Registered number: 08251877 Charity number". 1150733 Sunderland Music, Arts and Culture Trust (A Company limited by guarantee) Annual report Year ended 31 October 2021 ¥A899WFKI' 291Q712022 ccpANIEs HOUSE A13 *73
Sunderland Music. Arts and Culture Trust IA company limlted by guarantee) Contents Page Reference and adnynistrative detsils Trustees, report Independent auditorfs report to the members of Sunderlarnl Mustc. Arts and Culture Trust Slalemenl of financial actIVrt ncorporating income and expenditure account Balance sheet 10-13 14 15 Statement of cash Ihjws 16 Notes to the financial 5tstemenls 17-28
Sunderland Music. Arts and Culture Trust IA company l#nited by guarante•) Reference and administrative details Year ended 31 October 2021 Trustees Paul Michael Callaghan, CBE. DL, FRSA. Hon OBA. Chair John Dennis Mowbray, OBE, DL Robert William Lawson OBE Ross George Thclras Millard Marie Nixon Graeme Thompson MBE Company registered number 08251877 Charity register•d number 1150733 Registered offi¢• The Fire Station High Street West Sunderland SR1 3HA Company secrgtsry Paul Callaghan Independent auditor UNW LLP Chartered Accountants Citygate Sl James, Boulevard Newcastle upon Tyne NE1 4JE Page 1
Sunderland Music, Arts and Culture Trust IA company limited by 9uaranteel Trustees, report Year ended 31 October 2021 The trustees present their annual report together the audited financial statements of the trust for th8 1 November 2020 to 31 October 2021. The trustees present their annvaS report Ic¥Jether with the audited financial slalernents of the Trust for the year 1 November 2020 to 31 October 2021. The annual report serves the purposes of both a Iruslees, report and a directors, report under company The Iruslee5 confirm that the annual report ar financial slalements of the charitable company comply with the current slalulory requifements, the requirements of the charrtable CoMpanS goveming document and the prOvisnS of the Slalemenl of Recommended PractKe ISORP} applicable lo charrtS preparing their accounts in accordance with the Financial Reporting Standard applicabk in the UK and Republ of Ireland {FRS1021 (effective 1 January 20191. Since the charity qualES a$ small under sedion 382 of the CIMnpanies Act 21x6. the strategic report required of medium and large companies under the Companies Ad 2006 (Strategic Report and Diredors, Reporti Regulations 2013 has been omitted. Objectiv•s and acliviti•s • Policies and objèctives Established in 2012. SurNlefland Music. Arts and Culiure Twst (the Trusf) has the objeciive of being a laty$t, developer, and prn0ter of Gulluial activities wthin the cty. It aims to bring togetheT people with ability, tslenl and ambition who share a vision for Sunderland's fulure as a vibrant. Greatsve, and exciting place where the arts, music, and culture flourish. It encourages people of 1 ages and all backgrounts lo participate in cullural actNib"es such a5 playing an instrument. learning to dance, act or sing or creating literature or pc. It also helps buikl audiences for the arts and culture perfomi8n¢e$ in Sunderland. The Trust sees the digitsl revolution that has been eated through new technology and the intemet as an amazing opportunty, alloyA9 new forms of ¢reatMty and providing ws of reaching existing anil new audience5. The Trust devdops the Infrastructu and venues needed for thi5 cultural renaissance in the city ld helps to build organiSatnS and capacty wrthin the sector. Through a broad. balanced, and sustainable programme of high qualty art and Cultural activrties for all, it has eveloped the range of r¢s partnerships, the reach of rt5 programming and awarenes$ of rts work. It helps create and promote excellent arts and cultural programme$ and events that engage and involve PartlpantS, encourage new and diverse audien, and enhance the weubeing of the communities rt works with. The charrty's objects are fr the benefit of the public generalty and in particular the inhabitants of Sunderland and its surrounding areas.. 1. To promote uwban of Tural Tegeneralion in areas of 50¢ial and econ¢)mic deprivation. particulafly in Sundertand and its surrounding areas. by any or all of the follwng means.. the maintenance. improvement.or provision of Publ amenities. the preservation of buildings or srtes of historie OT archrtectural importance.. the provision of recreational facil"e$ for the public al large or for those who by reason of their youth, age, infirmity or disablement. financial hardship or stxia and economic circumstances have need of such facilities.. and such other Means as the Iwustees may from time lo time deterne. Page 2
Sunderland Music. Arts and Cufture Trust {A company limited by guaranl••l Trustees, report (continued) Year ended 31 October 2021 Objectlves and actlvlties Icontinued 2. To advance the arts (including music. music there. drama. decoratNe and visual arts, dance, ballet. circus. poetry, musie hall. comedy, and variety perfomwncel and the educab.on of the public in the arts by.. the establishment and maintenance of an arts venue and the presentation. production and ccmmissioning of publrc ¢oncerts, plays. shows. perfomances and other demonstrions of the arts at the said venue and elsewhere.. such other m&3ns a$ the trustees may from lime to time detemiine., and for such other exclusively chantable purposes as the trustees may from lime to lime determine. In setting objectives and planning for *ivitses. Ihe trustees have gNen due ¢on$Kleration to general guKlance published by the Charity Crynmission rdating lo p1 benefrt, including the gUdance 'PubliG benefft". running charity IPB21'. Activities undertaken to achieve oblective5 Since it was estsbli5hed in 2012, the Trust ha5 been aciNe in the following three areas in the city of Sunderfand and the wder rrth east region: The development of major infrastructure projects for arts and cutture or lo support arts and culture.. The delivery, promot&)n and sUprt of cultura actNrty. events. and cultural organisations,. and The e$Il$hment of innovative govemarKe strLthres in partnershp with key ciwc players to create and deliver a Cullural strategy for the city. The development 011nfrarUre The primary objectNe under this area of aetivty has been the creats.on of a cultural quarter in the cenlie of Sunderfand. This has involved a major regeneTats"on of the Edwardian heart of the city, focusirbg on buildings or srtes thal are all within the BishopweamioLrth Conservation Area and sit next to Sunderland Minster and the Sunderfand Empire. Of these. three were buift bethen 1901 and 1908. the Dun Cow pub. the Old Fire Slalion, and the Peacock pub. The ffinal area of development has been the constructton of the Fire Station Audrtorium, a performing aJts venue Situated on a site between the Empire and the Fire Slalion on which there wwe previousty three car parks created after previous building5 were demolished afteT bomb damage or later redevelc¢)menl. Despife the chalknges caused by the Covid pandemK. the Audiloriurn was completed and opened in December 2021. Buildings within the cural Quarter will be used for arts and culiural