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|Report ofthe Trustees||1|to|13|
|Report ofthe Independent|Auditors|14|to|16|
|Statement ofFinancial Activities|||17||
|Balance Sheet (Group)|||||
|Balance Sheet (Charity)|||19||
|Cash Flow Statement|||20||
|Notes to the Cash Flow Statement|||21||
|Notes to the Ptnancial Statemeats||22|to|36|
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|Trustees||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Mrs ME Bannister|Councillor|(appointed||11September 2023)||||||
|Ms H Bauer|Heritage Museums||dr|Funding||Adviser (resigned|||6March 2023)|
|Ms DV Casson|Designer|||||||||
|D Dimbleby|Broadcaster|||||||||
|GFH King|Publisher|||||||||
|Ms KCadefi|Presentatioa|and Media Consultant|||||(resigned|6June 2022)||
|CFMcKenzie|Freelance Arts Consultant|||||||||
|CRSwansborough|Accountant|(resigned||11|September 2023)|||||
|Dr FM Dennis|Senior Lecturer|||||||||
|JWilliams|Arts Manager and Councillor|||||||||
|JJones|Artist and Lecturer|||||||||
|JBabarinde|Community|Campaigner|||and|Social Entrepreneur|||(appointed 6June 2022)|
|CWood|Duator, Writer and Art Historian||||||(appointed|6June 2022)||
|Director||||||||||
|Joe Hill||||||||||
|Auditors||||||||||
|Xeinadin Audit Limited||||||||||
|Chartered
Accountants||||||||||
|Registered Auditor||||||||||
|36Old Jewry||||||||||
|London||||||||||
|EC2R SDD||||||||||
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|HEYEAR ENDED 31MA|RCH 2023||||||
|---|---|---|---|---|---|---|
||||||2023|2022|
||||Unrestricted|Restricted|Total|Total|
||||funds|funds|funds|funds|
|||Notes|||6||
|INCOME AND ENDOWMENTS FROM:|||||||
|Donations
and legacies|||751,980|748,029|1,500,009|855,542|
|Charitable
activities|||||||
|Secured funding EBC|||413,880||413,880|413,880|
|Secured funding
Arts Council England|||365,962||365,962|365,962|
|South East Cultural
and Creative Digital||||||15,185|
|Newhaven
Creative||||174,404|174,404|36,250|
|Learning
activities
and funding
Turner Prize Funding||||146,238
40,000|146,349
40,000|62,459|
|Eastboume
Alive funding||||50,000|50,000||
|Exhibition &collection activities and|||77,136|22,437|99,573|320,292|
|exhibition
funding|||||||
|Memberships,
Patrons and Director's circle|||96,003||96,003|69,868|
|Art Fund Museum ofthe Year Prize|||||||
|Museums &Galleries Exhibitions
Tax|||76,068||76,068|62,958|
|Relief|||||||
|Trading activities: retail, cafd, cinema,|||510,419|4,980|515,399|374,716|
|venue hire &events|||||||
|Other income|||71,104||71,104|16,328|
|Total|||2)362t663|I&186r$87|3s548s751|2,593,441|
|EXPENDITURE ON:|||||||
|Charitable
activities|||||||
|Fundraising
and supporters'|costs||173,524||173,524|161,682|
|South Bast Cultural
and Creative Digital||||||15,185|
|Newhaven
Creative||||134,456|134,456|23,467|
|Learning
activities|||226,689|108,506|335,195|261,231|
|Turner Prize|||44,648|49,409|94,058||
|Eastboume
Alive|||22,661|19,853|42,514||
|Exhibition &collection activities|||832,703|51,253|883,956|827,497|
|Travel and subsistence|||7,446||7,446|6,867|
|Trading Activities|||||||
|Shop, cafd, cinema, venue hire &|||705,170|1,478|706,648|506,484|
|commercial
events|||||||
|Other trading activities|||1,325||1,325|28,863|
