2021-03-31-accounts - Project Space Leeds

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Trustees' annual report (incorporating the director's			report)
Independent	auditor's report to the members
Consolidated	statement offinancial activities (including			income and expenditure	account)
Consolidated	and charity statement offinancial	position				10
Consolidated	statement ofcash flows
Notes to the	financial statements					12

Reference	Reference	and administrative	and administrative
Registered		charity name		Project Space Leeds
Charity	registration		number	1148716
Company		registration	number	07123227
Principal		office and registered		The Tetley
office				Hunslet Road
				Leeds
				LS101JQ
The Trustees				Mr JD Hill
				Mr JM Straight
				Ms JD Cameron
				Mr M D Pattinson
				Miss SNetherwood
				Mr A M PL Lovitt
				Mr D J Warren
				Mr SJFoster
				Mr FJFinlay (Chair)
				Ms G Pollock
				Ms D LGreen				(Resigned	23rd June 2020)
				Mr P C RLewis				(Resigned	31December	2020)
				Mr SBarclay				(Appointed	19November	2020)
Company		secretary		Joss Richardson
Auditor				Sagars Accountants	Ltd
				Chartered accountants		&statutory	auditor
				Gresham House
				5-7 StPaul's Street
				Leeds
				Ls1 2JG
Bankers				Lloyds
				65-68 Briggate
				Leeds
				Ls1 6LH

The day-to-day man	a	gement	o	fthe charity is delega	ted to the management team listed below:	ted to the management team listed below:
Director					Bryony Bond (maternity leave &om 12 August 2019to
					17June 2020)
Director (maternity	cover)				Helen Watson (&om	12August 2019to 14July 2020)
Head ofCommercial		&Visitor		Experience	Sam Fish (maternity	leave from 13September 2020)
Operations Manager		(maternity		cover)	Adam Dabrowski (&om 6 September 2021)
Head ofDevelopment		and	Engagement		Adam Roe
Head ofFinance (maternity			cover)		Helen Nakhwal (until	29 January 2021)
Head ofFinance					Ben Ashdown (&om	22 February 2021)

Year ended 31	stMar	ch 202	1
				2021			2020
			Unrestricted	Restricted	Endowment
			funds	funds	funds	Total funds	Total funds
		Note
Income and endowments
Donations and legacies			1,071,940	377,480		1,449,420	565,142
Charitable activities			25,290	11,779		37,069	72,905
Other trading activities			69,009			69,009	843,245
Investment income			15			15	38
Other income			16,794			16,794	23,325
Total income			1,183,048	389,259		1,572,307	1,504,655
Expenditure
Expenditure on:
Raising funds		10/11	541,656	63,480		605,136	946,169
Charitable activities		10/11	489,188	35,972	19,250	544,410	669,217
Total expenditure			1,030,844	99,452	19,250	1,149,546	1,615,385
Net income/(expenditure)		and
net movement in	funds		152,204	289,807	(19,250)	422,761	(110,730)
Reconciliation of	funds
Total funds brought	forward		193,910	3,284	70,583	267,777	378,507
Total funds carried forward			346,114	293,091	51,333	690,538	267,777

			2021		2020
		Note
			Group	Charity	Group	Charity
Fixed assets
Intangible assets		18	4,267	4,267	5,867	5,867
Tangible fixed assets		19	185,440	140,629	267,258	196,917
Investments		20		1		I
			189,707	144,897	273,125	202,785
Current assets
Stock		21	8,468		8,867
Debtors		22	38,123	172,933	36,258	71,040
Cash at bank and in hand			722,426	640,918	185,131	124,833
			769,017	813,851	230,256	195,873
Creditors: amounts	falling due within
one year		23	169,641	39,315	167,848	51,633
Net current assets			599/76	774/36	62,408	144,240
Total assets less current liabilities			789,083	919,433	335,533	347,025
Creditors: amounts	falling due after more	24
than one year			98,545		67,756
Net assets			690,538	919,433	267,777	347,025
Funds ofthe charity
Endowment funds			51,333	51,333	70,583	70,583
Restricted funds			293,091	293,091	3,2&4	3,284
Unrestricted funds			346,114	575,009	193,910	273,158
Total charity funds		25	690,538	919,433	267,777	347,025

