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2022-03-30-accounts

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Registered number: 08117915 Charity number: 1149979

THE AUDIENCE AGENCY

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2022

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THE AUDIENCE AGENCY (A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 8
Independent Auditor's Report on the Financial Statements 9 - 12
Consolidated Statement of Financial Activities 13
Consolidated Balance Sheet 14
Charity Balance Sheet 15 - 16
Consolidated Statement of Cash Flows 17
Notes to the Financial Statements 18 - 40

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THE AUDIENCE AGENCY (A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 MARCH 2022

Trustees A Adewunmi
L Crompton-Reid
T Hornsby (resigned 26 May 2021)
C Lawrence (appointed 26 May 2021)
M Locke, Chair
Dr C Michaels
S Parker, Vice Chair
R Paterson
A Rivett (resigned 29 September 2021)
S Said (appointed 25 May 2022)
R Saphra (appointed 30 September 2021)
A Singh (appointed 26 May 2021)
S Slee (appointed 25 May 2022)
Company registered
number
08117915
Charity registered
number
1149979
Registered office
The Whitehouse
Wilderspool Business Park
Greenalls Avenue
Stockton Heath
Warrington
WA4 6HL
Independent auditor
Cooper Parry Group Limited
Chartered Accountants
Statutory Auditor
4th Floor
Two Chamberlain Square
Birmingham
West Midlands
B3 3AX
Bankers
CAF Bank Limited
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
Solicitors
Primas Law
The Whitehouse
Wilderspool Business Park
Greenalls Avenue
Stockton Heath
WA4 6HL

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THE AUDIENCE AGENCY (A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 30 MARCH 2022

The Trustees are pleased to present their annual trustees’ report together with the consolidated financial statements of the charity and its subsidiary for the year ended 31 March 2022. These are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, Companies Act 2006, the Memorandum, and Articles of Association and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102 effective 1 January 2019).

Mission, Purpose & Public Benefit

We believe that taking part in cultural activities and having opportunities to exercise our creativity are important to our wellbeing and personal resilience. Equitable access to these opportunities is important in building a fairer society, stronger communities, equitable regeneration and positive civic change. The experience of the pandemic has heightened these issues – making human needs more obvious while opening the gap between those who do and do not benefit from state-supported and commercial culture and creative participation.

Cultural and creative service-providers can achieve more and more equitably through confident insight-driven strategy, people-centred approaches, innovation, co-operation and ethical use of data. Our purpose is to foster these approaches with our data, insight and knowledge to help:

Values

People First: We seek to be user-centred, to promote audience-centred approaches, and to put our own people first. We support organisations to do more with and for people furthest from opportunity.

Open & Accessible: We seek to be inclusive and respectful of difference in our work with audiences, clients and staff. We prioritise work to enable cultural activity to be more inclusive. We are committed to open data principles.

Connected: Working collaboratively across our network to increase impact and shared learning.

Trustworthy: We aim to be transparent and accurate, to act with confidentiality and strive for robust results. Our commitment to quality is reflected in our charter and processes.

Our Activities & Impacts

We deliver

We enable organisations to engage larger and more diverse audiences and to improve their impact and

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THE AUDIENCE AGENCY (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2022

resilience. The ultimate objective is to widen public access and increase the nation's participation in the arts and other cultural activities.

Our wholly owned subsidiary, The Audience Agency Services, is a Tech4Good enterprise offering commercial advisory, design and project management services to support Research & Development and other innovation in the creative industry.

Our activities help organisations and policymakers tackle a wide variety of barriers to the arts and culture - such as the lack of relevance, affordability, user-voice and other factors linked to social inequality. We also support organisations to develop their engagement skills and capacity to connect more effectively - including digital leadership, data informed decision-making, the latest consumer research, action research and user-centred design.

Public Benefit

The Audience Agency helps the cultural sector to increase its relevance and resilience through the delivery of a range of services which include:

We enable organisatgions to engage larger and more diverse audiences and improve their impact and resilience with the ulitmate objective to widen public access and increase the nation's participation in the atts and other cultural activities.

Our activities help organisations and policy-takers tackle a wide variety of barriers to the arts and culture - such as financial affordability, social inequality and other socio-economic factors.

The trustees confirm that they have compiled with the duty in section 4 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on Public Benefit, Charities and Public Benefit.

Beneficiaries of our service

Our work directly supports cultural organisations, agencies and practitioners to engage more effectively with the general public. We also support community organisations with cultural strategy and work with local, national and international policymakers to improve the conditions for engagement. We provided a resource or service to over 1,200 cultural organisations in the period.