|Total|||2,014,166|364,956|2479,122|1,831,276|
|NET INCOME|||348,497|$21,132|.1,169,629|7625165|
|Transfers between
funds|||958,457|(958,457)|||
|Net movement
in funds|||1,3065954|(137825)|1,169,629|762,165|
|Total funds brought
forward|||2,972,940|821,548|3,794,488|3,032,323|
|TOTAL FUNDS CARRIED FORWARD|||4479,$93|684423|4,964,117|3,794,4$8|
##
##
|31MAR|CH 2023||||||
|---|---|---|---|---|---|---|
||||||2023|2022|
||||Unrestricted|Restricted|Total|Total|
||||funds|fund|funds|funds|
|||Notes|||||
|FIXEDASSETS|||||||
|Intangible|assets|12|9,207||9,207|12,276|
|Tangible|assets|13|1,629,144|439,387|2,068,531|1,179,862|
|Heritage|assets|14|1,860,062||~1,860062|~1586312|
||||3,498,413|439,387|3,937,800|2,778,450|
|CURRENT ASSETS|||||||
|Debtors||16|464,478|36)424|500,901|247,408|
|Stock
Cash at bank|||39,376
~472 669|~295 155|39,376
767,824|33,176
~819755|
||||976,523|331,579|1,308,101|1,100,339|
|CREDITORS|||||||
|Amounts|falling due within one year|17|(195,042)|(86,742)|(281,785)|(84,301)|
|NET CURRENT ASSETS|||~781481|~244 836|~1026317|~1016038|
|TOTAL|ASSETSLESSCURRENT||||||
|LIABILITIES|||4,279,893|684,223|4,964,117|3,794,488|
|NETASSETS|||~4279893|~684223|~4964117|~3794488|
|FUNDS||18|||||
|Unrestricted
funds|||||4,279,893|2,972,940|
|Restricted|funds||||684223|821 548|
|TOTAL|FUNDS||||~4964 117|~3794488|
##
|BALANCE SHEET
31MARCH 2023||||||
|---|---|---|---|---|---|
|||||2023|2022|
|||Unrestricted|Restricted|Total|Total|
|||funds|fund|funds|funds|
||Notes||||6|
|FIXEDASSETS||||||
|Intangible
assets|12|9,207||9,207|12,276|
|Tangible assets|13|1,629,144|439,387|2,068,531|1,179,862|
|Heritage assets|14|1,860,062||1,860,062|1,586,312|
|Investments|15|1||I|1|
|||3,498,414|439,387|3,937,801|2,778,451|
|CURRENT ASSETS||||||
|Debtors
Cash at bank|16|689,681
314876|36,424
~295 155|726,105
610,031|471,222
~671415|
|||1,004,557|331,579|1,336,136|1,142,637|
|CREDITORS||||||
|Amouats
falling due within one year|17|(158,512)|(86,742)|(245,255)|(70,930)|
|NET CURRENT ASSETS||~846045|~244 836|~1090881|~1071707|
|TOTAL ASSETSLESSCURRENT||||||
|LIABILITIES||4,344,458|684,223|5,028,682|3,850,157|
|NET ASSETS||~444 458|~684 223|~5028.682|~3850 157|
|FUNDS|18|||||
|Unrestricted
funds
Restricted funds||||4,344,458
684223|3,028,609
~821548|
|TOTALFUNDS||||5 028 682|~3850 157|
##
##
||||Notes|2023|2022f|
|---|---|---|---|---|---|
|Cash flows from operating||activities||||
|Cash generated
irom operations||||~988 110|~615927|
|Net cash provided
by operating
activities||||988,110|615,927|
|Cash tlows from investing||activities||||
|Purchase ofintangible
fixcd||assets|||(5,345)|
|Purchase oftangible fixed|assets|||(997,041)|(578,281)|
|Purchase ofheritage assets||||~43 000|~58400|
|Net cash used in investing|activities|||(1~040,041|~642026)|
|Change in cash and cash|equivalents||in the|||
|reporting
period||||(51,931)|(26,098)|
|Cash and cash equivalents||at the beginning||||
|ofthe reporting
period|||2|~819755|845,853|
|Cash and cash equivalents||at the end|ofthe|||
|reporting
period|||2|767,824|819,755|
##
|FOR|THE YEAR ENDED 31MARCH 2023|THE YEAR ENDED 31MARCH 2023|THE YEAR ENDED 31MARCH 2023|THE YEAR ENDED 31MARCH 2023|THE YEAR ENDED 31MARCH 2023|
|---|---|---|---|---|---|
||RECONCILIATION
OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES|||||
|||||2023|2022|
||Net income for tbe|reporting|period (as per the Statement ofFinancial|||
||Activities)|||1,169,629|762,165|
||Adjustments
for:|||||
||Depreciation
charges|||111,441|24,153|
||Donated works included
in income|||(230,750)|(33,300)|
||(increase)//decrease|in debtors||(253,493)|(123,197)|
||(Increase)/decrease
Increase/(decrease)|in stock
in creditors||(6,200)
197,484|(7,313)
~6581|
||Net cash provided|by operations||~988 110|~615 927|
||ANALYSIS OF CASH AND||CASH EQUIVALENTS|||
|||||2023|2022|
||Notice deposits (less than 3months)|||767824|819755|
||Total cash and cash|equivalents||767,824|~819 755|
|3.|ANALYSIS OF CHANGES||IN NET FUNDS|||
||||At I/4/22|Cash flow|At 31/3/23|
||Net cash|||||
||Cash at bank snd in|hand|~819755|~51,931|767,824|
||Total||819,755|~51,931||
##
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##
|DONATIO|NS
AND LEGACIES|||||
|---|---|---|---|---|---|
|||Unrestricted|Restricted|Total 2023|2022|
|||6||||
|Works donated to collection||230,750||230,750|33,300|
|Donatious|and grants towards capital pmjects|155,814|727,036|882,850|538,897|
|Donations|and grants towards collection||17,000|17,000|69,298|
|acquisitions||||||
|Donations|and grants towards core costs|352,421|3,993|356,414|153,110|
|Legacies||~12995||12995|60938|
|||251 980|||~855 542|
##
|INCOME FROM CHARITABLE ACTIVI|TIES||||
|---|---|---|---|---|
||Unrestricted|Restricted|2023|2022|
|Learning
activities and fuuding:|||||
|Income from learning
activities||||4,000|
|Restricted grants and donations||146238|146238|58459|
|||~1462|||
|Turner Prize Funding|||||
|Restricted grants and donations||RK|4M||
|Eastbourue
Alive Funding|||||
|Restricted grants and donations||~500 0|||
|Exhibition and collection activities and|||||
|exhibition
funding|||||
|Exhibition
tickets|44,936||44,936|170,614|
|Other ticketed events|9,814||9,814|22,479|
|Image licensing
snd loans|3,345||3,345|3,556|
|Touring income|4,041||4,041|10,595|
|Sponsorship|15,000||15,000||
|Conservation||||183|
|Restricted grants and donations||22437|22437|~112865|
##
##
##
|TRADING ACTIVITIE|S||||||
|---|---|---|---|---|---|---|
|||Unrestricted|Restrictedf|2023||2022|
|Retail sales (shop and online)||221,484||221,484|222,286||
|Cafd and catering||142,343||142,343|120,083||
|Cinema tickets||114,970||114,970|14,225||
|Cinema funding|||980|980||300|
|Venue hire (incl. cinema)||20,098||20,098|11,757||
|Commercial
events||11,523||11,523|||
|Other restricted
funding oftrading activities|||4 000|6065||6 065|
|||1
41|||32441||
|OTHERINCOME|||||||
|||Unrestricted
5|Restricted|2023f||2022|
|Insurance
claims received||500||500|14,518||
|Sussex Modern income||33.333||33333|||
|Sale ofequipment||2,360||2,360|||
|Sale ofnon-accessioned|gifts|31,458||31,458|||
|Bookroyalties||405||405||1,440|
|Miscellaneous||||204||370|
|Interest received||2 844|||||
|||||71 104|I|328|
##
##
##
||||Direct staff|Other direct|Allocated|Allocated|Totals|
|---|---|---|---|---|---|---|---|
||||costs|costs|support|slippers costs||
||||||costs|(non staff)||
||||||(stafi)|||
||||f,||f,|||
|Fundraising|and Supporters'|Costs|124,721|9,964||38,839|173,524|
