Charity number. 1162863 YOUNG NORFOLK ARTS TRUST UNAUDrrED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
YOUNG NORFOLK ARTS TRUST CONTENTS R•f•r•nce and Administratlv• Detalls of the Chaiity. Its Trustsos and Advlsers Tntstees. Report Ind•pendent Examinerfs Report ststgmont of Flnanclal kuvltles Balanc• Sheet 10 Nr)tgs to the Flnancial Stat•m8nts
YOUNG NORFOLK ARTS TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021 TrtteeS Mr Steffan Griffiths. Chair Ms Nina Nannar Ms Vlvica Parsons Mr Gerafd Stamp Mr Patrick HalS (grd 11 JU 2020) Mr5 NaL¥ni Palmer Mrs Rachel Quick Buthgm Mr Lews Buxton Mrs Alanna M(MJnd (apKx)inted 20 January 2021} Charfty reglstergd number 1162863 Principal offic• 671A The Ch)se Nopmch Norfolk NR14DD Trust Correspondence and Dirgctor Mrs Lucy Farrant ejo N¢)Mth Arts Centre. 51 St Ben&Jicts StreeL Norwich, NR2 4PG Email.. dIrect@Youngr01karts.Or9 Aecountants Larking Gowen LLP Chartered Acojuntants King Street Hse 15 Upper lting Street NoTrMch NR3 1RB Page 1
YOUNG NORFOLK ARTS TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2w21 The Trustees present Ihwr annual rep)rt together V•ith the financial statements of the charity for the year 1 Awll 2020 to 31 March 2021. ObJe¢tiYos and aclivitles a. Objectiv89 The objectives of the charity are to ¢elebrate aThY suppcrt the creativlty of YO people in Norfolk, and to ensure that they are preserrted rylh a multitude of OPWntknes to eXple it in vrdys that enrich their lives aTrJ the wider society armj enhances aspiraticw. The strategic aims of the charity are: to provide high quality and diverse mulri art f¢)Thn opwrttjnities and exper1ere to nurture creative t4atforms, leCts and (lMUnitieS for all N(wfolk's youry peoF4e: to involve young people in creative aclivity is inspiring and accessible, arKI lo enwre thelr voirK is heard at all levels- to enable youThJ pecple to enharKe their skill4 ojffidence and well being: to remain receptive arKI responsve to the negts and VQbGes of youThJ w)ple arKI their commUrtie& The charity oversees the administration of the IcK)se federation of cultura organisalions in Norfolk kn¢)vm as the Young Norfolk Arts Festival PartnpAship. b. Maln actlvltles und•rtaken to further the charlty's purposes for Ihe publlc benefit The trustees have ccwdered the Charity Commission guidan on put4ic tenefit under the Charities Act 2(6 when reviewng the charitys 0tr4'ectives aThJ aims 8ThJ planning its future activitie5 for the year ahead. The Trustees congder that the CharilS aims demonstrate its pUbC befiL The main activities of the tharity are the: Young Norfolk Arts Festival". a celetwation of creatNity perfomiance by and for young people in Norfolk that happens every Juty. activities arKI art forms as Var as cfatscal music. filmmaking, sen)rd, visual art drama. tjance and cont6mpcYary rnu. YNA Cdlective. eng8gir@ arKI provhding SUFPfXt to young aged 16- 25 years old. Through regular meetings, tr8inirKJ Sessions, prathcal hands on vnrkslxys and collatrxrative SeOn5 with our partners, the Crjlective devdop skills to enable Ihem to prrJuc. promote arKI evaluate events and exhibitions Young Norfdk Arts. Year round activitie5 including.. Young Norfolk visual Arts,. a year round prryjramrne of ueative vh)rksW and exhibltion for thildren and youry people of all ages induding: free outrexh ith primary sth¢>)Is, visual arts w)rkshcps throUght NorfcAk libraries and putAic exhibiticffl5 of Kirk by young people. Lilerary Roadslw. delivery of a prwrdmme in sthTr)1s across Norfolk. Young Norfolk Writing cnpeI]On and shov+rase evert Including 5eleckn of yearty youn9 laureates for the Ccvnty. Page 2
YOUNG NORFOLK ARTS TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Objectlves and actlvltles lcontlnued) Bespce CmISon$ from other organlsatiors to rovide c¥ealive w(NJrammes and advice. Achlevgmonts and pgrformanco Delivery of adlvlty and achl•v•m•nts during th• ar Young Norfolk Arts Festlval 2020 In March we made the deLasion to deliver the NLMfolk Arts Festival 2020 online, vAlh the first ever virtual YNAF prc¥Jramme. The j¢)umey towards this was rnt without rts thalenges, bul it was also an incredible leaming experienc for Ihe team, teaching us a lot atrKxrt adapt'ng a1 evolving our delivery. YNAF 2020 happened over 5 days from 2-6 July and featured live streams. a virtual festival stage, workshops and interactive sessions. as WEII as a unique new virtual g811ery and exhibition curated by the YNA Collective. There were so many highlights from the programme, induding our virtual Lost River Stsge vknich broughl together 38 young musiaans, danws, wels and Writers frcm a(xoss the county to their talenL Audhnce figuros Online audiencE figures for YNAF were over 2,3(K) 148 young partiapants under 25 Over 7CQ vigtors to the virtual gallery aTrJ 'Th) s. every exhibition. Times Shrfting was amther enjoyable and alg) very rthvant part of the Festtval offer. 