| Trustees | S Gill | |||
|---|---|---|---|---|
| C M Khera | ||||
| L McDonald - Chair ofTrustees | ||||
| Professor C O' Brien (OBE) | ||||
| A Akomfrah | ||||
| J Kamarah Anand |
||||
| M Dave | ||||
| M Hussein | ||||
| R EPinchbeck | ||||
| Charity number | 1121755 | |||
| Company | number | 04899786 | ||
| Registered | oNce | 6 | Principal Address | 39-41 Gregory Boulevard |
| Hyson Green | ||||
| Nottingham | ||||
| NG7 6BE | ||||
| Auditor | Rogers Spencer | |||
| Newstead House |
||||
| Pelham Road |
||||
| Nottingham | ||||
| NG5 1AP | ||||
| Bankers | NatWest Bank pic | |||
| 105Redford Road | ||||
| Hyson Green | ||||
| Nottingham | ||||
| NG5 2BY | ||||
| Senior Management | Team | |||
| Chief Executive/Artistic | Director | Saad-Eddine Said | ||
| Interim Director of | Operations | David Mather | ||
| Executive | Support | Manager | Emma Gower | |
| Support Services Manager | Anita Kumari | |||
| Head of Marketing | and Comms | Victoria Godfrey |
| Page | ||||
|---|---|---|---|---|
| Trustees' report | 1 —16 | |||
| Statement of | trustees' | responsibilities | 17 | |
| Independent | auditor's | report | 18-20 | |
| Consolidated | statement | offinancial activities | 21 | |
| Consolidated | balance | sheet | 22 | |
| Charity balance sheet | 23 | |||
| Consolidated | statement | ofcash Rows | 24 | |
| Notes to the | consolidated | financial statements | 25-40 |
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |||
|---|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||||
| Notes | 2022f | 2022 | 2022 6 |
2021 8 |
2021 8 |
2021 6 |
||
| Income from: | ||||||||
| Donations/ legacies |
868,589 | 868,589 | 853,589 | 853,589 | ||||
| Charitable activities |
10 | 503,675 | 503,685 | 1,199 | 194,594 | 195,793 | ||
| Other trading | 47,981 | 47,981 | 44,267 | 44,267 | ||||
| Investment income |
51 | 51 | 174 | 174 | ||||
| Other income | 65,775 | 65,775 | 169,003 | 169,003 | ||||
| Total income | 982,406 | 503,675 | 1,486,081 | 1,068,232 | 194,594 | 1,262,826 | ||
| ~ECht | ||||||||
| Raising funds | 8 | 133,548 | 133,548 | 80,822 | 80,822 | |||
| Charitable activities |
9 | 1,026,754 | 401,473 | 1,428,227 | 1,049,408 | 161,182 | 1,210,590 | |
| Total resources | ||||||||
| expended | 1,160,302 | 401,473 | 1,561,775 | 1,130,230 | 161,182 | 1,291,412 | ||
| Net | ||||||||
| (outgoing)/Incoming | ||||||||
| resources before | ||||||||
| transfers | (177,896) | 102,202 | (75,594) | (61,998) | 33,412 | (28,586) | ||
| Gross transfers | ||||||||
| between funds |
-100 | 100 | 98,900 | (98,900) | ||||
| Net (expenditure)/income | ||||||||
| for the year/ | ||||||||
| Net movement | in funds | (177,896) | 102,202 | (75,694) | 35,902 | (65,488) | (28,586) | |
| Fund balances at 1 | ||||||||
| April 2021 | 3,787,161 | 136,341 | 3,923,502 | 3,750,259 | 201,829 | 3,952,088 | ||
| Fund balances | at | |||||||
| 31 INarch 2022 | 3,609,165 | 238,643 | 3,847,808 | 3,787,161 | 136,341 | 3,923,502 |
| 2022 | 2021 | |||||||
|---|---|---|---|---|---|---|---|---|
| Notes | 6 | 6 | ||||||
| Fixed assets | ||||||||
| Tangible assets | 13 | 3,448,271 | 3,533,366 | |||||
| 3,448,271 | 3,533,366 | |||||||
| Current assets | ||||||||
| Stock | 2,942 | |||||||
| Debtors | 15 | 365,214 | 270,574 | |||||
| Cash at bank and | in | hand | 217,152 | 599,847 | ||||