|Newhaven|Creative||43,887|89,664||905|134,456|
|Learning|||94,112|73,043|56,799|111,240|335,195|
|Turner Prize|||37,148|56,909|||94,058|
|Eastbourne|Alive||22,661|19,853|||42,514|
|Exhibition|and collection activities||337,305|238,776|56,779|251,077|883,956|
|Travel snd|subsistence|||7,446|||7,446|
|Shop, cafd,|cinema and venue hire||263,017|254,150|56,799|132,682|706,648|
|Other||||1 325|||1 325|
##
|Net income/(expenditure)|is stated afier charging/(crediting):|2023|2022|
|---|---|---|---|
|Auditors'
remuneration||6,650|6,767|
|Depreciation
- owned assets||34,564|24,153|
|Other operating
leases||2,460|3,600|
##
##
||2023|2022|
|---|---|---|
|Wages and salaries|981,481|815,899|
|Social security costs|77,337|59,630|
|Pension costs|34071|45 917|
|||9221|
##
##
##
||||Unrestricted|Restricted|Total|
|---|---|---|---|---|---|
||||funds|fund
f,|fundsf|
|INCOME AND ENDOWMENTS FROM||||||
|Donations
and legacies|||215,877|639,666|855,542|
|Charitable
activifies||||||
|Secured fuading EBC|||413,880||413,880|
|Secured funding
Arts Council|||365,962||365,962|
|South East Creative and Cultural|Digital Support|||15,185|15,185|
|Newhaven
Creative||||36,250|36,250|
|Learning
activities and funding|||4,000|58,459|62,459|
|Exhibition k collection activities|and exhibitioa|funding|196,833|123,460|320,292|
|Memberships,
Patrons and Director's Circle|||69,868||69,868|
|Museums
and Galleries Exhibitions Tax Relief|||62,958||62,958|
|Trading activities||||||
|Shop, caf6, cinema, venue hire|||368,352|6,365|374,716|
|Other trading
activities|||16,328||16,328|
|Total|||1,714,058|879,383|2,593,441|
||||Unrestricted|Restricted|Total|
|---|---|---|---|---|---|
||||funds|funds|Funds|
|EXPENDITURE ON||||||
|Charitable
activities||||||
|Fundraising
aud Supporters'|Costs||151,108|10,574|161,682|
|South East Creative and Cultural||Digital Support||15,185|15,185|
|Newhaven
Creative||||23,467|23,467|
|Learning
activities|||203,580|57,651|261,231|
|Exhibition
and collection activities|||678,964|148,533|827,497|
|Travel and subsistence|||6,867||6,867|
|Trading activities||||||
|Shop, cafd, cinema, venue|hire||490,609|15,875|506,484|
|Other trading activities|||28,863||28,863|
|Total Expenditure|||1,559,991|271,285|1,831,276|
|NET INCOME|||154,066|608,098|762,165|
|Transfers between
funds|||50,595|(50,595)||
|Net movement
in funds|||204,662|557,503|762,165|
|RECONCILIATION OF|FUNDS|||||
|Total funds brought forward|||2,768,278|264,045|3,032,323|
|TOTAL FUNDS CARRIED FORWARD|||~2972 940|~821 548|~3794 488|
##
||Computer
soilware
f|
|---|---|
|COST||
|At 1 April 2022 and at 31|15,345|
|March 2023||
|DEPRECIATION||
|At 1 April 2022|3,069|
|Charge foryear|3069|
|At 31 March 2023|6,138|
|NET BOOKVALUE||
|At 31 March 2023|~9207|
|At 31March 2022|12,276|
##
|TANGIBLE FIXEDASSE|TS (GROUP AND|CHARITY)||||
|---|---|---|---|---|---|
||Improvements||Fixtures|||
||to|Assets under|fittings
and|Computer||
||properly|construction|equipment|equipment
f.|Totals
f|
|COST||||||
|At I April 2022|444,452|643,979|150,277|16,320|1,255,028|
|Additions||889,265|107,776||997,041|
|Transfers|1 013275|(1~093857|80,582|||
|At 31 March 2023|1~457727|~439387|~338634|~16320|2~252 069|
|DEPRECIATION||||||
|At 1 April 2022||3,915|59,956|11,295|75,166|