We remain committed to being accessible to the widest variety of arts and cultural organisations and have developed our business model to enable us to provide to all a regular feed of current audience trends and information. We also use funds to subsidise affordable services to smaller charities and those with limited resources, while still making an impact on the largest cultural institutions in England with the biggest audience reach. We work with theatres, concert halls, arts centres, performing arts companies, galleries, orchestras, outdoor festivals and site-specific producers, participatory arts, museums, heritage organisations and local authorities.

We continue to develop our work to support those at the forefront of the stand against inequality, those promoting diversity and grassroots community initiatives.

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THE AUDIENCE AGENCY (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2022

Achievements and Performance

TAA produced a four-year strategy in 2018. The Trustees have reviewed the activities and plans each year to ensure that the charity remains focused on its core purpose and on track to achieve its ambitions.

The 2021/22 Business Plan was presented to the Board in May 2021. It proposed a number of new directions in response to changes in the landscape, the learning over lockdown and legacy improvements disrupted by COVID in 2020 and set out 3 key priorities for the year:

Our aim during 21/22 was to empower and support creative and cultural organisations to become more relevant and dynamic by adopting more audience-focused and community-responsive ways of working. Our ambition was to “build back better”, for a post-pandemic world which continued to be challenging for our stakeholders in the cultural and creative industries. The emphasis of our work was therefore on enabling recovery and regeneration – for individual organisations, consortia and local authorities as well as the communities they serve. Our activities helped them use insight and evidence to get closer to their audiences, understand and address inequalities and consider new business models.

With the support of the Arts Council of England, Creative Scotland and Arts Council of Wales, we continued to develop Audience Finder, the UK’s leading audience insight tool, and to support more than 1000 organisations across those three countries in helping them use and apply the insights from the tool. Back-end developments included the integration of the Digital Audiences Survey (developed during the pandemic) into Audience Finder, and the construction of a shared library of survey questions, created to align with international standards, raising the potential for international benchmarking in future.

Responding to user needs and feedback, we developed a new on-line forum to supplement the existing Help Desk and 1:1 support. This offered a space to interact with other users and arts professionals with similar interests as part of a peer network. We also continued our well-attended and highly rated on-line events focused on specific art forms, such as Libraries and Literary organisations, touring companies, Classical Music and Outdoors Art and Festivals.

We continued our delivery of free events (webinars and training sessions), introducing a new event, TEA Break (Thinking Evidence and Audience events).

With increasing policy focus on levelling up and a place-based approach to creativity and culture, we launched a series of locally-based briefings, to help organisations develop a better understanding of their place and community and plan new strategies accordingly, individually or collaboratively. These events were held in Cumbria/Lancaster, East Midlands, Hampshire, Tyne and Wear, West of England and East London.

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THE AUDIENCE AGENCY (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2022

During the year, we launched the updated ‘Audience Spectrum’, a tool which segments the whole population by their attitudes to culture and by what they like to see and do. This introduced a new layer of sub-segments to help target organisations more accurately as well as new information on habits and preferences, like digital engagement.

We also continued with the ‘Cultural Participation Monitor’, a longitudinal ongoing survey of changing views about participating in creative and cultural activities through the pandemic and beyond. Wave 6 (Spring 2022) was specifically focused on disabled audiences.

Demand for our paid for services remained high. In addition to projects with individual organisations of all sizes, supporting on audience development and engagement, and evaluation, we were successful in securing a number of significant projects, including Manchester International Festival 2021 evaluation, Leeds 2023 (Year of Culture) Evaluation, Commonwealth Games and Festival 2022 Evaluation, Houses of Parliament public engagement segmentation, and work with the British Council on a peer and collaborative learning project.

Financial review

TAA’s financial objective is to ensure financial stability and continued solvency year on year to enable it to pursue its aims and objectives. The aim is also to increase its level of free reserves (see reserves policy below).

For the financial period 2021/22, the total group income was £3.24m, a 13% increase over the previous financial year (£2.85m). Expenditure was £3.03m, a 21% increase over the previous year (£2.5m). The group produced an end of year surplus of £203k which meant that the unrestricted reserves to be carried forward were £1.363m (see reserves section below).

The financial performance was strong, given the continuing impact of Covid-19 on the sector as a whole, even considering the £162k funding received from the Cultural Recovery Fund.

During 2021/22, we continued to invest in the development of the Audience Finder platform. This investment has been recognized in the accounts as a Programme Related Investment, reflecting the importance of the platform as a longer-term asset.

Reserves policy

The Board's policy on reserves is to target a reserve level which is equal to three to six months' projected fixed costs (fixed costs being rent, rates and other running, but not activity costs), This target level of reserves should be free reserves, or money readily realisable, and therefore should not include fixed assets. Where the target level of reserves has been reached, the Board would seek to reinvest those surplus funds in the following

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THE AUDIENCE AGENCY (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2022

financial year, to support the development of our service to the sector.

At the period end, total unrestricted reserves were £1.363m which included £483k of fixed assets. Free reserves were therefore £880k. Our most recent calculation is that three months' running costs would be approximately £800k.