Year ended 31st	M	arc	h 2021
					2021	2020
Cash flows from operating			activities
Net (expenditure)/income					422,761	(110,730)
Adjustments for:
Depreciation oftangible	fixed		assets		81,819	81,105
Amortisation ofintangible		assets			1,600	1,600
Interest paid					2,863	4,563
Changes in:
Trade and other debtors					(1,865)	22,145
Trade and other creditors					(5,561)	(13,337)
Stocks					399	5,786
Cash generated from operations					502,016	(8,868)
Cash flows from investing			activities
Purchase oftangible assets						(24,348)
Net cash used in investing		activities				(24,348)
Cash flows from financing			activities
Proceeds from borrowings					50,000
Repayment ofborrowings					(11,858)	(24,441)
Interest paid					(2,863)	(4,563)
Net cash used in investing		activities			35,279	(29,004)
Net (decrease)/increase		in	cash and cash	equivalents	537/95	(62,220)
Cash and cash equivalents			at beginning	ofyear	185,131	247,351
Cash and cash equivalents			at end ofyear		722,426	185,131

Ye	ar ended 31stMarch 2021
5.	Donations and legacies
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2021
		f.
	Donations
	Grants receivable	852,585	252,480	1,105,065
	Donated goods and services	218,012		218,012
	Other donations	1,343	125,000	126/43
		1,071,940	377,480	1,449,420
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2020
	Donations
	Grants receivable	250,000	74,700	324,700
	Donated goods and services	233,937		233,937
	Other donations	6,505		6,505
		490,442	74,700	565,142

	Donated goods	and	services	services	above	above	includes	which	have been	included at the	Trustees best
	estimates ofthe	amounts		they	would		have to pay to obtain similar goods and services on			the open market.
										2021	2020
	Rent and rates									218,012	228,832
	Other donations										5,105
										218,012	233,937
6.	Charitable activities
								Unrestricted		Restricted	Total Funds
									Funds	Funds	2021
	Rental income								25,092		25,092
	Grants received									11,779	11,779
	Other charitable	income							198		198
									25,290	11,779	37,069
								Unrestricted		Restricted	Total Funds
									Funds	Funds	2020
	Rental income								55,908		55,908
	Artists' commissions		and	speaking		fees			4,000		4,000
	Other charitable	income							12,997		12,997
									72,905		72,905

					Unrestricted	Total Funds	Unrestricted	Total Funds
					Funds	2021	Funds	2020
	Sponsorships						10,000	10,000
	Bar and	restaurant		sales	69,009	69,009	833,245	833,245
					69,009	69,009	843,245	843,245
S.	Investment income
					Unrestricted	Total Funds	Unrestricted	Total Funds
					Funds	2021	Funds	2020
	Other interest receivable				15	15	38	38
9.	Other income
					Unrestricted	Total Funds	Unrestricted	Total Funds
					Funds	2021	Funds	2020
	Museum	and galleries tax relief			16,794	16,794	20,791	20,791
	Other income						2,534	2,534
					16,794	16,794	23,325	23,325
10.	Resources expended
	Costs of	charitable		activities
						Other direct		Total Funds
					Staff costs	costs	Support costs	2021
	Costs of	charitable		activities	158,125	39,568	346,717	544,410
						Other direct		Total Funds
					Staff costs	costs	Support costs	2020
	Costs of	charitable		activities	181,733	100,751	386,733	669,217
	Costs of	raising	funds
						Other direct		Total Funds
					Staff costs	costs	Support costs	2021
	Costs of	raising	funds		341,990	110,290	152,856	605,136
						Other direct		Total Funds
					Staffcosts	costs	Support costs	2020
	Costs of	raising	funds		416,654	36&,545	160,969	946,168

Yea	r ended 3	1stMarch 2021	1stMarch 2021
11.	Expenditure	by fund type
	Cost ofcharitable		activities- 2021	Unrestricted			Endowment	Total Funds
				funds	Restricted	funds	fund	2021
	Staffcosts			138,125		20,000		158,125
	Curatorial costs			18,564				18,564
	Participation	costs		2,817		8,285		11,102
	Advertising	and promotion		9,522				9,522
	Other direct	costs		380				380
	Support costs (see		note 12)	319,780		7,687	19,250	346,717
				489,188		35,972	19,250	544,410
	Cost ofcharitable		activities- 2020	Unrestricted			Endowment	Total Funds
				funds	Restricted	funds	fund	2020
	Staffcosts			92,885		69,598	19,250	181,733
	Curatorial costs			51,328				51,328
	Participation	costs		29,244		3,292		32,536
	Advertising	and promotion		11,742				11,742
	Other direct	costs		5,145				5,145
	Support costs (see		note 12)	386,733				386,733
				577,077		72,890	19,250	669,217
	Cost ofraising funds- 2021			Unrestricted	Restricted		Endowment	Total Funds
				funds		funds	fund	2021
	Staffcosts			278,510		63,480		341,990
	Other direct	costs		110,290				110/90
	Support costs (see		note 12)	152,856				152,856
				541,656		63,480		605,136
	Cost ofraising funds- 2020			Unrestricted	Restricted		Endowment	Total Funds
				funds		funds	fund	2020
	Staff costs			416,654				416,654
	Other direct	costs		368,545				368,545
	Support costs (see		note 12)	160,969				160,969
				946,168				946,168

