21 -43

		Reference	and Administrative		Details ofthe Company,	Details ofthe Company,	Details ofthe Company,	Details ofthe Company,	its Trustees and Advisers
			For the		Year Ended 31 March 2022
Trustees			Claire Baxter
			Elizabeth Carey-Thomas
			Angela Choon
			lan Curryer
			Jade Foster
			Annabel Franks
			Susan Greenaway
			Anthea Hamilton		(resigned	16June 2021)
			Harjeet Johal
			Barbara Matthews
			Afcha Me hrez
			Matt Symonds
			Caragh Thudng	(appointed		21 September			2021)
Company	registered
number			05678059
Charity registered
number			1116670
Registered		office	Weekday Cross
			Notgng ham
			NG1 2GB
Senior management			Sam Thorns, Executive Director'
team			Andy Batson, Head ofAudiences				&Partnerships
			Andrew Elliott, Finance and			Operations		Director*
			Amanda Spruyt,	Head ofLearning
			Nicole Yip, Chief Curator of *Non Statutory Director			Exhibitions		and Live Programmes
Independent		auditors	PKF Smith Cooper Audit Limited
			Statutory Auditors
			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
			Noitingham
			NG1 7BJ

		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
	Note	2022f	2022f	2022 6	2021f
Income from:
Donations		30,382		30,382	33,966
Charitable activities		1,426,877	315,514	1,742,391	1,579,364
Other trading activities		275,758		275,758	76,317
Investments		20,508		20,506	'/6, 707
Other income		211,484		211,484	278,937
Total income		1,965,007	315,514	2,280,521	1,985,291
Expenditure on:
Raising funds:
Cost ofraising donations		10,779		10,779	f0,229
Other trading expenses		271,563		271,563	228,171
Charitable activities	10	1,560,757	314,958	1,875,715	1,581,112
Total expenditure		1,843,099	314,958	2,158,057	1,819,512
Net gains on investments		29,580		29,580	114,450
Net movement in funds		151,488	556	152,044	280,229
Reconciliation offunds:
Total funds brought forward		1,174,313		1,174,313	894,084
Net movement in funds		151,488	556	152,044	280,229
Total funds carried forward		1,325,801	556	1,326,357	1,174,313

		F	or t	he Year Ended 31 March 2022
					2022	2021
					6
Cash flows from operating		activities
Net cash used in operating	activities				64,188	505,666
Cash flows from investing		activities
Purchase oftangible fixed assets					(8,996)	(499)
Proceeds from sale of investments					99,505	166,037
Purchase of investments					(104,353)	(182,788)
Net cash (used in)/provided		by investing		activities	(13,844)	2,750
Change in cash and cash		equivalents	in	the year	50,344	508,416
Cash and cash equivalents		at the beginning		ofthe year	929,551	421,135
Cash and cash equivalents		at the end of		the year	979,895	929,551
The notes on pages 21 to 43form part ofthese financial statements

Plant and machinery	25o/o
Fixtures and fittings	25o/o
Office equipment	25o/o
Computer equipment	25o/o

				Unrestricted	Total	Total
				funds	funds	funda
				2022	2022	2021
				8		6
Donations	and benefactor income			30,382	30,382	33,966
Total 2021				33,966	33,966
Income from charitable		activities
			Unrestricted	Restricted	Total	Total
			funds	funds	funds	funds
			2022 8	2022f	2022	2021 5
Income from charitable		activities	1,426,877	315,514	1,742,391	1,579,364
Total 2021			1,356,577	222,787	1,579,364

							Unrestricted	Restricted	Total	Total
							funds	funds	funds	funds
							2022 8	2022 8	2022 6	2021f
Arts Council England			-Core	Funding			1,024,303		1,024,303	1,024,303
Arts Council England			- Other	Funding				24,409	24,409	13,314
DCMS Cultural		Recovery Grant					107,750		107,750	220,000
Nottingham	Trent University			&University		of
Nottingham	grants						196,522	1,802	198,324	98,512
Other University		income						11,301	11,301	11,007
Nottingham	City	Council					94,868		94,858	111,610
Other Trust and		Foundations		Learning	grants			207,044	207,044	96,290
Exhibitions	and	other	income					70,958	70,958	3,664
Education	projects						3,434		3,434	664
							1,426,877	315,514	1,742,391	1,579,364
Total 2021							1,356,577	222,767	1,579,364