purw)ses and collectivety will fomi the vibrant and creative cuhural heart of the crty. The Quartef nthv indudes theatre, music and dat)ce spaces. faeilrties for new cuttural enterprises and music and artistic educalitin studios and centre5. The funding fof this ambrtious regeneration of the cenlre of Sunderland through Arts and Culture has corne from a number of sources. The Heritage Lottery Fund was the first major funder to commit, and this was followed by support both in cash and in propety by Sunderfand City Council whh has become an enthusiastic and committed partner in the project. Arts Coun1 ErYJL3nd committed signfficant funding for the Fire Slalh)n and ALrtoriUm. There has been significant private seclor investment in the project from Leighlon Management. a Sunderland-based company. The company funded the initial master planning for the Quarter and has made signrficanl loan funding available lo the Trust to enable the project to progress. LevJhton Management has purchased both the Dun Cow and the Peacock pubs as part of the project. The rent from both pubs will be used lo provide sKJnificant additional revenue funding for the Fire Station and Audrtorium until 2027. The Trust is a150 exiremely grateful for the generous financial support it has receNed from the follcthving Trusts and Foundations.. The Garfield Weston Foundation, The Catherine Cookson Charitable Trust, The Foe Foundation. the Wolfson Foundation, the Backstage Tfust, and the Sir Janes Knott Trust Page 3
Sunderland Music, Arts and Culture Trust (A company limited by guarantee) Trustees, report (continued) Year ended 31 October 2021 Objectives and actlvltles l¢ontinuodl Th• delivery. pmmotlon. andsupport of culturnl acdvlty The Trust also belves in being both a ealalysl and developer of cultural ath.vty wrthin the city and has promoted, funded, and initiated several key acts"vrttes within Sunderland over recent years. The most snIfiCant of these activities is". The Cultural Spring This Project was established in 2014 as part of the Arts Council Engk3nd Creatwe People and PCeS programme for Sunderfand and South Tyneside. The three inrtial partners were the Trust, Sunderland Universrty, and the Customs House. The founding partners have been joined by Sangini, a Black and minonty ethnic IBMEI led, multicultural women's organisation based in Sundertand. The Trust fvnded the initial bid proposal and has continued to provtde funding and leadership. The Culiural Spring has been extremely $YesSful with a series of cornmunity based initiatives as wdl as several major events induding the Great North Passion. Rush, Summer Streets, and Inventors! The Curtural Spring has been a9ain funded by Arts Council England in the recent round of Ihe Creative People and Places I'CPP'I piogramme. The Latest grant brings Cultural Spring's lolal CPP fvnding to £5.5million since 2014. The Sundedand prcgramme began in April 2022. The Cultural Spring works vlith the best local. regional. and national artists to provide workshops, events, and subsidised tickets and since 2014. has worked across 26 ward areas in South Tynesle and Sunderland to engage communi(ies in the arts. The projed's aim is to leave a legacy of communities interested in the arts by increasing participation in art5 and Cumu. ertabling more excellent art and ¢reativty. and helping communitie5 10 sel up and run sustainable events and workshops. The wotkshcp programme indudes aclivtties like ceramic5, guitar and ukulele. crafting, drawing, painting. photography. singing, dancing, theatre and mole, run by professional artists. The aim is lo make these activities as accessible as possible using local venues that communrties ore familiar with. Other Cultural Spring Programmes include 'Go and See, that aims lo give people in Sundertand and South Tyne$#le the chance to experience the b8St arts and cultural events across the North East and beyond and 'Your Art, whKh supports communities to develop thwT own arts Kleas and lo support people to shape, lead and programme arts events that they wrnnt in their communities. To date, 144 Your Art projects have been supported In September 2020, The Cuttural Spring Charity was established lo support the Work and values of The Cultural Spring project and increase investment in arts and cuAure from a range of Sources, ineluding trusts and foundations. Currently. the Chanvs main piionty is working partners lo ensure The Cuf(ural Spring continues its work in South Tyneside once the current CPP pr4ect comes lo an end there in March 2023. This is due to South Tyneside no bnger being eligible for Creative peo and PlaS funding. The MAC Trust has representsliDn M the Steering Group of the Cultural Spring and on the Cultural Spring Charty Board and is committed to continuing to develop the work of The Curtural Spring and exploring new opportunrties for communities to enga9e in arts and cullure across Sunderland and South Tyneshde. The establishment of innovaliv• govemance structures The Trust was conceNed not just as a mechanism for delTvering infrastructure and cuhural ath'vty but also a vehicle that would dernonslTate ¢ar strategic cullural ershiP in the cty. 11 has worked wlh two key partner5 in seeking to achieve this. Sunderland Universty and the Cty Council. Both have ownership of key cultural assets in the cty bul more importanlty both recognise the advantages and synergies th can be achieved in working colleclivety. This has been a three stage Process. Sunderfand Cultural Partnetship This was formed in 2013 bringing t(ether the Unr¥ersty. C¢)unciS and the Trust working together Yth Arts Council England and the Heritage Lottery Fund lo develop the cultural life of the city- 11 has been a forum and decision making bcty that has gafvanrzed actmty and focused minds in a way that the city has never previously seen. 11 has effective wothing groups arKI xtion groups has been WKlety rec(3nised for its success. Page 4
Sunderland Music, Arts and Culture Trust IA eompany limlted by guarantee) Trustees. report (continued) Year ended 31 October 2021 Objectives and actlvities Icontinuedl The Sunderland Cultural Strategy The Trust was a driwng force in the development of this strategy that is a statement of the clear strategic vision that is now being devebped wrthin the city. Sponsored by the Cultural Partnership il invofved a range of city partner5 and was extmelY well received both within the cuhural communrty but a150 in the wider worfd. 