| 585,308 | 870,421 | |||||||
| Creditors: amounts | falling | due within | ||||||
| one year | (185,771) | (480,285) | ||||||
| Net current assets | 399,537 | 390,136 | ||||||
| Total assets less | current | liabilities | 3,847,808 | 3,923,502 | ||||
| Income funds | ||||||||
| Restricted funds | 17 | 238,543 | 136,341 | |||||
| Unrestricted funds |
3,609,265 | 3,787,161 | ||||||
| 3,847,808 | 3,923,502 |
| 2022 | 2021 | |||||||
|---|---|---|---|---|---|---|---|---|
| Notes | 8 | |||||||
| Fixed assets | ||||||||
| Tangible assets | 13 | 3,448,271 | 3,533,366 | |||||
| Investments | 14 | 1 | 1 | |||||
| 3,448,272 | 3,533,367 | |||||||
| Current assets | ||||||||
| Debtors | 15 | 445,845 | 316,978 | |||||
| Cash at bank | and in | hand | 212,892 | 598,712 | ||||
| 658,737 | 915,690 | |||||||
| Creditors: amounts | falling | due within | ||||||
| one year | 16 | (178,448) | (476,477) | |||||
| Net cunent assets | 480,289 | 439,213 | ||||||
| Total assets | less current | liabilities | 3,928,561 | 3,972,580 | ||||
| Income funds | ||||||||
| Restricted funds | 17 | 238,643 | 136,341 | |||||
| Unrestricted | funds | 3,689,918 | 3,836,239 | |||||
| 3,928,561 | 3,972,580 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Notes | 5 | 8 | ||||
| Cash flows from operating | activities | |||||
| Cash generated from operations |
21 | (358,640) | 370,817 | |||
| Investing activities |
||||||
| Purchase oftangible fixed assets | (24,106) | (14,404) | ||||
| Investment income received |
51 | 174 | ||||
| Net cash used in investing | activities | (24,055) | (14,230) | |||
| Net (decreased)lincrease | in cash and | cash | ||||
| equivalents | (382,695) | 356,587 | ||||
| Cash and cash equivalents | at beginning | ofyear | 599,847 | 243,260 | ||
| Cash and cash equivalents | at end of | year | 217,152 | 599,847 |
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2021 | ||
| 6 | f | ||
| ACE revenue core | 868,589 | 853,589 | |
| Income from charitable | activities | ||
| 2022 | 2021 | ||
| 6 | |||
| Derwent Valley | 12,000 | ||
| Freelands | 129,394 | ||
| Real Creative Futures ERDF | 88,249 | 78,642 | |
| ACE Strategic Touring | 31,487 | 12,485 | |
| BBCChildren in Need |
3,670 | 28,737 | |
| The Art of Belonging | 3,310 | ||
| African Soldier | 231,246 | 38,728 | |
| Art Fund | 1,279 | ||
| PCC Community | 7,900 | ||
| Shine a Light | 1,840 | 4,052 | |
| Historic England | 1,200 | 4,800 | |
| Nottingham Mela |
10 | 20,449 | |
| 503,685 | 195,793 | ||
| Analysis by fund |
|||
| Unrestdcted funds |
10 | 1,199 | |
| Restricted funds | 503,675 | 194,594 | |
| 503,685 | 195,793 |
| Unrestricted | Unrestricted | ||||||
|---|---|---|---|---|---|---|---|
| funds | funds | ||||||
| 2022 | 2021 | ||||||
| 6 | 2 | ||||||
| Touring fees | 3,750 | ||||||
| Services contract | Nottingham | City Council | 14,047 | 16,523 | |||
| Facility income | 13,055 | ||||||
| Workshop and education |
income | 900 | 275 | ||||
| Retailing | 439 | ||||||
| Boxoffice income | 28 | ||||||
| HMRC Creative Industries | Tax Credit | (29,595) | 5,000 | ||||
| ACE Catalyst | Evolve Match Funding | ||||||
| Sundry income |
731 | 581 | |||||
| Consultancy | fees | 4,333 | 12,013 | ||||
| Black Lives Matter | 3.960 | ||||||
| Cafe and catering | 44,043 | 2,162 | |||||