Risk Management

The Board regularly reviews and assesses the risks to which TAA may be exposed. A risk register identifies those risks and actions agreed to mitigate them. Each Board meeting highlights the key issues and risks facing each of the Business Units and for TAA as a whole.

The identified high-level risks at the end of March 2022 were:

RISK MITIGATION
Uncertain
cultural
and
creative
sector
environment		 Build
on
agile
user-centred
practices
and
processes
Close monitoring marketing strategy/ focused
business development
Margins flatline/decrease Review pricing model
Measure and track budgeting and attribution
Productise.
Build in flex through associate network
Reduction/removal of major funding stream Continued diversification of income
Continued international collaboration
Weak Cash Flow Weekly cashflow review
Budgets developed to generate higher net
surpluses
Resilience and Recovery loan (April 2021)
Insufficient capacity or capability/loss of skills Continuous review of priorities
Flexible resourcing options
Focus on wellbeing and flexible working practices

Plans for the future

While the pandemic appears to be over, the impact remains and there is still a large amount of uncertainty within the sector. Audience behaviour continues to be affected. Going into next year, we know that our funding from Arts Council of England will be reduced, as we will not be continuing to provide a funded data-insights service to the sector. Therefore we are planning that a higher percentage of our income will come from earned income sources, from sales of products and bespoke consultancy and research.

What is clear is the importance that data, evidence and insight will play on the development of the sector; feedback from users has reinforced to us the key role that TAA can continue to play in enabling organisations to fully understand their audiences and communities. Our agile approach to service and product development means we will apply continuous learning to ensure the service we deliver remains relevant to the sector.

Our objectives will remain largely unchanged with small changes in focus:

  1. To enable the recovery, dynamism, ambition and inclusivity of our stakeholders through the launch and delivery of a relevant, user-tested and future-facing suite of services.

  2. To lead thinking on the changing needs of communities and audiences, people-centred practice and the use of data and research in this field.

  3. To develop a working culture which promotes and supports staff wellbeing and inclusive talent progression and development.

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THE AUDIENCE AGENCY (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2022

  1. To increase our reserves - through additional investment, growth in sales and margin and increased efficiency (systems, processes, communications).

Structure, Governance and Management

Governing Document

The Audience Agency is a company limited by guarantee, established on 25 June 2012, and was registered as a charity on 29 November 2012. It is governed by its Memorandum and Articles of Association. The company’s object is the promotion of the arts for public benefit by the provision of advice, support and information, and the provision of support services.

The governing body is the Board whose members are non-executive and unpaid. They meet regularly and retain full and effective control over the Company and monitor the Executive. The Board is involved in major strategic decisions and has ultimate responsibility for the conduct and financial stability of TAA.

Recruitment and Appointment of Trustees

As set out in the Memorandum and Articles of Association, the Board shall consist of not less than three and not more than fifteen people. As of 31 March 2022, the Board comprised nine people. New Trustees are appointed through an open recruitment process, and we advertised the roles widely through sector sites and specialist recruitment sites to encourage as wide a response as possible.

I nduction and Training of Trustees

Information packs are provided to all Trustees detailing our work and their roles, responsibilities and obligations as a Trustee and as a director. Each prospective new Trustee attends a Board meeting prior to appointment in order for them to understand how TAA is managed and governed. Other documents provided to new Trustees include previous accounts, the Business Plan and Charity Commission guidance. New Trustees are also partnered with one of the Executive team so that they can get a more detailed understanding of the organisation and its activities.

On an ongoing basis, Trustees are encouraged to attend appropriate external training courses and events. The annual Board away day provides an opportunity for development and throughout the year mini-Board workshops are run on issues of strategic importance.

Organisational Structure

The organisational structure is reviewed regularly.

The Board delegates full control to the Chief Executive Officer and the Executive Team for the delivery of the agreed plans. The Board monitors and reviews the quality, timeliness and relevance of the information provided to the Board meetings by members of the Executive Team.

The Board have established a Finance Sub-Committee, which meets two weeks before each Board meeting, to review the financial position and provide advice and support to the Executive Team.

Related Parties

The organisation maintains a register of interests for Board members and members of the Senior Management Team. Board members are required to declare any conflicts of interest before each Board meeting.e

The Audience Agency Services is a wholly owned subsidiary of the company and was established originally to manage a print distribution service in the North West of England. In 2020/21, the subsidiary comprised Golant

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THE AUDIENCE AGENCY (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2022

Innovation, an innovation agency, whose consultancy services complimented those of the charity. The research and development work for Audience Finder was also conducted through the trading subsidiary.

Remuneration Policy for Key Personnel

The Board sets the remuneration for the Chief Executive and other key personnel. Pay rates are determined by reference to an internal evaluation scheme and external market review.