11 has been descnbed as the trigger for the Sundedand Cultural Renaissance. SuDderland Cuhure Limit Following the success ol the cultural partnership model, the three key partners agreed lo take the next step and in early 2016 formed Sunderland Cultu Limited. a Chantsble trust. providing long term leadership of culture and the arts in the city. Under Sunderfand cultu the key assets of the city including the National Glass Cenlre. The Museum and Winter Gardens, the Northem Gallery for Contemporary Art and the Fire Station are strategically managed. The Trust, as one of the three partners. has been the Ivnder of this initiative and will work collectively to ensure rts sue¢es$ in the future. Sundedand Culiure Arts Council England National PortfolKJ Organisations and a registered chanty. . Achievements and perfoTman¢e • Review of •ctivltles 2020r21 has continued to be a challerying year for organi5ations in the arts and cumure sector. The Covid 19 pandemic has meant that many venues, including the Fire Slalion, were Closed for much of the year either as a part of th& Government's activity lod(dum or because of staffin9 challenges caused by COV 19 or self isolation. The Fire Slion is the Sundefland home for Dare City. which delivers a range of dance programmes and has its MA in Dance based there but its prc¥Jramme$ have been disrupted by the pandemic. Live Tales Sunderfand, the project run by Live Theatre, is akn based in the Fire Stsb'on. and ha5 also faced considerable disruption. In September 2021, the Fire stat became the home of Ihe Northern Academy for Music Education, an independent music academy, which delNers a BA (Music Indu51rie5} validated by the University of Sunderland. 11 is based on the top floor of the Fire stats.on and the upper floors of the Peack. BrFms Construction have been the main ¢ontrador for the AudrtOTium build, and while the project ha$ suffered delays through lockdown and the impact of COVKI 19 on staff and svppty Chains. the build continued, and the Auditorium wa5 opened on December 10th, 2021. The Trust has agreed a management protocol with Sunderland Culture so that aN programming and Operatn$ in the Fire Station wll be delivered by Sunderfand Culture. The Trust is particulaty grateful for the supp¢yt it has received from Sundedand City Council and Arts Council England. Without their svjnfficanl ffinanoal support..these devebpments woukl It have been possible. The Trnst has continued lo work with the Cty Counal and Sundedand UnNersty through Synderland Culture, delivering both cuttural activrtEs and managing the ctys cultural venues_ The impact of the Covid 19 pandemie fesulted in exceptional challenges for Sunderland Culture during 2020r21. Vital investment from DCMS, through the CuAuTe Recovery Fund, Arts Council England. Art Fund, Gatheld Weston Culture Fund and Sunderfand City Council enabled (( to keep 90ing ar despite all the uncertainlie5. rt launched a new online shop lo generate vital earned income. devdoped new dlta1 exhibrtions and performances so audiences could still access i(s prograrnme. designed crealive actmty packs to support health and wellbeing and CTealive leaming for children and adults acTOS5 the city, ddivered ath.sl support and training sessions and secured funding for new artists commissions and creative projects. Thi$ sh$ more than ever the critical role that arts and culture plays in drficum tsmes. Page 5
Sunderland Music. Arts and Culture Trust (A company limited by guarantee) Trustees. report (continued) Year ended 31 October 2021 Flnanclal fevlew • Financial performance Capital work on the ALJrtorium continued during 2020f21. with grants besng received from Arts Council England ar)d from the DCMS Cumural Recovery Fund lo support the project as well as generous support from several Trusts and Foundatsons. Folkhw"ng the completson of the Fire Ststion project in 2017118 rental income was being generated but this has been reduced since the start of the pandemic to support the cumural organisalions using the building. In addrtion. the pubs were closed lor periods during the year, htxvever both income streams began lo recover as restrictions eased and venues were able to reopen in late summer 2021. The Tiust has incurred expenditure in relation to the ongoing management of the Fire stats.on and the del¢very of the Summer Streets Festival. The trustees are satisfied wilh the overall perfomwnce in the year and Ihe yearnd posttson. given the on90ing development urmjerway. • Golng concern The Trust expects to ntinue lo receive rental income in 2022 and 2023 as detaiw in the reserves policy be. It continues lo be supported by Levjhton Management. who have confimed that il will inject funds as needed for a period of at least twelve months from the dale of signing Ihese financial ststements. Leighlon Management will continue to PTowde loan fundin9 until the Audrtorium is fulty operati¢)nal and further income sources come starn. The Covid 19 pandemic has obwously ifacted on the arts and culture sector as a whole, wlh pubs and venues closed_ Whilst this will inevitabty impact on the immediate income streams of the trust, it is not expected to affect the longer term plan and vision for the culture of the city as lockdown IS and actiVitS recommence over the coming months. Leighlon Management have confirmed their nMitrnent to undeTh¥rite the xtivitie5 of the trust until it is income generating and able to be self supporting. After making appropriate enquiries. the Iruslees have a 8$Onable expedation that the trust has adequate resources lo continue in operatTronal existence for Ihe fosee8b future. For this aSOn, they continue lo adopt the going concern basis in preparing the ffinancial stalew*nts. Further detsils regarding the adoption of the going concem basis can be found in the accounting poliaes. • Reserves policy Al the year end the Trust has unrestlleted reseNes of £9.484.992, of which £12,7,924 was tied up in fixed asset5 with the deficit funded through kjans. The Trust will seek lo accnje reserves once the development phase of the MACQ project is ctrnplele. It ants.pates e¢)ntinuing to earn income from the Peacctk and Dun Cow Public Hou$e$. the Fire Station, and the Audrtorium in the 2021r22 financial year. albeit at redueed levels due to the Cowd 19 pandemic. The Trust will also continue to seek other grants from Charitab trusts to 5UPPOrt ils woik in the future. Plans forthe I The successfvl launch of the Audrtorium and then deveh)pment of associated events and projects will be the focus of mueh of the Twst's Wotk in the ¢¢ing period. The Trust will continue to support Sunderfand Culiure in managing the Fire Slation as well as developing projects with several partner5. The success of Sunderland Cuhure is important for the cty and the Trust will continue lo play a major roie in helping deliver rb cuUral strategy for the next decade. Page 6