11 is wa5 creative writing programme ddivered by Imagining History across the YNAF ekend - bringing together young writers to explore the living history of this unprecedented time. Their ting vrds dispL8yed in our virtual gallery this nler. The overall FestiV81 prcgramme drew 11% attendees from across the N%r)rtd with themes such as zine making, crative TitIng. vidè) art and V•Titing drama. We also wyked ith the young film programmers at Fllm East lo deliver a creative sloryboarding session and film locations webinar. Talented young musiuan and composer Finn Aden joined us for a teaubful arkj restorative live perfomance and question and answer sesgon all the vrdy from Edinburgh. We hosted a regUr feature on BBC Radio Norfolk %thich has an average reath of 154,OCM) listeners per aThl a One on BBC Lo)k Easvs 6.3Cpm bulletin smth an average aU¢en re7Kh of 323.IXIO. YNA Collective Having recruited a brilliant cohort of over 30 yxjung people during January 2¢r20. w began wJrking them to plan for our takeover of the Undercroft Gallery in Norvich as part of the "Ground Up" Exhibilion during YNAF 2020. The project handed over the most omnership gNen lo the CCtIVe, tsktng part in a series of workthops to leam skills in exhibition c#Jration, event PTryjltI0n. marketing and communications. documenting and evaluation. everything they needed to plan and pr(xJLe arts events, exhibitions and activities. As 11 as engaging in a series of ¢Jeative thlls develoKMnent Ihey also be expkjred varkMJs audictr visual art fom)s. tring March 2020 we had to adapt swftty to govemment guidelines as a resufi of the COVID-19 situation, and quickly move the delivery of our Cdleclive prTrJramme to a virtual platform. We were aL4e to retain most of the core Collective grcwp. arKI also VEkomed back a few past members. We moved Ihe focvs over from )rkIng in a real gallery to Lyeating a virtual gallery aThJ launchiro a virtual exhibition as a key efement of YNAF 2020. The Colleclive came together and jrk h&d c(41aLK)rativety. They twk part in further, virtual creative DTkthops in cajration and pr(MJ1l0n. deveh)p8d content for a regular 0t on 88C RJio Norfolk. aThJ Drked alongside the YNA team to prrKluce an on call for young artists. and chose their themes aThJ concepts vthich over-arched the se*ted content that was on display in the gallery. The end producl was engaging and of high quality. SI1ng the pasgon and reglience of the group during quite a turbulent time in the %%rsrld. We hav8 now recruited for OLW 2021 YNA Collective programme lock for¥rd to working vJith them on range of creative activities and in preparakn for YNAF 2021. Pag8 3
YOUNG NORFOLK ARTS TRUST TRUSTEES. REpoirf ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 AchIeVerrts and perf0mnce Icontinufjdl Moving rr On Project In December 2020 V•re avrdrded a gwt as part of NNF Bridge's Moving IT On project. The prclect Tuns from January 2021 to June 2021 arKI involves a small gTWP of already recruited Cdleclive members. They are exploring, and hoping to dismver. the best IT platfomis for c¥eation. communication and cdlaboration and then Ung tethnology to create their ovm arlistic ree$ reaty for YW 21. Megapl)one Projoct We delivereAI the Megaphone project in collaLKyation ith EnSoy Gieat Yarmouth. The Megaphone 6 pilot programme enatrjed young peoF4e to expknre and extess their thoLhIS aThJ feelings. on conc8ms that mattered to them individually. We erwJaged 7 yourvJ wple in total ben the ages of 16-25 from Non4?ch, and they decid to bring all their interests tcgether with the thDrk made during the Vorkshcps, to create a landing page called 'Megaphone: An insight lo crealive xtivism.. L•l's Create Young Norfolk Arts led the Norfolk Crealivty Cc41eclive vthith MPrised creatives and peop4e from all sectOTS o work young people aThJ Vulnerab peOpe of all ages. In Decembèr 2020 w8 put together and distributed 10.OCKI #Makeitmenry bcklets. 5(M) tM)ard games designed by a tfjck the Dust group a1 1.2(K) creative reg)urce packs. It vrds a h[e undertthng and was ¢Mly pKwble because 8LJ many pIe gave their time and energy to make it hapn. The prr4)lems that informed the project's mission havenl gone away so it is likety that more inttiatives of this sort will spriry up this y8ar. The Vlrtual School for Looked After Chlldrnn At the beginning of 2020 Vapre cxjmmissbjned by the Virtual Schcd loL*ed after children to help to recTUit arKI then lo run a Co41ective type group of their Yftg people wth a view to them iEing able to plan and ument the Virtual sch11,$ celebration event in July. Plans to change due to COVILL19 aThl the mOY ds repurposed into ts¥o animation projects defivered online. NOl¢h 2040 Local Cultur41 educatlon PartMf5hlp (LCEP In February 2020 the LCEP vras rernvigorated arKI YNAT became very activety invofvgd in its regeneratlon. The Director of YNAT Iame its Cts Chair together with Cllr Alan Waters. and she regularfy represents the LCEP at regional aj national level. In March 2021 YNAT t(M)k responsibiltty fc management of the LCEP'S funds. Norwich 2040 Vlslon The YNAT Director in capaaty as c Chair of the LCEP on Nrxwch City's 2040 vision group. The group meets bi -monthly and plans the Ciws p¢t Cov119 Strateg and activitie