Statement of Trustees’ Responsibilities

The trustees (who are also directors of The Audience Agency for the purposes of company law) are responsible for preparing the trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable group and enable them to ensure that the financial statements comply with the Companies Act 2006, They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditors

Cooper Parry Group Limited continued as the charitable company’s auditors in 2021/22.

This report has been prepared in accordance with the provisions applicable to companies subject to the small companies' regime of the Companies Act 2006.

The trustees' annual report has been approved by the trustees on ������������2022 and signed on their behalf by:

M Locke

(Chair of Trustees)

S Parker

(Vice Chair of Trustees)

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THE AUDIENCE AGENCY (A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE AUDIENCE AGENCY

Opinion

We have audited the financial statements of The Audience Agency (the 'parent charitable company') and its subsidiary (the 'group') for the year ended 30 March 2022 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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THE AUDIENCE AGENCY (A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE AUDIENCE AGENCY (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

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THE AUDIENCE AGENCY (A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE AUDIENCE AGENCY (CONTINUED)

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our assessment focussed on key laws and regulations the Group and parent charitable company has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Companies Act 2006, Charities Act 2011, taxation legislation, data protection, anti-bribery and employment legislation.

We are not responsible for preventing irregularities. Our approach to detecting irregularities included, but was not limited to, the following:

Whilst considering how our audit work addressed the detection of irregularities, we also considered the likelihood of detection based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error.

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THE AUDIENCE AGENCY (A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE AUDIENCE AGENCY (CONTINUED)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occuring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Simon Atkins FCA (Senior Statutory Auditor)

for and on behalf of Cooper Parry Group Limited Chartered Accountants Statutory Auditor 4th Floor Two Chamberlain Square Birmingham West Midlands B3 3AX

Date: 15 December 2022

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THE AUDIENCE AGENCY (A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 MARCH 2022

Note
Income from:
Government grants
3
Charitable activities
4
Other trading activities
5
Other income
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2022
£
1,289
2,062,717
313,165
70,000
2,447,171
555,758
1,672,282
2,228,040
219,131
1,143,820
219,131
1,362,951		 Restricted
funds
2022
£
-
788,800
-
-
788,800
-
804,711
804,711
(15,911)
15,911
(15,911)
-		 Total
funds
2022
£
1,289
2,851,517
313,165
70,000
3,235,971
555,758
2,476,993
3,032,751
203,220
1,159,731
203,220
1,362,951		 Total
funds
2021
£
192,043
2,255,229
312,865
86,739
2,846,876
440,171
2,052,081
2,492,252
354,624
805,107
354,624
1,159,731

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 18 to 40 form part of these financial statements.

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THE AUDIENCE AGENCY (A Company Limited by Guarantee) REGISTERED NUMBER: 08117915

CONSOLIDATED BALANCE SHEET AS AT 30 MARCH 2022

Note
Fixed assets
Intangible assets
13
Tangible assets
14
Current assets
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one
year
17
Net current assets
Creditors: amounts falling due after more
than one year
18
Total net assets
Charity funds
Restricted funds
20
Unrestricted funds
20
Total funds		 913,080
864,195
1,777,275
(772,450)		 2022
£
464,682
18,444
483,126
1,004,825
(125,000)
1,362,951
-
1,362,951
1,362,951		 623,450
704,057
1,327,507
(695,241)		 2021
£
522,660
4,805
527,465
632,266
-
1,159,731
15,911
1,143,820
1,159,731

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on �����������������and signed on their behalf by: M Locke S Parker (Chair of Trustees) (Vice chair of Trustees)

The notes on pages 18 to 40 form part of these financial statements.

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THE AUDIENCE AGENCY (A Company Limited by Guarantee) REGISTERED NUMBER: 08117915

CHARITY BALANCE SHEET AS AT 30 MARCH 2022

Note
Fixed assets
Intangible assets
13
Tangible assets
14
Investments
15
Current assets
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one
year
17
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
18
Total net assets
Charity funds
Restricted funds
20
Unrestricted funds
20
Total funds		 714,444
772,050
1,486,494
(701,523)		 2022
£
-
14,594
464,683
479,277
784,971
1,264,248
(125,000)
1,139,248
-
1,139,248
1,139,248		 394,604
647,551
1,042,155
(616,382)		 2021
£
16,651
4,805
502,660
524,116
425,773
949,889
-
949,889
15,911
933,978
949,889

The Charity's net movement in funds for the year was £189,359 (2021 - £295,593).

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime

.

Page 15

����������������������������������������������������������

THE AUDIENCE AGENCY (A Company Limited by Guarantee) REGISTERED NUMBER: 08117915

CHARITY BALANCE SHEET (CONTINUED) AS AT 30 MARCH 2022

The financial statements were approved and authorised for issue by the Trustees on �����������������and signed on their behalf by:

M Locke

(Chair of Trustees)

S Parker

(Vice Chair of Trustees)

The notes on pages 18 to 40 form part of these financial statements.