Support cos	ts
					Cost of
				Cost ofraising	charitable
				funds	activities	Total 2021	Total 2020
Administrative expenditure
Staffcosts				6,877	50,433	57,310	76,266
Stafftraining	&expenses			200	1,468	1,668	2,784
Print, postage	and	stationery		213	1,559	1,772	2,577
IT expenses				1,206	8,844	10,050	6,819
Bank charges				23	166	189	107
Legal &Professional				743	5,447	6,190	5,989
Telephone				31	225	256	708
Amortisation				192	1,408	1,600	1,600
Other administrative			expenditure	1,233	9,042	10,275	8,539
Total administrative			expenditure	10,718	78,592	89,310	105,388
Premises costs
Staffcosts				12,276	21,824	34,100	32,252
Rent &Rates				78,484	139,528	218,012	216,430
Heat, light &	water			10,483	18,638	29,121	57,989
Insurance				5,916	10,519	16,435	15,573
Cleaning				4,659	8,282	12,941	32,425
Health &Safety				4,836	8,597	13,433	2,508
Maintenance	&Repairs			2,200	3,911	6,111	10,442
Security				243	430	673	1,313
Depreciation				20,263	36,025	56,288	55,845
Total premises costs				139,360	247,754	387,114	424,777
Governance	costs
Staffcosts				1,305	9,574	10,879	7,413
Audit fees				1,398	10,252	11,650	9,795
Meeting costs				75	545	620
Trustees' expenses							329
Total governance		costs		2,778	20,371	23,149	17,536
Total support	costs			152,856	346,717	499,573	547,702

Staff costs	Staff costs
The total staff costs and employee		benefits for the reporting	period are analysed	as 1'ollows
					2021	2020
Wages and	salaries				557,048	659,376
Social security costs					37,438	45,475
Pensions					7,920	9,466
Consultants	and freelancers				27,442	6,817
					629,848	721,134

			2021	2020
Auditors remuneration-	audit	services	7,700	8,000
Auditors remuneration-	other	services	2,280	3,000
Amortisation			1,600	533
Depreciation			81,819	81,105

Yea	r ended 31stMarch 2021
18.	Intangible assets
	Charity and Group	Development
		costs
	Cost
	At I"April 2020 and 31"March 2021	8,000
	Amortisation
	At I"April 2020	2,133
	Charge for the year	1,600
	At 31"March 2021	3733
	Carrying amount At 31"March 2021	4,267
	At 31"March 2020	5,867

Tangible fixed assets
Charity	Short leasehold	Fixtures and
	property	fittings	Total
Cost
At l" April 2020	434,732	106,415	541,147
At 31"March 2021	434,732	106,415	541,147
Depreciation At 1"April 2020	272,184	72,046	344,230
Charge for the year	44,342	11,946	56,288
At 31"March 2021	316,526	83,992	400,518
Carrying amount At 31"March 2021	118,206	22,423	140,629
At 31st March 2020	162,548	34,369	196,917
Group	Short leasehold	Fixtures and
	property	fittings	Total
Cost
At 1st April 2020	434,732	307,471	742403
At 31stMarch 2021	434,732	307,471	742403
Depreciation
At 1st April 2020	272,184	202,760	474,944
Charge for the year	44,342	37,477	81,819
At 31stMarch 2021	316,526	240,237	556,763
Carrying amount
At 31stMarch 2021	118,206	67,234	185,440
At 31st March 2020	162,548	104,711	267/59

Yea	r ended 31stMarch 2021
20.	Investments
	Charity
	Cost
	At 1stApril 2020 and 31stMarch 2021
	Impairment
	At 1stApril 2020 and 31stMarch 2021
	Carrying amount
	At 31stMarch 2021
	At 31st March 2020

21.	Stock
				2021		2020
				Group	Charity	Group	Charity
	I3ar and	kitchen stocks		8,468		8,867
22.	Debtors
				2021		2020
				Group	Charity	Group	Charity
	Trade debtors			7,693	5,829	12,980	4,160
	Amounts	owed by group undertakings			149,566		46,628
	Prepayments		and accrued income	7,973	7,973	9,843	9,843
	Other debtors			22,457	9,565	13,435	10,409
				38,123	172,933	36,258	71,040

Creditors: amounts	falling due within on	e year
		2021		2020
		Group	Charity	Group	Charity
Loan		33,216		25,862
Trade creditors		20,120	13,695	22,384	14,253
Accruals and deferred	income	71,317	19,457	74,027	31,076
Social security and other taxes		41,648	5,091	36,566	3,442
Other creditors		3,340	1,072	9,009	2,862
		169,641	39,315	167,848	51,633

