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##
|||||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|||||||
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|||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|
##
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|||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|||||||
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|Plant and machinery|25o/o|
|---|---|
|Fixtures and fittings|25o/o|
|Office equipment|25o/o|
|Computer
equipment|25o/o|
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##
|||||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||
##
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##
||||||||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|
##
##
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##
||||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||
##
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##
##
|||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||
##
##
##
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##
##
||||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||
##