| 47,981 | 44,267 | ||||||
| 6 | Investment | Income | |||||
| Unrestricted | Unrestricted | ||||||
| funds | funds | ||||||
| 2022 | 2021 | ||||||
| 2 | f | ||||||
| Interest receivable | 51 | 174 | |||||
| 7 | Other income | ||||||
| Unrestricted | Unrestricted | ||||||
| funds | funds | ||||||
| 2022 | 2021 | ||||||
| 8 | 6 | ||||||
| Panel interviews | income | 90 | |||||
| Sundry income | 50 | ||||||
| Government | grants - review | 4,000 | |||||
| NCC —misc | grants | 38,000 | |||||
| Government | grants -furlough | income | 23,725 | 168,913 | |||
| 65,775 | 169,003 |
| 8 | Expenditure | on raising funds | on raising funds | on raising funds | ||
|---|---|---|---|---|---|---|
| Unrestricted | Unrestricted | |||||
| funds | funds | |||||
| 2022 | 2021 | |||||
| 6 | 6 | |||||
| Advertising and marketing |
45,841 | 11,638 | ||||
| Cafe purchases | 20,088 | 3,045 | ||||
| Support costs (see | note 10) | 67,819 | 66,141 | |||
| 133,548 | 80,822 | |||||
| 9 | Expenditure | on charitable | activities | |||
| 2022 | 2021 | |||||
| 8 | 8 | |||||
| Depreciation | and impairment | 109,201 | 110,333 | |||
| Research and development | 1,391 | 5,871 | ||||
| Main Gallery | 37,624 | 6,590 | ||||
| Project costs | 428,196 | 347,852 | ||||
| 576,412 | 470,446 | |||||
| Share ofsupport costs (see | note 10) | 837,426 | 729,164 | |||
| Share ofgovernance | costs (see note 10) | 14,389 | 10,980 | |||
| 1,428,227 | 1,210,590 | |||||
| Analysis by |
fund | |||||
| Unrestricted | funds | 1,026,754 | 1,049,408 | |||
| Restricted funds | 401,473 | 161,182 | ||||
| 1,428,227 | 1,210,590 |
| Support costs | ||||||
|---|---|---|---|---|---|---|
| Support | Governance | 2022Support costs | Governance | 2021 | ||
| costs | costs 8 |
costsf | ||||
| Wages | 666,528 | 6,589 | 673,117 | 541,320 | 3,330 | 544,650 |
| Pensions | 20,938 | 20,938 | 21,759 | 21,759 | ||
| ITexpenses | 11,102 | 11,102 | 6,486 | 6,486 | ||
| Premises costs | 69,784 | 69,784 | 60,469 | 60,469 | ||
| Professional fees | 62,991 | 62,991 | 69,199 | 69,199 | ||
| "Experimentor" | 54 | |||||
| Travelling expenses |
1,781 | 1,781 | 3,446 | 3,446 | ||
| Staif training costs | 4,339 | 4,339 | 3,607 | 3,607 | ||
| Sundry expenses | 8,351 | 8,351 | 5,576 | 5,576 | ||
| Postage and stafionery | 533 | 533 | 494 | 494 | ||
| Board meeting expenses | ||||||
| Event costs | ||||||
| Exhibition technicians |
15,568 | 15,568 | 10,759 | 10,759 | ||
| Equipment for room hire |
||||||
| Fundraising symposium |
||||||
| Bank charges | 3,409 | 3,409 | 1,631 | 1,631 | ||
| Repairs and renewals | 39,722 | 39,722 | 70,505 | 70,505 | ||
| Audit fees | 7,800 | 7,800 | 7,650 | 7,650 | ||
| 905,046 | 14,389 | 919,435 | 795,305 | 10,980 | 806,285 |
| Employment | costs | 2022 | 2021 |
|---|---|---|---|
| Wages and salaries | 628,485 | 648,276 | |
| Employers Nl |
44,632 | 47,389 | |
| Pension costs | 20,938 | 21,759 | |
| 694,055 | 717,424 |
| 13 | Tangible fixed assets | Tangible fixed assets | ||||
|---|---|---|---|---|---|---|
| (Group and | Charity) | |||||
| Leasehold | Fixtures and | Total | ||||
| land and | flttln9s | |||||
| bufidlngs | ||||||
| 6 | ||||||
| Cost | ||||||
| At 1 April 2021 | 4,549,049 | 368,856 | 4,917,905 | |||
| Additions | 24,106 | 24,106 | ||||