				2022 8	2021f
Garfield	Weston Foundation			45,471	8,586
National	Lottery IESFOpportunity	&Change	Fund	54,044	31,963
The Paul	Hamlyn Foundation			91,402	51,213
Foyle Foundation				7,622
Small projects income				8,505	4,526
				207,044	96,290

			Unrestricted	Total	Total
			funds	funds	funds
			2022 8	2022f	2021
Shop sales			137,738	137,738	41,189
Room hire	and events		41,461	41,461	4,461
Cafe income			79,060	79,060	19,465
Artist editions		income	17,499	17,499	11,202
			275,758	275,758	76,317
Total 2021			76,317	76,317
Investment		income
			Unrestricted	Total	Total
			funds	funds	funds
			2022	2022	2021
			6	6	6
Dividends	from listed investments		20,278	20,278	16,551
Bank interest		receivable	228	228	156
			20,506	20,506	16,707
Total 2021			16,707	16,707

		Unrestricted	Total	Total
		funds	funds	funds
		2022	2022	2021
		6	6
Exhibition tax relief		124,557	124,557	35,955
Coronvirus Job Retention	Scheme grant	46,013	46,013	197,703
Business Support grants		40,000	40,000	45,278
Other income		914	914
		211,484	211,484	278,937
Total 2021		278,937	278,937

		Unrestricted	Total	Total
		funds	funds	funds
		2022	2022	2021
		6	6	5
Marketing	and public relations	8,274	8,274	7,528
Voluntary	income staff costs	2,505	2,505	2,701
		10,779	10,779	10,229
Total202	1	10,229	10,229

			Unrestricted	Total	Total
			funds	funds	funds
			2022 6	2022f	2021f
Cost ofsales			148,393	148,393	54,738
Selling and distribution		expenses	1,296	1,296	1,478
Administration	expenses		21,127	21,127	19,723
Wages and salaries			86,970	86,970	136,495
Depreciation			13,777	13,777	15,737
			271,563	271,563	228,171
Total 2021			228,171	228,171

			Unrestricted	Restricted	Total	Total
			funds	funds	funds	funds
			2022 6	2022 6	2022 8	2021f
Costs	ofcharitable	activities	1,371,567	314,958	1,686,525	1,417,242
Costs	of raising donations		16,171		18,171	'l8,006
Costs	ofraising funds		171,019		171,019	145,864
			1,560,757	314,958	1,875,'715	1,581,112
Total	2021		1,265,128	315,984	1,581,112

			Activities
			undertaken	Support	Total	Total
			directly	costs	funds	funds
			2022 6	2022 6	2022f	2021 5
Costs	of charitable	activities	1,253,328	433,197	1,686,525	1,417,242
Costs	of raising donations			18,171	18,171	18,006
Costs	of raising funds		69,452	101,567	171,019	145,864
			1,322,780	552,935	1,875,715	1,581,112
Total	2021		1,114,560	466,552	1,581,112

						Costs of
					Charitable	raising	Total	Total
					activities	funds	funds	funds
					2022	2022	2022	2021
					6	6	6	6
Staffcosts					788,430	66,757	855,187	863,222
Marketing	and public relations				27,265	2,695	29,960	23,314
Irrecoverable		VAT			55,996		55,996	37,759
Exhibition expenses					288,680		288,680	143,743
Community		and education	expenses		92,957		92,957	46,522
					1,253,328	69,452	1,322,780	1,114,560
Total 2021					1,042,953	71,607	1,114,560
The allocation ofdirect costs between				activities	is on the basis ofstaff time spent		on those	activities.
Analysis of		support costs
					Costs of
			Charitable		raising donations 8	Costs of raising	Total	Total
			activities		legacies	funds	funds	funds
				2022 f	2022 8	2022 8	2022 6	2021
Staff costs				130,504	18,171	16,519	165,194	163,693
Depreciation				16,722			16,722	33,214
Office costs				14,174		2,033	16,207	18,217
Property expenses				245,754		83,015	328,769	230,245
Training and		professional	fees	3,768			3,768	245
Governance		costs		22,275			22,275	20,938
				433,197	18,171	101,567	552,935	466,552
Total 2021				374,289	18,006	74,257	466,552