Sunderland Muslc. Arts and Culture Trust IA company Ilmited by guarantee) Trustees. report (continued) Year ended 31 October 2021 Structure, governance and management • Constitution The Trust is registered as a charrtable corrwny limrted by guarnntee and was incorporated on 12 October 2012. It is a registered charty, number 1150733. • The board and its membern The management of the company is the responsibilty of the trustees, who are elected and CopIed under the tems of the Articles of Associaln. IndKn is prowded to new Iruslee5 rf necessary. The board has minimum number of fve maximum of 11 members. In the 2020r21 financial year the board had Six membe. Articles provide for 'members' and 'directors' bul in practice members of the board are both directors of the company and trustees of the trust. Hcmever, representatives of funding organisationslsuch as Sunderland City Council. the Heritage Lottery Fund and Arts Council England) may also attend as observers and participate in Board meetings. Board composition and rKwitsnent Board membership reflects Ihe drver5ty of the communits th the trust sefves. In seleding its members, the board aim5 for a gender balance and encouTages an appropriate age distribution. Furthennore, the board has range of relevant skills. experience and ablIrtS and h85 mefflbers who bring one OT more of the following skills and eXpernCe.. Arts and Entertainment Perfomwnce Finan¢elAccounlinglBu$iness and bUs1r$S develownent Fundraising Networked within the business andlor wider c(ynmunty Marketing and communications Digital Social Media Education. training, skills development Human Resources Management Capital and premises develOpmt Legal Cornrnunity Representation Role of th? board Board members have corptyate and irKlividual responsibilitFes under company law and charity I. The board is responsible for the overall govemance and strategic direction of tre trust, developing ils aims, objectives and goals in accordance wrth the governing dc¢umenl, as well as al and reguialory guideline5. It 15 responsible overall for the future success of the Irusl and ensuring ts long-temi financial sustainability. The board acts collecknvely and corporatety. wrth care. di&"gence and skilL8, in the best interests of the trust. Page 7
Sunderland Music. Arts and Culture Trust {A company lirnited by guarantoe} Trustees. report (continued) Year ended 31 October 2021 Strueture. govomanee and management Icontinuedl Dlversity The trust values and lebrate$ the dNersty of all its artists. participants, audw¢e members and staff. It is commffted to pfoviding a culbjral and work environment free from discriminatton. bultying, haraSsnI or victimisation. where all a$t$. participants. audience members and staff are treated wrth respect and dignrty. It aims lo create a cuhufe of diversrty and inclusNity within the trust and i(s aclivilies, providing a dynamK working and cultural environment. where all members are valued for their contribution at)d individualty. Through ils policies and practices. it work5 to ensure that an artists, partiapanls, audnce members and staff are welcome and do not face discrimination wrth regard to any aspect of their identity, such as age. disability, gender (including gender reassignment. marrtal slalus. pregnancy and malemrtyl. ethnicty {irTrcluding race, colour or nalionalityl. religion or belief linduding rw)nknliefj or sexual orienlal*)n. • Risk management The trustees have assessed the major risks to which the trust is exposed, in partlar those related lo the operalions and finances of the trust. and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks. Members. liability The members of the trust guarantee lo contribute an rnnl not exceeding £10 to the assels of the trust in the event of winding UP. ststement of tntee$. responsibilities The trustees (who are also the directors of the trust for the purposes of company law) are responsible for preparin9 the trustees. report and the financial statements in acrdanCe with applicable law and United Kingdom A¢ntIng Standards Iunited Kingdom Generaty Accepted Accounling Practice). Company law requi s the trustees lo prepare financial statements for eh finanaal . Under company law. Ihe INstees must not approve the financial statements unless they are satisfied that they give a true and fair view of the stste of affairs of the trust and of tts incoming resour and application of resources. induding ils income and expenditure, for that FeriLNJ. In preparing these financial slatemenls. the Iruslees are required lo-. $eled suitable accounting policies and then appty them consistentty. observe the methods and principles of the Charities SORP IFRS 102)., make judgments and accounting estimates that are Teasonable and prudent., state whether applicable UK Accounting Standards IFRS 102} have been followed, subject to any material departures disclosed and explairted in the financial statements., prepare the financial 51alements on the going ccrtem basL% unbess it L% inappropriate lo presume that the trust will continue in business. The trustees are SPonSible for keeping adequate accounting records that are SuffiCnt lo show and explain the trust's transactions and disclose V+ith reasonable accuracy at any time the financial po$itKJn of the trust and enable them to ensure that the financial statement5 comply wrth the Companles Act 2006. They are also responsible fof safeguarding the assets of the trusl and henee for taking aSonable steps for the prevention and detection ol fraud and other irre9ulaTrties. Page 8
Sunderland Music, Arts and Culture Trust IA company limlted by guaranteo) Trustees, report (continued) Year ended 31 October 2021 Disclosure ol inforntIon to auditor Each of the persons who are trustees at the time when this trustees. report is typroved has confirmed that.. so far as that truslee is aware. there is no relevanl audit infomiation of which the chartys auditor is unawa. and that trustse has taken all the steps that ought lo have been taken as a trtee in order to be aware of any relevant audit infOal)n and to eslablish that thecharil¥s auditor is aware of that infomalion. Approved by order of the member5 of the oftrustees on 27 July 2022 and suned on IheK behalf by. Paul Mlchael Callaghan. CBE, DL, FRSA Hon DBA Chair of the board of trustees Page 9
Independent auditorfs report to the members of Sunderland Music, Arts and Culture Trust Opinlon We have audited the financial slalements ol Sunderfand Music. Arts and Cullure Trust Ilhe 'trusl') for the year ended 31 Odober 2021 which ¢omprise the statemenl of fina131 a¢livth'e$ inc¢yporating income and expenditure a¢unt. the balance sheet, the statement of cash fl¢)ws and the related noles. in¢luding a summary of signrficanl accounling policÈs. The financial rePO"ng frarnework th has been applied in their preparation is applicable law and Unrted KTr"n9doffl Accounting Standards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Irelan& I'united Kingdom Generally Accepted Accounting Practice,). In our opinion the financial sternenls'. gwe a trt and lair view of the state of the charrtabbe compan$ affairs as al 31 October 2021 and of t incoming resoUrS and applicalim of resources. induding its income expend((ure for the year then ended., have been prwerty prepared in a¢cordano with United Kingdom Generaly Accepted AcUting Practice,. and have been prepared in accordance with the requirements ofthe Companies Act 2c. Basis for opinion We conduded our audit in accordance wilh International Standards on Audrting (UK) IISAS (UK)) and applicable I. Our responsibilities under those stsndards are further described in the Audrtoi's responsibilities for the audit of the financial statements sedion of Ouf report_ We are independent of the charitsble company in accordance wlh the ethical requirements th are le¥artt to our audrt of the financial statements in the Unrted Kingdom. induding the Finanual Reporting Councifs Ethtal Standard. and we have fUilled our other ethical responsibilities wi accordance these requ1MeThts. We believe that the audrt eVen we have obtained is SLfficienl and appropriate lo provide a basis for Jr opinion. Conclusions relan9 to going ¢oncem In auditing the financial sL*ements. we have eonchjded that the Iruslees. use of the going eoncem basis of accounting in the preparation of the financial statewnIS is approprrale. Based on the work we have performed, we have not identffied any material uncertainties relating to events or conditions that. individualty or colkdivety, may cast slgnffanI doubt on the charitable companrfs ability lo Continue as a going concem for a penTrJ of at $1 fvKefve month$ from when the finarTraI statement5 are authoiised for issue. Our responsibilities and the spOnsibltieS of trustees with ospecl to going concem are described in the relevant sections of this report. Page 10