Page 16

����������������������������������������������������������

THE AUDIENCE AGENCY

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 MARCH 2022

Note
Cash flows from operating activities
Net cash provided by operating activities
22
Cash flows from investing activities
Purchase of intangible assets
13
Purchase of tangible fixed assets
14
Net cash used in investing activities
Cash flows from financing activities
Cash inflows from new borrowing
Repayments of borrowing
Net cash provided by/(used in) financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
23		 2022
£
296,131
(242,343)
(18,650)
(260,993)
125,000
-
125,000
160,138
704,057
864,195		 2021
£
1,017,789
(348,581)
(1,448)
(350,029)
-
(50,000)
(50,000)
617,760
86,297
704,057

The notes on pages 18 to 40 form part of these financial statements

Page 17

����������������������������������������������������������

THE AUDIENCE AGENCY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2022

1. General information

The Audience Agency is a private company, limited by guarantee, incorporated in England and Wales (08117915). The principal address of the group is The Whitehouse, Wilderspool Business Park, Greenalls Avenue, Stockton Heath, Warrington, WA4 6HL.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements are prepared in Sterling (£) which is the functional currency of the Charity. The financial statments are for the year ended 30 March 2022 (2021: year ended 30 March 2021).

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Audience Agency meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements. The parent charity made a surplus of £189,359.

2.2 Going concern

At the balance sheet date, the Charity had a strong net asset position. At the time of signing these accounts, the trustees have considered the effect of the Coronavirus pandemic on the going concern position, and consider that the Charity will continue to operate for a period of at least 12 months from the date of signing these accounts due to the reserves available to it.

The financial forecasts prepared show that the Charity will be able to operate within the facilities available to it.

On that basis, the trustees have prepared these financial statements on a going concern basis.

Page 18

����������������������������������������������������������

THE AUDIENCE AGENCY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2022

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised; refer to the trustees' annual report for more information about their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services and facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

2.6 Government grants

Government grants relating to tangible fixed assets are credited to the Consolidated Statement of Financial Activities and held in reserves, depreciation is charged over the expected useful lives of the assets concerned. Other grants are credited to the Consolidated Statement of Financial Activities as the related expenditure is incurred.

Page 19

����������������������������������������������������������

THE AUDIENCE AGENCY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2022

2. Accounting policies (continued)

2.7 Intangible assets and amortisation

Intangible assets are capitalised and recognised when future economic benefits are probable and thethe asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is three years. Provision is made for any impairment.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

Amortisation is provided on the following bases:

Data assets - 33 % Computer software - 33 %

2.8 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment - 20% Computer equipment - 33%

2.9 Investments

Programme related investment is an amount equal to the capital contribution provided to the trading subsidiary to develop an intangible asset to further the charitable purposes of the charity. The Investment is written down in line with the value of the asset in the trading subsidiary.

Investments in subsidiaries are valued at cost less provision for impairment.

2.10 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Page 20

����������������������������������������������������������

THE AUDIENCE AGENCY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2022

2. Accounting policies (continued)

2.11 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.12 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

2.13 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.14 Operating leases

Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight line basis over the lease term.

2.15 Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

2.16 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 21

����������������������������������������������������������

THE AUDIENCE AGENCY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2022

3. Income from government grants

Unrestricted Total Total
funds funds funds
2022 2022 2021
£ £ £
Government grants 1,289 1,289 192,043

Government grants received in the period relate to the Coronavirus Job Retention Scheme.

Page 22

����������������������������������������������������������

THE AUDIENCE AGENCY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2022

4. Income from charitable activities

Major stakeholders and funders
Arts Council England
ADESTE
Arts Council Wales
Creative Scotland
New Capacity development
Subtotal for major stakeholders and
funders
Bespoke Services
Consultancy and Research
Subtotal for bespoke services
Package/programme income
Audience spectrum licensing
Enhanced dashboards
Package services
Other services - groups
Showstats
Subtotal for package/programme income
Total 2021		 Unrestricted
funds
2022
£
122,000
-
81,210
249,907
-
453,117
1,367,016
1,367,016
29,415
73,025
80,797
51,728
7,619
242,584
2,062,717
1,475,516		 Restricted
funds
2022
£
763,800
25,000
-
-
-
788,800
-
-
-
-
-
-
-
-
788,800
779,711		 Total
funds
2022
£
885,800
25,000
81,210
249,907
-
1,241,917
1,367,016
1,367,016
29,415
73,025
80,797
51,728
7,619
242,584
2,851,517
2,255,227		 Total
funds
2021
£
1,087,800
15,911
56,834
291,245
(14,725)
1,437,065
693,857
693,857
6,100
33,788
71,692
-
12,725
124,305
2,255,227

There was an additional £40,000 received from Arts Council England which was recognised in The Audience Agency Services Limited (2021: £Nil).