|Charge for year
Transfers|20,202
50685|56,674
~60590|27,415
~9905|4,080|108,372|
|At 31 March 2023|70,888||97,275|~15375|183,537|
|NET BOOK VALUE||||||
|At 31 March 2023|1~386840|~439387|~241 359|945|2~068,531|
|At 31 March 2022|~444 452|~640 064|~90 321|5 025|1~179862|
##
##
|HERITAGE ASSE|T|S||
|---|---|---|---|
||||Total|
|At 1 April 2022|||1,586,312|
|Additions —donated
(market value)
Additions —purchased
(cost)|||230,750
~43000|
|At 31March 2023||||
||||1,860,062|
|NET BOOKVALUE||||
|At 31March 2023|||1 860,062|
|At 31March 2022|||~1586 312|
##
|||2023|2022|
|---|---|---|---|
|||f.||
|Turnover||513,699|368,652|
|Expenditure||(522,594)|(348,151)|
|Profit(loss) for the year||(8,895)|20,500|
|Amount gift aided to the Charity in the year||||
|The Assets and Liabilities ofTowner Enterprises|Ltd were:|||
|Total assets||199,210|186,686|
|Total liabilities||(263,774)|(242,355)|
|Net assets||(64,564)|(55,669)|
|Represented
by:||||
|Share capital and reserves||(64,564)|(55,669)|
##
##
##
|DEBTORS:|AMOUNTS FALLING DUE WIT|HIN ONE YEAR||||
|---|---|---|---|---|---|
|||2023|2023|2022|2022|
|||Group|Charity|Groupf|Charity|
|Trade debtors||92,081|90,917|55,323|53,163|
|Amounts
owed &om subsidiary|||227,244||228,985|
|Other debtors||198,391|197,841|96,824|95,824|
|VAT recoverable||24,602|24,602|44,907|44,907|
|Prepayments|and accrued income|185 828|185502|50353|48 343|
|Total||500,901|726,105|247,408|471,222|
##
##
|CREDITORS: AMOUNTS FALLING DUE|WITHIN ONE YEAR||||
|---|---|---|---|---|
||2023|2023|2022|2022|
||Group|Charity|GroupI|Charity|
|Trade creditors|151,267|135,322|40,077|35,340|
|Other creditors|117||3,855||
|Taxk social security|14,912||3,629||
|Accruals and deferred income|115488|109933|36739|35590|
|Total|281,785|245,255|84,301|70,930|
##
|MOVEMENT IN FUNDS|MOVEMENT IN FUNDS|||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||||||Transfers|||At|
|||||||||At 1/4/22||Nct income|||bm|een fimds|||31/3/23|
|Unrestricted
funds:||||||||||||||||||
|General fund||||||||2,972,940|||348,497||||958,457|4,279,893||
|Restricted funds:||||||||||||||||||
|Building
development|project (Phase|||1|-ground floor)|||628,928|||426,748|||(1,055,676)||||
|Building development|project (Phase 2||||-cafe)|||2,000|||283,573||||153,814||439,387|
|Building development|project (office upgrade)||||||||||16,715||||(16,715)|||
|Collection acquisitions||||||||41,309|||17,000||||(39,880)||18,429|
|Learning||||||||43,614|||28,229||||||71,843|
|Turner Prize|||||||||||591||||50,000||50,591|
|Eastbourne
Alive|||||||||||30,147||||||30,147|
|Exhibitions||||||||92,915|||(28,319)||||(50,000)||14,596|
|Collection Curation —Kickstart||||||||||||||||||
|Iniva||||||||||||||||||
|Newhaven
Creative||||||||12,783|||39,948||||||52,731|
|Fundraising
snd Supporters'||Costs|||||||||2,500||||||2,500|
|Kickstart (core costs)||||||||||||||||||
|Other|||||||||||4,000||||||4,000|
|Total restricted||||||||821,548|||821,132|||(958,457)|||684,223|
|Total Funds||||||||3,794,488|||1,169,629||||-|4,964,1 17||
|The main
transfer
between||funds represents||||the Ground||Floor Development|||project being|||completed||in 22.23,||
|moving
to general