Auditors' remuneration
				2022	2021
				6
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:
All taxation advisory services not included		above		1,050	1,050
Staff costs
		Group	Group	Company	Company
		2022f	2021f	2022f	2021f
Wages and salaries		995,220	1,051,077	915,906	927,203
Social security costs		74,080	75,711	68,886	57,494
Pension costs		40,556	39,323	38,094	34,919
		1,109,856	1,166,111	1,022,886	1,029,616

			Group	Group	Company	Company
			2022	2021	2022	2021
			No.	No.	No.	No.
Office	and	administration	64	70	57	59

					Group	Group
					2022	2021
					No.	No.
In	the	band	f70,001	- f80,000	1	1

	Plant and	Fixtures and	Office	Computer
	machinery	fittings	equipment	equipment	Total
	8	8	6	5	6
Cost
At 1 April 2021	171,748	55,209	41,705	102,843	381,505
Additions			5,127	3,869	8,996
At 31 March 2022	171,748	65,209	46,832	106,712	390,501
Depreciation
At 1 April 2021	154,249	40,412	41,065	100,448	336,174
Charge for the year	16,006	12,449	853	1,190	30,498
At 31 March 2022	170,255	52,861	41,918	101,638	366,672
Net book value
At 31 March 2022	1,493	12,348	4,914	5,074	23,829
At 31March 2021	17,499	24,797	640	2,395	45,331

	Plant and	Office	Computer
	machinery	equipment	equipment	Total
	6	F	6	6
Cost
At 1 April 2021	144,051	41,705	102,843	288,599
Additions		5,127	3,869	8,996
At 31 March 2022	144,051	46,832	106,712	297,595
Depreciation
At 1 April 2021	128,753	41,065	100,448	270,266
Charge for the year	14,678	853	1,190	16,721
At 31 March 2022	143,431	41,918	101,638	286,987
Net book value
At 31 March 2022	620	4,914	5,074	10,608
At 31March 2021	15,298	640	2,395	18,333

17.	Fixed asset investments
		Listed
		investments
	Group
	Fair value
	At 1 Apdil 2021	588,028
	Additions	104,353
	Disposals	(99,505)
	Revaluations	29,580
	At 31 March 2022	622,456
	Net book value
	At 31 March 2022	622,456
	At 31March 2021	588,028

Fixed ass	et	investments	(co	ntinu	e	d)
								Shares in
								group	Listed
								undertakings	investments		Total
Company											6
Cost or valuation
At 1 April	2021							50,000	588,028		638,028
Additions									104,353		104,353
Disposals									(99,505)		(99,505)
Revaluations									29,580		29,580
At 31 March		2022						50,000	622,456		672,456
Net book	value
At 31 March		2022						50,000	622,456		872,456
At 31March		2021						50,000	588,028		638,028
Principal	subsidiaries
The following		was a subsidiary		undertaking			ofthe Company:
Name							Company	Class of	Holding	Included	in
							number	shares		consolidation
Nottingham		Contemporary	Trading		Limited		06612673	Ordinary	100%	Yes
The financial		results ofthe	subsidiary			for the year were:
Name							Income 5	Expenditure 6 Profit/(Loss) for the year		Net	assetsf
									6
Nottingham		Contemporary	Trading				310,449	(271,563)	38,886		50,062
Limited

				Group	Group
				2022 6	2021f
Shop	and	cafe	stock	32,695	46, 124

		Group	Group	Company	Company
		2022f	2021 f	2022 6	2021
Due within one year
Trade debtors		64,657	45,628	55,029	42,798
Amounts owed by group undertakings				87,401	92,377
Other debtors		132,066	38,544	132,066	38,689
Prepayments	and accrued income	71,258	85,871	69,854	83,450
		267,981	170,043	344,350	255,324