From 2021/22 all bespoke services have been combined under consultancy and research, thus 2021 figures have been restated to be comparable.

Page 23

����������������������������������������������������������

THE AUDIENCE AGENCY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2022

5. Income from other trading activities

Income from non charitable trading activities

Consultancy services
Other income		 Unrestricted
funds
2022
£
300,515
12,650
313,165		 Total
funds
2022
£
300,515
12,650
313,165		 Total
funds
2021
£
312,865
-
312,865

All income from other trading activities in the prior year was unrestricted.

6. Other incoming resources

Unrestricted Total Total
funds funds funds
2022 2022 2021
£ £ £
Research and development tax credit 70,000 70,000 86,739

All income from other incoming resources in the prior year was unrestricted.

Page 24

����������������������������������������������������������

THE AUDIENCE AGENCY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2022

7. Expenditure on raising funds

Trading subsidiary expenses

Unrestricted
funds
2022
£
Cost of sales
111,282
Administration expenses
311,062
Administration staff costs
133,414
555,758		 Total
funds
2022
£
111,282
311,062
133,414
555,758		 Total
funds
2021
£
31,253
210,083
198,835
440,171

8. Analysis of expenditure by activities

Activities
undertaken Total Total
directly funds funds
2022 2022 2021
£ £ £
Advice and assistance 2,476,993 2,476,993 2,052,081

Page 25

����������������������������������������������������������

THE AUDIENCE AGENCY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2022

8. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
Depreciation and amortisation
Programme cost
Bespoke overheads
Office, travel and training costs
Governance
Rent and rates
Website and IT
Total 2021		 Advice &
assistance
2022
£
1,532,290
21,242
291,167
374,736
97,228
11,500
76,252
72,578
2,476,993
2,052,081		 Total
funds
2022
£
1,532,290
21,242
291,167
374,736
97,228
11,500
76,252
72,578
2,476,993
2,052,081		 Total
funds
2021
£
1,296,115
111,503
282,975
116,205
70,961
14,491
77,759
82,072
2,052,081

The above expenditure is split £804,711 (2021: £763,800) restricted expenditure and £1,672,282 (2021: £1,288,281) unrestricted expenditure. Governance costs include the audit remuneration of £11,500 (2021: Governance costs include audit remuneration of £9,000)

9. Auditor's remuneration

2022 2021
£ £
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts 11,500 9,000

Page 26

����������������������������������������������������������

THE AUDIENCE AGENCY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2022

10. Net income

Net income is stated after charging:

2022 2021
£ £
Depreciation of tangible fixed assets 5,011 3,911
Amortisation of intangible fixed assets 300,321 308,776
Auditor's remuneration 11,500 9,000
Operating lease rentals 21,148 40,623

11. Staff costs

Wages and salaries
Social security costs
Pension cost		 Group
2022
£
1,458,718
158,946
48,040
1,665,704		 Group
2021
£
1,313,171
141,401
40,378
1,494,950		 Charity
2022
£
1,325,304
158,946
48,040
1,532,290		 Charity
2021
£
1,114,336
141,401
40,378
1,296,115

The average number of persons employed by the Charity during the year was as follows:

Group Group
2022 2021
No. No.
Administration staff 48 45

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2022 2021
No. No.
In the band £60,001 - £70,000 2 -

The total employee benefits of the key management personnel of the charity were £298,274 (2021: £275,586).

Page 27

����������������������������������������������������������

THE AUDIENCE AGENCY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2022

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).

During the year ended 30 March 2022, expenses totalling £NIL were reimbursed or paid directly to no Trustees (2021 - £NIL to no Trustees).

13. Intangible assets

Group

Cost
At 31 March 2021
Additions
Disposals
At 30 March 2022
Amortisation
At 31 March 2021
Charge for the year
Disposals
At 30 March 2022
Net book value
At 30 March 2022
At 30 March 2021		 Data assets
£
338,360
-
-
338,360
321,709
16,651
-
338,360
-
16,651		 Computer
software
£
781,231
242,343
-
1,023,574
278,580
280,312
-
558,892
464,682
502,651		 Goodwill
£
23,000
-
(23,000)
-
19,642
3,358
(23,000)
-
-
3,358		 Total
£
1,142,591
242,343
(23,000)
1,361,934
619,931
300,321
(23,000)
897,252
464,682
522,660

Page 28

����������������������������������������������������������

THE AUDIENCE AGENCY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2022
13.
Intangible assets (continued)
Charity
Cost
At 31 March 2021
At 30 March 2022
Amortisation
At 31 March 2021
Charge for the year
At 30 March 2022
Net book value
At 30 March 2022
At 30 March 2021		 Data assets
£
338,360
338,360
321,709
16,651
338,360
-
16,651