Independent audltorfs report to the members of Sunderland Muslc, Arts and Culture Trust Icontinued) Other inforniation The other infomiation comprises the Infom7rt irded in the annual rePt other than the financial statements and our auditorfs report thereon. The trustees a responsible for the other infcrfmation contained wf(hin the annual report. Our opinion on the financ1 slalements does not cover the other infomialion and, ex¢epl lo the extent olheThvise explicitly staled in our report, we do not express any form of as5uranee condusion thereon. Our responsibility is.to read the other inf0mli0n and. in doing so, consider whether the other information is materially inconsislenl wrth the financBI ststements or our knowledge ¢)btsined in the course of the audit, or othefwise appears lo be malerialty misslated. If we rdentfy such malerBI inconsistencies or apparent material misslalemenls. we are required to delemine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfome(l. we conclude that there is a material misslalement of thi5 Other inftymatKJn. are required lo report that fxl. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Ad 2006 In our opinft, based on the work undertaken in the course of the audit". the inf0mli0n gNen in the Iruslees. report for the fir$al year for whth the financhql slatements are prepared is consistent wrth the financial statements. the trustees, report has been prepared in accordance with applicab legal requirements. Matters on vthich are required to report by exception In the light of our knowledge and understandin9 of the charilable company and ils environment obtained in the course of the audrt, we have not ldentrf material mis5L*emenls in the trustees, report. We have n¢)thing to report in respect of the folbwing matters in relation lo whith compants Act 2006 reqUIS us to report to you if, ir4 our Opinn.. adequate account9 records have not been kept. or Rlums adequate for our audit have not been received from branches not visrted by us,. or the financial statements are not in agreernent wth the accounting records and retums," or certain disc105Ufes of trustees, remuneration specified by law are not made., or we have not received all the informat and ewIana1ns we require for our audit.. or the trustees We not entrfed lo prepare the financial statements in accordance with the small eompanie$ regime and take advantage of the small companies. exemplbons in preparing the Iwstees, report and from the requirement to Prepare a strategic report. Page11
Independent auditovs report to the members of Sunderland Music, Arts and Culture Trust (continued) R•sponslbilitie$ of trustees As explained more fully in the trustees. respon$ibiliti8S Statement. the trustees ltho are also the diredors of the charitsble company for the purposes of company lawl are responsible for the preparation of the financial slatemenls and for being salisfied th they give a Irue and fair wew. an¢J foi such internal control as the trustees determine is necessary lo enable the pparat of financial ststements that are free from material misslalemenl. whether due to fraud or error. In preparing the finanual statements. the trustees are responsible for assessing the chtable rnpan$ ability 1¢ continue as a going concem. disdosing, as applicable, malter5 related to going concem arKI using the going concern basis of accountsng unless the trustees either intend to INuidale the charitable company or lo cease operations, or have no realistic a]lemative but to do so. Auditorfs responsibilities for the audlt of the financlal statements Our objectives are to oblain reasonable assurance about wthether the financial slatements as a whole are free from material misslalement, whether due lo fraud oi error, and to issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance. but 15 not a guarantee that an audit conducted In accordance with ISAS (UK) wll aw detect a material misslalement when rt exists. Misslalements can arise from fraud or error and are considered material rf. individualty or in the aggregate, they could reasonabty be expected to influence the econ¢ynic decisions of users taken on the basis of these fanCIal statements. Irregularrties, including Iraud, are instances of rnMPlI8nCÈ wrth laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect matwial misslatemenls in respect of irregularities. includin9 fraud. The extent lo lch our pr(edureS are capable of detecting irregularities. including fraud is detailed below.. '.We identified areas of law and regulations that couhj reasonabty be expected to have a matenal effect on the financial statements from our general and sector experien and through discussions with the trustees and other management las required by Audrting Standards) and from inspe¢tion of the chartsble companls legal correspondence and we discussed wrth the twstees and ottler management the policies and procedures in place regarding compliance with laws and regulations. We cTrnmunKale(J enIffied laws and regulations throughout our audit team and remained alert to any indulions of nofv¢cffipliance Ihrouyhout the audrt. Firstly, the charitable cornpany is subje¢t lo laws and regulations that directly affect the ffinancial slalements including financial reporting legislatv)n {including Telaled companies and chanties legislation) and taxation legislation and we assessed the extent of Complian wth these laws and regul'ons as part ol our procedure5 on the related financial Statement rtem5. Secondty, the Charitable company is subJ"e¢t lo many other and regulations where th? Consequen of non-wmplian¢e could have a material effect on amounts or dis¢lo$ures in the financial statements, for instance thio(tgh the imposition of fines or Iitigatson. We entifIed the following a85 as those mosl likely to have such an effect.. heahh artd safety. empl¢)yTnent law. dats protection. environmental and certain aspect5 of company legislation. recognising the natu of the charitable ¢ompanl5 aCtiwtS. Auditing Standard$ limii the TequiTed audit PfoceduTe5 to identify non<ompliance with these l•¥$ and regulatDn5 to enquiry of the trustees and other anagement and inspection of regulatory and legal correspondence. rf any. Through these procedures. we did not become aware of any actual or suspected non-coMplnCe material to the financial slalemenls. Page 12