				Group	Group	Company	Company
				2022f	2021f	2022f	2021f
Trade creditors				121,149	46,125	106,788	40,688
Other taxation and social		security		25,143	21,025	18,618	19,096
Other creditors				46,937	32,013	37,127	22,845
Accruals	and deferred income			407,270	505,601	407,270	505,601
				600,499	604,764	569,803	588,230
				Group	Group	Company	Company
				2022	2021f	2022	2021f
Deferred	income at 1 April	2021		350,604	173,928	346,276	163,030
Resources deferred during		the year		37,398	196,417	8,150	196,417
Amounts	released from previous		periods	(61,772)	(19,741)	(35,089)	(13,171)
Deferred	income at 31 March 2022			326,230	350,604	319,337	346,276

							Balance at
		Balance st 1			Transfers	Gains/	31 March
		April 2021 6	Income 6	Expenditure 8	in/out 8	(Losses)f	2022 6
Unrestricted
funds
Designated
funds
Investment	fund	602,682	20,278	(4,341)	(20,620)	29,580	627,579
Capital repair
and replacement
fund		107,536		(19,783)			87,753
Development
fund		30,595					30,595
Exhibitions
Insurance
Excess fund		11,492					11,492
		752,305	20,278	(24,124)	(20,620)	29,580	757,419
General funds
Unrestricted
funds		422,008	1,944,729	(1,818,975)	20,620		568,382
Total
Unrestricted
funds		1,174,313	1,965,007	(1,843,099)		29,580	1,325,801
Restricted
funds
Restricted	Funds
- all funds			315,514	(314,958)			556
Total offunds		1,174,313	2,280,521	(2,158,057)		29,580	1,326,357

Statement	offun	ds -prior year
							Ba/ance at
		Balance at			Transfers	Geinsl	31March
		1April 2020	Income	Expenditure 6	in(outf	(Losses) 2	2021
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	'/, 745,953	(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

Summary offund	s - prior year
						Balance at
	Balance at			Transfers	Gainsf'	31March
	1April 2020f	Income 6	Expenditure	inlout	(Losses)f	2021 6
Designated
funds	650,423	16,551	(13,081)	(16,038)	114,450	752,305
General funds	185,610	1,745,953	(1,490,447)	(19,108)		422,008
Restricted funds	58,051	222,787	(315,984)	35,146
	894,084	1,985,291	(1,819,512)		114,450	1,174,313

A'nalysis of net assets between funds - cur	rent year
	Unrestricted	Restricted	Total
	funds	funds	funds
	2022 6	2022f	2022
Tangible fixed assets	23,209	620	23,829
Fixed asset investments	622,456		622,456
Current assets	1,036,842	243,729	1,280,571
Creditors due within one year	(356,706)	(243,793)	(600,499)
Total	1,325,801	556	1,326,357

	Unrestricted	Restricted	Total
	funds	funds	funds
	2021	2021	2021
	6
Tangible fixed assets	30,033	15,298	45,331
Fixed asset investments	ees.o2s		see,o28
Current assets	1,145,718		1,145,718
Creditors due within one year	(589,466)	(15,298)	(604,764)
Ttl	1,174,313		'I,174,313

25.	Reconciliation of	net movement	in funds to net cash flow from opera	ting activities
				Group	Gmup
				2022f	2021f
	Net income for the	year (as per Statement of Financial Activities)		152,044	280,229
	Adjustments for:
	Depreciation charges			30,498	48,951
	Losses/(gains) on investments			(29,580)	(114,450)
	Decrease in stocks			13,429	4,088
	Decrease/(increase)	in debtors		(97,938)	49,092
	Increase/(decrease)	in creditors		(4,265)	222,583
	Net cash provided	by operating	activities	64,188	490,493
26.	Analysis ofcash and cash equivalents
				Group	Group
				2022f	2021f
	Cash in hand			979,895	929,551
27.	Analysis ofchanges in net debt

pay	ments	und	er	non-cancellable operating l	eases as follows:
					Group	Group	Company
					2022 E	2021	2021f
Not	later	than	1	year		1,272