Page 29

����������������������������������������������������������

THE AUDIENCE AGENCY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2022

14. Tangible fixed assets

Group

Cost or valuation
At 31 March 2021
Additions
At 30 March 2022
Depreciation
At 31 March 2021
Charge for the year
At 30 March 2022
Net book value
At 30 March 2022
At 30 March 2021		 Office
equipment
£
27,888
4,270
32,158
27,888
420
28,308
3,850
-		 Computer
equipment
£
89,247
14,380
103,627
84,442
4,591
89,033
14,594
4,805		 Total
£
117,135
18,650
135,785
112,330
5,011
117,341
18,444
4,805

Page 30

����������������������������������������������������������

THE AUDIENCE AGENCY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2022

14. Tangible fixed assets (continued)

Charity

Cost or valuation
At 31 March 2021
Additions
At 30 March 2022
Depreciation
At 31 March 2021
Charge for the year
At 30 March 2022
Net book value
At 30 March 2022
At 30 March 2021		 Office
equipment
£
27,888
-
27,888
27,888
-
27,888
-
-		 Computer
equipment
£
89,247
14,380
103,627
84,442
4,591
89,033
14,594
4,805		 Total
£
117,135
14,380
131,515
112,330
4,591
116,921
14,594
4,805

Page 31

����������������������������������������������������������

THE AUDIENCE AGENCY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2022

15. Fixed asset investments

Charity
Cost or valuation
At 31 March 2021
Additions
At 30 March 2022
Impairment
At 31 March 2021
Charge for the year
At 30 March 2022
Net book value
At 30 March 2022
At 30 March 2021		 Investments
in
subsidiary
companies
£
1
-
1
-
-
-
1
1		 Programme
investment
£
781,231
242,385
1,023,616
278,580
280,354
558,934
464,682
502,651		 Total
£
781,232
242,385
1,023,617
278,580
280,354
558,934
464,683
502,652

Page 32

����������������������������������������������������������

THE AUDIENCE AGENCY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2022

15. Fixed asset investments (continued)

Principal subsidiaries

The following were subsidiary undertakings of the Charity:

Names Company Holding Included in
number consolidation
The audience agency services limited 06994989 100% Yes
The financial results of the subsidiary for the year were:
Name Income Expenditure Loss for the
£ £ year
£
The Audience Agency Services Limited 300,515 (637,027) (266,512)
The Audience Agency Services Limited had net assets of £688,384 at 30 March 2022.

16. Debtors

Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2022
£
586,521
-
250,617
75,942
913,080		 Group
2021
£
291,158
-
260,515
71,777
623,450		 Charity
2022
£
548,186
-
90,316
75,942
714,444		 Charity
2021
£
251,539
20,000
51,288
71,777
394,604

Page 33

����������������������������������������������������������

THE AUDIENCE AGENCY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2022

17. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Deferred income
Amounts owed to group undertakings
Accruals
Deferred income at 30 March 2020
Resources deferred during the year
Amounts released from previous periods		 Group
2022
£
196,251
130,712
8,692
392,893
-
43,902
772,450
Group
2022
£
425,968
392,893
(425,968)
392,893		 Group
2021
£
84,840
135,983
7,110
425,968
-
41,340
695,241
Group
2021
£
41,445
425,968
(41,445)
425,968		 Charity
2022
£
138,733
130,236
8,692
303,135
89,411
31,316
701,523
Charity
2022
£
199,906
300,285
(199,906)
300,285		 Charity
2021
£
77,690
118,208
7,110
199,906
186,478
26,990
616,382
Charity
2021
£
31,289
199,906
(31,289)
199,906

18. Creditors: Amounts falling due after more than one year

Group Group Charity Charity
2022 2021 2022 2021
£ £ £ £
Unsecured bank loan 125,000 - 125,000 -

Page 34

����������������������������������������������������������

THE AUDIENCE AGENCY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2022

19. Financial instruments

Financial assets
Financial assets measured at fair value
through income and expenditure
Financial liabilities
Financial liabilities measured at fair value
through income and expenditure		 Group
2022
£
864,195
Group
2022
£
125,000		 Group
2021
£
704,057
Group
2021
£
-		 Charity
2022
£
772,050
Charity
2022
£
125,000		 Charity
2021
£
647,551
Charity
2021
£
-

Financial assets measured at fair value through income and expenditure comprise cash at bank and in hand.

Other financial liabilities measured at fair value through income and expenditure comprise unsecured bank loan.