Independent auditorfs report to the members of Sunderland Music. Arts and Culture Trust (continued) Because of the inhefenl limitations of an audit, there 15 a risk that we wll not detect all irTegularities, including those leading to a material misstatement in the financ1 statements or non-compliance with regulation. This risk increases the rn0 that compliance wrth a law or regulalK•n is removed from the events and transactions reftecled in the financial statements, as we will be less likety to becoff* aware of instances of non-complian. The risk is also greater warding irregulariti'es cKcurring due lo fraud rather than error, as fraud involves intentional concealment. forgery, eollusion. omission or misrepre5entatson. A further description of our responsibilrties for the audrt of the financi statements is located on the Financial Reporting Council's website al.. wvm.fr -or .uklaudilorsres nsibllits" Th¢s description forms part of our auditorfs report. Use of our report This report is made solely to the charitable compan1$ members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 20C6. Our audil work has been undertaken 50 that we might stste to the charitsble company's members those matters we are wuired to stste lo them in an audilorfs report and for no other purpose. To the fullest extent pemrtted by I, we do not aceepl or assume respon5ibilsty to anyone other Iharb the charitable company and rts members. as a body. for our audrt work. for this report, or for the opinions we have formed. Anne Hallowell BS¢ FCA DChA fsenlor Statutory Auditor For and on behalf of UNW LLP. Statutory Auditor Chartered Accounlanls Newcastle upon Tyne 27 Juty 2022 p13
Sunderland Music. Arts and Culture Trust IA Company limited by guarantee) Statement of financial activities (incorporating income and expenditure account) Year ended 31 October 2021 Unrestricted funds 2021 Restricted funds 2021 Total funds 2021 Total funds 2020 Nol• Income from: Donations Other activities Investments 4.513 4.081564 4.087.077 3.738.981 2,476 630 Total Income 13.013 4.082.564 4.095.577 3.742.087 Expenditure on: Charitsble activities 220.4S9 37,342 257.801 224,619 Total expendlture 220,459 37.342 257.801 224.619 Net lexpenditureifiTrM¢ Transfers betsween funds (207.446) 4,045.222 4,045.222 {4.045.2221 3,837.776 3,517.468 13 Net moverngnt in fvnds 3.837.776 3,837.776 3,517.468 ROncIliatIon of funds: Total funds brought fOard Net movement in funds 6.309.373 3.837.776 6.309.373 3,837.776 2,791.905 3,517.468 Total funds carried forward 10.147.149 10.147.149 6,309,373 The statement of financial actNrtie5 includes al gains aiKJ losse5 reeognised in the year. The notes on pages 17 to 28 fomi part of tse finanaal statements. Page 14
Sunderfand Music, Arts and Culture Trust (A company limited by guarantee) Balance sheet At 31 October 2021 2021 2020 Note Fixed assets Tangible assets 12.007.924 7.670,628 Current assets Debtors Cash at bank and in hand 10 223,185 452,640 47.639 904.537 675,825 Creditors.. amounts falling due within one year 11 1465,312) {1.257.0801 Net cuffent assets I liabilllies 439,225 1581,255) Total assets less current liabilities 12.447.149 7.089,373 Creditors.. amounts falling due after more than year 12 I2.N),000] 1780,0001 Totsl net assets 10.147.149 6.309,373 Charity fvnds Restricted fvnds Unrestficted lunds 13 13 10,147,149 6,309.373 Total funds 10.147.149 6,309,373 The financial slalemenls have been prepared in accordance the pmwsions applicable lo entities subject to the small companiés regime. The financial Slalements were appro¥ed and aUth0n for issue by the trustees on 27 July 2022 and signed on .their behaw by.. Paul Michael Callaghan. CBE. DL. FRSA. Hon DBA Chair of the board of Iruslees Company registered number.. 08251877 The notes on pages 17 to 28 form part of these financial ststemenls. Page15
Sunderfand Music, Arts and Culture Trust IA Company Ilmited by guarantee} Statement of cash flows Year ended 31 October 2021 2021 2020 Note Cash Ilows fr¢>m operating acti¥lties Nel cash provhled by operaling ath"vrties 15 2.8B1,392 3,644,853 Cash flows from Investing a¢t5¥lties Pur¢ha5e of lan9*)le fixed assets 14.077.393) 13,360,963> Net cash used in investing activltl•s {4.077.3931 13,360.9631 Cash flows from financing activities Cash inflows from new borrowirHJ RepayTnen15 of bofiowng 1.19S.000 1404,0001 472,000 {662.0001 Net cash Pfovided byllused in) financing activiti•5 791.000 {190.0001 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 1405.001} 452.640 93,890 358.750 Cash and cash equi¥al•nts at the end of the year 16 47.639 452,640 The notes on pages 17 10 28 form part of these financial ststements Page 18
Sunderland Music, Arts and Culture Trust IA company Illed by guarnnteel Notes to the financial statements Year ended 31 October 2021 General inforniatlon Sundedand Music, Arts and Culture Trust (the InJ$t? is a company limited by guarantee. incorporated in the United Kingdom and registered in England and Wales. The address of the registed office is disclosed in the reference and administrative details page on pag8 1 and the principal activty is disclosed in the tnjslees. report on page 2. countlng polkies The principal acntIng policies applied in the Preparation of these financial statements are set out bek)w. These poIleS have been consistently app"ed to all the periods presented. unless otheThvise ststed. 2.1 Basis of preparation of financial statements The financial statements have been prepared in 8ccoKlance %Mth the Chartties SORP IFRS 1021- Accounting and Reporting by Charitses". Statement of Recommended Practice applKable to charities preparing their accounts in accordance wrth the Finanoal Reporting Standard applicable in the UK and Republt of Ireland {FRS 102) (effective 1 January 20191, the Financial Reporting Standard appl¢cable in the UK and RepublK of Ireland IFRS 1021 and the Ccrfnpanies Act 2006. The trust has earty adopted the AmerKlments to FRS 102.. COVID-19 relaed rent con¢essK)ns. The trust meets the definitKin of a public benefft entity under FRS 102. Assets and liabrtieS are initialty re¢ognised at historical cost or Irartsaction value unless olhernvise staled in the levant accounting polry. The ffinanC ststemenls ¥e prepared in sterfing. which is the fiJnCtnal currency of the charity and are rounded to the nearest £1. 2.2 Golng concern The f¥wncial ststemenls have been prepared on a going corKem basis. The abilrty of the trust to continue as a going concem is dependent on the continuing 5UPPOrt of related parties, who have financed the inilial work during this stsrt up and prryect development phase. Trustees have confirnied that the oulslanding klan balance5 will not be repaid until the trust is in a posrtion lo do so, and that they will inject Sufflent additional funds should the need arise. thus enabling the Irusl lo continue lo oper*e as a going concern. Whilst the income stream$ of the trust generated from venues have been reduced through the Cwd-19 pandemic. the trust is not yet wholty dependent upon them through the develcpment phase of its vision and Consequent the unpacl of Covid-19 ha5 not been sunificanl. On this basis. the Iruslees believe the going concem assumption is appropriate in the preparab.on of these financial statentS. Page 17