use|and|so|leaving||restricted||funds. The top floor cafd project was||||||funded||in arrears||against|
|invoices
paid and so
project
was
completed|shows
in|temporary
funding
23.24. f50k funding|||||&om unrestricted
I'unde
as at the year
received
in advance
for the Turner||||||end. The top floor cafe
Prize in 21.22 has been|||||
|reallocated
from Exhibitions||as|the Turner Prize||||is now shown separately.|||Unrestricted||reserves|||include|%215,000||
|designated
to Emerging|Artists'||expenditure|||and|new staff|positions.||||||||||
##
##
|18|NET INCOME
—DETAIL|NET INCOME
—DETAIL|||Incoming|Resources|Net income|
|---|---|---|---|---|---|---|---|
|contd|||||resources|expended|f|
||Unrestricted
funds:|||||||
||General fund||||2,362,663|(2,014,166)|348,497|
||Restricted funds:|||||||
||Building development|project (Phase||1 - ground floor)|426,748||426,748|
||Building development|project (Phase||2 -cafe)|283,753||283,753|
||Building development|project (office||upgrade)|16,715||16,715|
||Collection acquisitions||||17,000||17,000|
||Learning||||136,238|(108,008)|28,229|
||Turner Prize||||50,000|(49,409)|591|
||Eastbourne Alive||||50,000|(19,853)|30,147|
||Exhibitions||||4,250|(32,569)|(28,319)|
||Collection Curation —Kickstart||||6,437|(6,437)||
||Iniva||||11,750|(11,750)||
||Newhaven
Creative||||174,404|(134,456)|39,948|
||Fundraising
and Supporters'||Costs||2,500||2,500|
||Kickstart (core costs)||||1,493|(1,493)||
||Other||||4,980|(980)|4,000|
||Total restricted||||1,186,087|(364,956)|821,132|
||Total Funds||||3,548,751|(2,379,122)|1,169,629|
##
##
|MOVEMENT IN FU|NDS —PR|IOR|YEAR COMPARA|TIVE||||
|---|---|---|---|---|---|---|---|
|||||||Transfers||
|||||At 1/4/21|Net income|between|At 31/3/22|
|||||||funds||
|Unrestricted
funds:||||||||
|General fund||||2,768,278|154,066|50,595|2,972,940|
|Restricted funds:||||||||
|Building development|project (Phase||1 -ground floor)|84,226|538,897|5,805|628,928|
|Building dave lopm eat|project (Phase||2-cafe)|||2,000|2,000|
|Collection acquisitions||||30,411|69,298|(58,400)|41,309|
|Learning||||43,868|(254)||43,614|
|Exhibitions||||88,294|4,621||92,915|
|Collection Curation||||||||
|South East Creative and Cultural||Digital Support||||||
|Newhaven
Creative|||||12,783||12,783|
|Fundraising||||9,247|(9,247)|||
|Job Retention Scheme||||||||
|Other||||8,000|(8,000)|||
|Total restricted||||264,045|608,098|(50,595)|821,548|
|Total Funds||||3,032,323|762,165||3,794,488|
##
|19|NET INCOME
—DETAIL|NET INCOME
—DETAIL||Incoming|Resources|Net income|
|---|---|---|---|---|---|---|
|contd||||resources|expended||
||||||6||
||Unrestricted
funds:||||||
||General fund|||1,714,058|(1,559,991)|154,066|
||Restricted funds:||||||
||Building development|project (Phase I —ground floor)||538,897||538,897|
||Collection acquisitions|||69,298||69,298|
||Learning|||56,709|(56,963)|(254)|
||Exhibitions|||123,710|(119,088)|4,621|
||Collection Curation|||5,750|(5,750)||
||South East Creative and Cultural||Digital Support|15,185|(15,185)||
||Newhavcn
Creative|||36,250|(23,467)|12,783|
||Fundraising||||(9,247)|(9,247)|
||Job Retention
Scheme|||26,471|(26,471)||
||Other|||7,115|(15,115)|(8,000)|
||Total restricted|||879,383|(271,285)|608,098|
||Total Funds|||2,593,441|(1,831,276)|762,165|
##
##
##