	2021		2020
	Group	Charity	Group	Charity
Loans	98,545		67,756

		At 1st April	Incoming	Resources	Transfers	Transfers	At 31stMarch
Group		2020	Resources	Expended	between	funds	2021
Restricted	funds	3,284	389,259	(99,452)			293,091
Endowment	funds	70,583		(19,250)			51,333
Unrestricted	funds	193,910	1,183,048	(1,030,844)			346,114
Total funds		267,777	1,572,307	(1,149,546)			690,538

		At 1st April	Incoming	Resources	Transfers	Transfers	At 31stMarch
		2020	Resources	Expended	between	funds	2021
Esmee Fairbaim			20,000	(20,000)
LCC Arts Funding			43,480	(43,480)
Garfield Weston			184,000	(22,350)			161,650
Catalyst PANIC! Jerwood Women's Health	Matters	858	5,000 125,000 11,779	(5,000) (5,338) (858)			119,662 11,779
Other restricted	funds	2,426		(2,426)
		3,284	389,259	(99,452)			293,091
		At 1stApril	Incoming	Resources	Transfers		At 31st March
		2019	Resources	Expended	between	funds	2020
Esmee Fairbaim			40,000	(40,000)
LCC Arts Funding Women's Health Matters		974	28,600 484	(28,600) (600)			858
Other restricted Leeds Inspired	funds	500	1,926 3,690	(3,690)			2,426
		1,474	74,700	(72,890)			3,284
Endowment funds- Group and Charity
		At I'~ April	Incoming	Resources	Transfers		At 31"March
		2020	Resources	Expended	between	funds	2021
The Tetley capital funding		70,583		(19,250)			51,333
		At I"April	Incoming	Resources	Transfers		At 31"March
		2019	Resources	Expended	between	funds	2020
The Tetley capital funding		89,833		( 19,250)			70,583

Unrestrict	ed	f	unds- Charity
				At I"April	Incoming	Resowces	Transfers		At 31"March
				2020	Resources	Expended	between	funds	2021
Project Space Leeds				181,158	943,811	(620,960)		15,000	519,009
Assets purchased			with capital
grants				77,000		(21,000)			56,000
Designated	fund			15,000			(15,000)
				273,158	943,811	(641,960)			575,009
				At I"April	Incoming	Resources	Trans fers		At 31"March
				2019	Resources	Expended	between	funds	2020
Project Space Leeds				179,036	723,211	(751,089)		30,000	181,158
Assets purchased			with capital
grants				98,000		(21,000)			77,000
Designated	fund			45,000			(30,000)		15,000
				322,036	723,211	(772,089)			273,158
Unrestricte	d	funds - Group
				At I" April	Incoming	Resowces	Transfers		At 31"March
				2020	Resources	Expended	between	funds	2021
Unrestricted		reserves		101,910	1,183,048	(1,030,844)		15,000	269,114
Assets purchased			with capital
grants				77,000					77,000
Designated	fund			15,000			(15,000)
				193,910	1,183,048	(1,030,844)			346,114
				At lu April	Incoming	Resources	Transfers		At 31"March
				2019	Resources	Expended	between	funds	2020
Unrestricted		reserves		144,200	1,429,955	(1,502,245)		30,000	101,910
Assets purchased			with capital
grants				98,000		(21,000)			77,000
Designated	fund			45,000			(30,000)		15,000
				287,200	1,429,955	(1,523,245)			193,310

				Unrestricted	Restricted	Endowment	Total Funds
				Funds	Funds	Funds	2021
Fixed assets				138,374		51,333	189,707
Current assets				475,926	293,091		769,017
Creditors	less than	1 year		(169,641)			(169,641)
Long term	liabilities			(98,545)			(98,545)
Net assets				346,114	293,091	51,333	690,538
				Unrestricted	Restricted	Endowment	Total Funds
				Funds	Funds	Funds	2020
Fixed assets				202,542		70,583	273,125
Current assets				226,972	3,284		230456
Creditors	less than	1 year		(167,848)			(167,848)
Long term	liabilities			(67,756)			(67,756)
Net assets				193,910	3,284	70,583	267,777
Analysis ofnet assets between			funds (Charity)
				Unrestricted	Restricted	Endowment	Total Funds
				Funds	Funds	Funds	2021
Fixed assets				93,564		51,333	144,897
Current assets				520,760	293,091		813,851
Creditors	less than	1 year		(39,315)			(39,315)
Net assets				575,009	293,091	51,333	919,433
				Unrestricted	Restricted	Endowment	Total Funds
				Funds	Funds	Funds	2020
Fixed assets				132,202		70,583	202,785
Current assets				192,589	3,284		195,873
Creditors	less than	1 year		(51,633)			(51,633)
Net assets				273,158	3,284	70,583	347,025