Sunderland Music, Arts and Culture Trust IA company limited by guarantee) Notes to the financial statements Year ended 31 October 2021 Accountlng policies (Continuedl 2.3 In¢omo All income is rects3nised once the trust has entsknent to the income. it is prcJable that the income will be receNed and the amount of income receNable can be measured reliabty. Grants are included in the statement of"financial actmlies on a receivable basis. The balance of irwme received for specific purposes but not expended durin9 Ihe period is Shown in the levant funds on the balance sheet. whe income is received in advance of entrtlement of receipt, ils recognilKJn is deferred and included in creditors as deferred income. Where entitlement ctcurs before income is received, the income is accrued. Rental income is recognised on a Strah1 line basis over the pericJ of the lease. Interest income is recognised on an accrua15 basis. 14 Expendire Expenditure is recr)3nbsed Ore there is a legal or constructive oblMJatton to transfer enOMiC benefit to a third party, it is probable that a transfer of econ1¢ ben8frts wll be required in settlement and the amunl of the obligatson Can be measure<l reliabty. All expenditure is accounted for on an ac¢wal$ basis. The costs of each xtivity a made up of the total of direct Costs and support cost5 involved in undertaking each activity. Support costs are those Costs incurred directly in $upp)rt of expendrture on the objects of the company. including those incurred in connection with the adminr61ralion of the company and CoMpance ¥th constrtutional and statutory requirements. 15 Tangible fixed assets and depreciation Tangible fixed assets are carried at cost. net of depreciation and any provision for impairment. DepreatIOn is not charged on freehold land and assets under constru¢tM)n. Depreciation is provided al rates calculated to write off the cost of fixed assets. kss their estimated residual value, over Iheii expected useful lives on the foknn9 bases.. Freehlild property Fixtures artd ffttings offi equipment 2% strawhl line 250A slraighl line 25010 stra1 line 16 Debtors Trade ar other debtors are recognised at the settlement amount after any trade discount Offed. Prepayments are valued at the amount prepaid net of any trade di$Unts due. 17 Cash at bank and In hand Cash at bank and in hand indudes cash and short-tem) hKJhly liquKI investments with a short maturity of three months or less from the date of acqui$rtion oi opening of the deposit or similar account. Page 18
Sunderland Music. Arts and Culture Trust IA company limlted by guarantee) Notes to the financial statements Year ended 31 October 2021 ounting policies l¢ontinuodl 2 Liabilities Liabilrties are recognised when there is an 0blvjatK al the balance sheet dale as a resuft of a past event, it is probable that a transfer of economic benefft will be requi in settlement. and the amount of the settlement can be estimated relobty. Liabilities are recognised at the arnounl that the Irusl anticpates it WHI pay lo settle the debt or the amount it ha$ received as advanced payment5 for the goods or serVe5 It musl provide. 19 Fund accountlng Geneial funds are unrestricted funds whith are available foi use at the discretion of Ihe Injslees in furtherance of the general obJ"ectives of the trust and whKh have not been designated for other purpow. Restricted funds are funds which are lo be used in accordance wrth specific restrictions imposed by donors or which have been raised by the trust for particular pU0$e5. The costs of raising and administering su¢h funds are ¢harged against the specifi¢ fvn(J. The aim and use of each $trIcted fund is sel out in the ntxes to the financial statements. Critical •¢¢ounting estlmates and areas of judgment Estimates and judgments are ¢tinUal evaualed and are based on historical experience and other factors, including expectal*)ns of fvture events that are believed to be reasonable under the circumstances. The onty estimate inCkd wthin these financial stslements is the depreciation tharge. This is nol considered lo carry significant estimation uncertainty. nor lo bear sNJnificant risk of causing a material adjustment lo carrying amounts of assets and 1rabilth.es within the next financial year. In preparing these finala1 slalements. the tfU$tees do rbot consKler there were any SignifinI areas of judgment that were required in app.rtg the charitls a¢countin9 p)licies as sel out above. Page 19
Sunderland Music, Arts and Culture Trust IA company limlted by guarantee) Notes to the financial statements Year ended 31 October 2021 Income from donations Unrestrictad Restricted funds funds 2021 2021 Total funds 2021 4,513 4,082,564 4,087.077 Uniestricled funds 2020 Restricted funds 2020 Total funds 2020 Grants 15,txxJ 3.723,981 3.738,981 Income from other activities Unrestricted funds 2021 Total lunds 2021 Total funds 2020 Rental income 8,500 2,476 Investment Incom• Total funds 2021 Totsl funds 2020 Bank interest receivabte 630 Page 20
Sunderland Music. Arts and Culture Trust IA company Ilmiled by guarantee) Notes to the financial statements Year ended 31 October 2021 ADsls ol expendlture by activities Artivities undertaken dire¢ty 2021 Support ¢o$ts 2021 To¢•1 funds 2021 Charitable activits 94.448 163,353 257.801 undertaken directly 2020 Support costs 2020 Total funds 2020 Charitable %knvrties 66,808 157,811 224,619 Analysls ol direct costs Charitable Total funds 2021 Tolaj funds 2020 2021 Delivery of capital projects Summer Streels FestNal Building management costs Cultural Spring Sunderland cultu projed delNery cosls 13.468 35.$45 13.468 35.545 25,351 22,500 10.993 8,093 37.342 8.093 37.342 94,448 94.448 66,808 Page21
Sunderland Music, Arts and Culture Trust {A company limited by guarnntee) Notes to the financial statements Year ended 31 October 2021 Analys15 of expendlture by activities Iconlinued) Analysis of support costs Charitable activities 2021 Totsl funds 2021 Total fund5 2020 Depreciation Administration Audrtorfs remuneration for the audrt of these accounts Audrt¢y's remuneration for other services 81.753 75.787 5.813 81,753 75,787 5.813 79,604 73.018 5,000 189 163.353 163,353 157.811 The Trust has no employees. No trustees received any remuneratth)n or benefits for their services to the trust. nor were any expenses reimbursed to tNstees durin9 the year {2020'. £nill. Page 22