| At 31 March | 2022 | 4,549,049 | 392,962 | 4,942,011 | ||
| Depreciation | and impairment | |||||
| At 1 April 2021 | 1,085,200 | 299,339 | 1,384,539 | |||
| Depreciation | charged | in the year | 88,421 | 20,780 | 109401 | |
| At 31 March | 2022 | 1,173,621 | 320,119 | 1,493,740 | ||
| Carrying amount |
||||||
| At 31 March | 2022 | 3,375,428 | 72,843 | 3,448,271 | ||
| At 31 March | 2021 | 3,463,849 | 69,517 | 3,533,366 |
| 14 | Fixed asset | investments | investments | ||||
|---|---|---|---|---|---|---|---|
| Other | |||||||
| investments | |||||||
| Cost or valuation | |||||||
| At 1 April 2021 &31 March 2022 | |||||||
| Carrying amount |
|||||||
| At 31 March | 2022 | ||||||
| At 31 March | 2021 | ||||||
| 2022 | 2021 | ||||||
| Other investments | comprise: | Notes | 8 | 8 | |||
| Investments | in subsidiaries | 20 | |||||
| 15 | Debtors | ||||||
| 2022 | 2021 | ||||||
| Group: | 8 | ||||||
| Trade debtors | 7,801 | 17,246 | |||||
| Other debtors | 8,201 | 16,408 | |||||
| Prepayments | and | accrued income | 349,212 | 236,920 | |||
| 365,214 | 270,574 | ||||||
| 2022 | 2021 | ||||||
| Charity: | 8 | f | |||||
| Trade debtors | 480 | 17,246 | |||||
| Amounts owed by |
subsidiary | undertakings | 88,666 | 49,158 | |||
| Other debtors | 8,201 | 16,202 | |||||
| Prepayments | and | accrued income | 348,498 | 234,372 | |||
| 445,845 | 316,978 |
| 16 | Creditors: amounts | Creditors: amounts | falling due within one year | ||
|---|---|---|---|---|---|
| Group: | 2022f | 2021 8 |
|||
| Other taxation | and social security | 14,467 | 20,839 | ||
| Trade creditors | 109,316 | 129,320 | |||
| Other creditors | 5,376 | 5,646 | |||
| Accruals and deferred | income | 56,612 | 324,480 | ||
| 185,771 | 480,285 | ||||
| 2022 | 2021 | ||||
| Charity: | 8 | 8 | |||
| Other taxation | and social security | 12,006 | 19,714 | ||
| Trade creditors | 106,925 | 128,164 | |||
| Other creditors | 4,105 | 5,636 | |||
| Accruals and deferred | income | 55,412 | 322,963 | ||
| 178,448 | 476,477 |
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| 18 | Analysis of | net assets | between funds | |||||
|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |||
| funds | funds | funds | funds | |||||
| 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | |||
| 6 | 8 | 8 | 5 | f | 8 | |||
| Fund balances at 31 | ||||||||
| March 2022 | are | |||||||
| represented | by: | |||||||
| Tangible assets | 3,448,271 | 3,448,271 | 3,533,366 | 3,533,366 | ||||
| Current assets/(liabilities) | 160,894 | 238,643 | 399,537 | 253,795 | 136,341 | 390,136 | ||
| 3,609,165 | 238,643 | 3,847,808 | 3,787,161 | 136,341 | 3,923,502 |
| 21 | Cash generated from operations |
Cash generated from operations |
2022 | 2021 | |
|---|---|---|---|---|---|
| 6 | |||||
| Deficit for the year | (71,694) | (28,586) | |||
| Adjustments for: |
|||||
| Investment income |
recognised in statement offinancial |
activities | (51) | (174) | |
| Depreciation and impairment oftangible fixed assets |
109,201 | 110,333 | |||
| Movements in working capital: |
|||||
| (Increase)/Decrease | in stock | (2,942) | 1,804 | ||
| (Increase)/Decrease | in debtors | (95,980) | 93,090 | ||
| (Decreaseylncrease | in creditors | (297,174) | 194,350 | ||
| Cash (used by)/generated from operations |
(358,640) | 370,817 |