Page 35

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THE AUDIENCE AGENCY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2022

20. Statement of funds

Statement of funds - current year

Unrestricted funds
Charity funds
Subsidiary reserves
Restricted funds
Arts Council England
Adeste +
Total of funds		 Balance at
30 March
2021
£
933,978
209,842
1,143,820
-
15,911
15,911
1,159,731		 Income
£
2,076,656
370,515
2,447,171
763,800
25,000
788,800
3,235,971		 Expenditure
£
(1,871,325)
(356,715)
(2,228,040)
(763,800)
(40,911)
(804,711)
(3,032,751)		 Balance at
30 March
2022
£
1,139,309
223,642
1,362,951
-
-
-
1,362,951

Arts Council England: this is funding contributing to a data aggregation programme and analysis service which creates a national data set and an understanding of audiences and public impact. The service provides insight to underpin audience development, marketing and business planning for beneficiary organisations, including but not confined to Arts Council "National Portfolio Organisations".

Adeste +: The purpose of this project is to enable wider audience participation in arts and culture across Europe. It recognises that effective audience development is the key to an inclusive sector that is both sustainable and relevant to a broader public. ADESTE+ project offers a recipe for organisational change - or blueprint - which enables real audience development to take place, and new business models to emerge as a result. It will support partners not just to become more sustainable in social, financial and artistic terms, but to teach others how to do so. It will support experimentation in producing excellent work with and for a wide range of audiences, especially those usually not much engaged in arts and culture.

Each restricted fund relates to a project which has been assessed in terms of completion. Where the fund is in deficit and future funding is not expected to cover this deficit a reserves transfer from unrestricted funds to the restricted fund has taken place to reflect the charity's contribution to the restricted project.

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THE AUDIENCE AGENCY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2022

20. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Charity funds
Subsidiary reserves
Restricted funds
Arts Council England
Adeste +
Total of funds		 Balance at
1 March
2020
£
702,626
102,481
805,107
-
-
-
805,107		 Income
£
1,667,561
399,604
2,067,165
763,800
15,911
779,711
2,846,876		 Expenditure
£
(1,276,266)
(452,186)
(1,728,452)
(763,800)
-
(763,800)
(2,492,252)		 Transfers
in/out
£
(159,943)
159,943
-
-
-
-
-		 Balance at
30 March
2021
£
933,978
209,842
1,143,820
-
15,911
15,911
1,159,731

21. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2022
£
Tangible fixed assets
18,444
Intangible fixed assets
464,682
Current assets
1,777,275
Creditors due within one year
(772,450)
Creditors due in more than one year
(125,000)
Total
1,362,951		 Total
funds
2022
£
18,444
464,682
1,777,275
(772,450)
(125,000)
1,362,951

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THE AUDIENCE AGENCY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2022

21. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Unrestricted
funds
2021
£
Tangible fixed assets
4,805
Intangible fixed assets
522,660
Current assets
1,311,596
Creditors due within one year
(695,241)
Total
1,143,820		 Restricted
funds
2021
£
-
-
15,911
-
15,911		 Total
funds
2021
£
4,805
522,660
1,327,507
(695,241)
1,159,731

22. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Amortisation charges
Decrease/(increase) in debtors
Increase in creditors
Net cash provided by operating activities
23.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents		 Group
2022
£
203,220
5,011
300,321
(289,630)
77,209
296,131
Group
2022
£
864,195
864,195		 Group
2021
£
354,624
3,911
308,776
129,926
220,552
1,017,789
Group
2021
£
704,057
704,057

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THE AUDIENCE AGENCY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2022

24. Analysis of changes in net debt

Cash at bank and in hand
Debt due after 1 year		 At 30 March
2021
£
704,057
-
704,057		 Cash flows
£
160,138
(125,000)
35,138		 At 30 March
2022
£
864,195
(125,000)
739,195

25. Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and £8,692 (2021 - £7,110) was payable to the fund at the balance sheet date and are included in creditors.

26. Operating lease commitments

At 30 March 2022 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 Group
2022
£
14,077
1,286
15,363		 Group
2021
£
21,148
15,324
36,472		 Charity
2022
£
14,077
1,286
15,363		 Charity
2021
£
21,148
15,324
36,472

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THE AUDIENCE AGENCY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2022

27. Related party transactions

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

No trustee or other person related to the charity had any personal interest in any contract of transaction entered into by the charity, including guarantees, during the year (2021: £Nil).

During the year the charity recharged The Audience Agency Services £81,258 (2021: £79,357) in respect of admin and support costs. At the year end the charity owed £89,411 (2021: the charity owed £166,478).

Trustees are appointed to the board primarily for the skills, experience and knowledge that they bring to the organisation. Such individuals are likely to hold other directorships or work within the sector for organisations that may have links with The Audience Agency or its subsidiary The Audience Agency Services Limited.

The following trustees either hold an executive post or sit on the board of organisations undertaking business transactions with The Audience Agency and/or its subsidiary. All sales/(purchases) are at arms length.

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