Sunderland Music, Arts and Culture Trust (A company limited by guaranteel Notes to the financial statements Year ended 31 October 2021 Tanglble Ilx81l assets Assets under Conslrulon Land and Fixtures and buildings fittings Office ulpmenl Total Cost At 1 November 2020 Additions 3.986,695 4,387.955 3.902,835 31.095. 13.444 125 7.903,099 4.419,050 At 31 Octcthr 2021 8.374.650 3.933.930 13A44 125 12.322,149 Depreciation At 1 November 2020 Charge for the y 223.391 78.406 8.955 125 232.471 81,754 At 31 October 2021 301.797 12.303 125 314.225 Net book value At 31 October 2021 .374.6SO 3.632.133 1.141 12,007.924 Al 31 October 2020 3,986.695 3,679.444 4,489 7,670.628 Included in land and buildings is land wrth a cost of £90,000 (2020: £90.000) whh 1$ not depreciated. Fixed asset inv•stments The Trust is a 33.3% member of Sunderfand Cullure Limrted, a partnership betsyeen the tt, Sundedand Cty counc and Sunderfand Universty. The tNstèes do not conshler the twst to have sWnffjt Inftuen over Sundertand Curture Limited, and therefore do not consider rt to be an a$Slate. Accordingty. Sundertand Culture LiMited is not consolidated into the accounts of the Irusl. Page 23
Sunderland Music. Arts and Culture Trust IA company limited by guarantee) Notes to the financial statements Year ended 31 October 2021 10. Debtors 2021 2020 Trade debtcffs Other debtors Prepayments and ¥crued income 5,850 56,854 160,481 28.727 828.171 856.898 223,185 11. credh0. amounts falling due within one year 2021 2020 Loan Trade creditors Accruals and deferred income 729.000 350,322 177.758 3.029 462.283 465.312 1,257,080 2021 2020 Deferred income al 1 N¢)vember Resources deferred durin9 the year Amounts released from prevtous years 350,000 37.342 {350.000) Derred income at 31 O¢tober 37.342 12. Cred¢tor5: amourbts falling due ther more than one year 2021 2020 Loan 2.300.000 780,000 The loan, which is from Leighlon Manogemenl Limited. has a temi of 40 years, is unsecured. accrues interest at 3% per annum and is repayable in consecutNe nw)nthty instalmenls commencing in November 2020 and wnlinuing until Odober 2060. However. Lewhlon Management Limrted have confimied that the scheduled payments of capitsl during the year ending 31 October 2022 have been waived, therefore the full value of the loan has been ¢iassffied as due in more than one year. Leighton Management "Mrted has also waNed payments of caprtal and interest during the year lo 31 October 2021. The total vae of interest charges waived durin9 the yearwas £54.47312020.. £31,954). Page 24
Sunderland Music. Arts and Culture Trust IA company limited by guarantee) Notes to the financial ststements Year ended 31 October 2021 13. Statement of fund$ Statement of funds- current year Balance at 1 November 2020 Balance at Transfer5 31 Q¢tob8r inlout 2021 Income Expenditur• Unrestricted lunds Genefal funds 6.309.373 13.013 {220.459) 4,045.222 10,147.149 Restrf¢ted funds Restricted funds 4,082,564 137.342) (4,045.2221 Total funds 6.309.373 4.095.577 {257.801) 10,147,149 Restricted funds represent grants receNed for specik Capitsl projects, with funds transferred lo unrestricted furKls on defrayment. Statement of funds - prior year Balance at 1 November 2019 Balance at 31 October 2020 Transfers inlout Income Expenditure Unrestiicted funds General fund5 2.791,905 18.11 P24.6191 3.723,981 6.309,373 Restrl¢ted funds Restricted funds 3.723.981 (3,723,981) Total fvnds 2.791.905 3,742.087 (224.6191 6.309,373 Page 25
Sunderland Music, Arts and Culture Trust IA company lim1t ty guarantee} Notes to the financial statements Year ended 31 October 2021 14. Analysls of net assets betweon funds Analysis of net assets beiween funds- current year Unrestrlcted Restricted funds funds 2021 2021 Total funds 2021 Tangible fixed assets Current assets Credrtors due wrthin one year Creditors due in more than one year 12,007,924 565,885 1126,660) 12.300.000) 12.007.924 904,537 (465,3121 12,300.0001 338,652 {338,652) Total 10.147.149 10.147,149 Anafysls of net assets beln lunds - prlor year Llnre5trided funds 2020 Total funds 2020 Tangible fixe¢J assets Current assets Creditors due within one year Credrtors due in more than one year 7.670,628 7.670,628 675.825 675,825 (1,257,080) {1,257,0801 (780.000) (780,0001 Totsl 6.309,373 6.309,373 15. Reconciliation of net movement in fvnds to net cash.flow from operating actlvhie5 2021 2020 Net income for the aT (as per Steffnl of FInCIal AdNitie5) 3,837.776 3.517,468 Adlustments for: Depreciation charges Decreasellincreasel in debtors {Decrease)Imcrease in credrtots 81.754 1633.7131 1404.425) 79,604 100,466 (52,685} N•t cash pro¥id•d by op•rating activities 2.881.392 3.644,853 Page 26
Sunderland Music. Arts and Culture Trust IA company limtted by guarantee) Notes to the financial statements Year ended 31 October 2021 16. Analysig of cash •nd ush equlvalent5 2021 2020 Cash in hand 47,639 452,640 17. Anafysls of changes in n•1 d•bt At1 November 2020 Cash flow5 Other non- cash Changes At31 October 2021 Cash at bank and li hand Debt due within 1 year Debt due after 1 year 452.640 (729.1)001 1780,0001 1405.1)01) 47.639 729.000 1729,000) 12,300.000) 1791.0001 18. Capital Commitments 2021 2020 Contracted for but not provided in these financial slatem8nts Acquisition of tangible fixed assets 1,332,657 3,485.088 19. Opefatin9 leases The Trust owns land and buildings which are rented out to a third paty. Al 31 October 2021 the trust had futu minimum 3$e CeIpts under a n0CancelIable opernting lease as follows". 2021 2020 Not later than 1 year Later than 1 year and not lalef than S years Lalei Ihan S yeafs 52.850 211,400 52.8SO 52.850 211.400 114.508 317,100 378.758 Page 27
Sunderland Music, Arts and Culture Trust {A company limited by guarantee) Notes to the financial statements Year ended 31 October 2021 Relatod party tran$actions Included wrthin credrtors are loans from Lwghton Management Limited, a company wholy ovmed by Paul Callaghan. Iruslee, totalling £2,300.00012020.' £1.509,0001. During the year, the Trust paid £9,41412020'. £8.0531 lo Leighton Management Limrted and £nil12020." £1.1031 at the year erKI. During the year, the Trust received £11.05012020." £4,237) frcn Lehton Management Lirniled and was owed £nil12020." £8501 al the year end. The Trust is the accountabEe bcJy for a grant from Arts Council England. with Sunderland Culture, a company of whtch Paul Callaghan, John Mowbray and Graeme Thompson, trustees. are directors. as the delwery partner. During the year, the Trust granted t37.432 {2020'. £nil) to Sundedand Culture in respect of the ddivery of this project. At the year end. a bakin of £37,432 {2020.' £nill was held in prepayments as cash paKI lo Sundertand Culture lo fund activrties that wll be delNered in 2021122.. In the prior year. Sunderland CUU sUppl(j services amounting to £48.250 to the Trust, of which £27.000 was owing lo Sunderland cUttU al the prior year end and was re1Ved during the year. During the year. Ross Millard, trustee. received payTnertts of £13,20312020'. £11.1511 for his role as the artislie d1clOr of the Summer Slreels Festwal, a project supported by the Trust. During the year, the Tnjsl paKI £3.OfJ) (2020: £nil) to Rithard Calaghan. son of Paul Callaghan. trustee. in relation lo consultancy fees. During the year, the Trust paid £19712020= £nil) to Pub Culture Ltd. a company in wthich Paul Callaghan, trustee. is a director, in relation to recharges of costs. During the year. the Trust paid £413 (2020.. £nd) to Sundertand BID Limited, a company in which Graeme Thompson, trustee. 1$ a diredor. in reLattt)n to rent and r*es, and owed £41312020.. £nill at the year end. Page 28