Engage Works This is a prc4Jramme njn by YNAT in partnership with the LCEP. Its aim is to provide relevant and practical opportunities for young people to engage with the creative industries locally arxl to explore the idea of careers in the cultural sector. A virtual event vrds delNered in November 2020 arKI another is annj for July 2021 after YNAF 2021. The first everrt twk pl in October 2019 arnj was a great success not least because all participants felt they coukl engage equalty. Page 4
YOUNG NORFOLK ARTS TRUST TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 Achlevements and performance {contlnued) b. Plans for tho futurn ASIde mary of wr fellow partners and organisatiors. awBit 2021 with g)me treptdation as wpll as some excitement. We believe that this year has given us the skills o)nfidence to be able lo adapt our delivery moving forward. We have also h&J th8 chance to really strengthen our youth led approach and look fofward to carying this Ihrough to YNAF 2021. We kh)k 10Thrd not only to delivering our Festival bLrt also our year- round activities and lo gJJpporting Ihe Collective to develop as individuals aThY artists. We wll continue our deep invofvement with the LCEP and wll Irk in partnership tt to ddiver and disseminate opportunities for cultural education. Oelivery will ntinue to Include dvJital options in lyder lo ameliorate all1billty issues such as the county's geography, and lo encourage harder lo reath grp5 to us such as the Dldeaf ¢x)mmunlty. YNAT intends lo apply to become part of Arts EnglarKS's National Portfolio in 2022. In the meantime, the Diredor will continue the pursuit of varied fuTrJing streams including making another large application lo Arts Council England's Lottery Project furKI. Financial revlew of the year Flnanclal The charity rep)rted a Mt surplus of £30.552 for Ihe year to 31 March 2021 12020: £13.087). The surplus comprised 8 net movement on unrestricted funds of £rMI (2020: suwus of £31.8871 and a net suWus on restricted fulS of £30.552 {2020'. defiot of £18,800). The $triCted fund surplus for year lo 31 March 2021 relates mainty to three projects ere fuTrJing has bèen received in advance of activity. YNAT received its second instalment (totalling £39,200) of an Arts Council England IACEI prc4ect grant for aclivity from NovemLw 2019 to 31 August 2021. li algj received a granl from Anguish's Educational Foundation of £25.OW for its core prciect acb"vity. arKJ a grant from Norfolk & Nol¢h Festival Bri¢Jge of £25.rni to furKJ the chari$ role leading the NorCh 2040 L1 Cultural Education Partnership. Further details on these funds is given in rbjte 12 lo Ihe Finanaal Statements. Total reserves ood at £93.303 on 31 March 2021 (2020.. £68.7511 of £34.687 was held as unrestricl8d furKls {2020: £34.6871 wth the balarKe being held as reslricted fund& Restricted fund reserve levels have sen year on year from £34.064 to £64,616 due to Some large project balances for future adivity as OLEUined aLK)ve. The charity raises inc(xne from a variety of urces and is heavily reliant on grant ine4)me from local and national charities and Arts Cwncil England (ACE). The chartty has awarded £98.OC() by ACE for the persod 14 November 2019 to 31 August 2021. tt has also secured a CLAture Recovery Fund grant of £30,0 ich wll enable the delivery of a full prcJramme of aLivity for ts peri(MJ from 1 April to 30 June 2021 including the Young Norfolk Arts Festival 2021. b. Golng Concern After making apprcpriate enquiries the trustees have a reasonatle exptstion that the charity has adequate resource5 to continue in orerational existence for the foreseeable future. For this reason. they continue to adopt the going concem basi5 in preparing the fin181 statements. Page S
YOUNG NORFOLK ARTS TRUST TRUSTEES, REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 21r21 c. Reserves Policy The charitys reseNes wAicy is onty to (Thimit to exditUre kn SLrfficient levels of income have been reived or pledged. The charity's unrethcted fund bala of £34,687 is held mainly as cash, 8nd represents just under three months of annual expenditure. 11 is needed to man3g8 the cashflow demands of large projects, arKY provides furKls to be able to grve swne time to the finanryal future of the c*arity in the event of any unanticipated chrys to fundirKJ or activty. As at 31 March 2021. the level of restricled reserves was £64.616 {2020: £34,064) Structure¥ govemance and managenwnt a. Constltutlon Young Norfolk Arts Trust is a registered charity. nnt 1162863. aTrJ is constituted as a Charilablg Incorporated Organisation. b. Methods of appointment or olectlon of TtseS The truste85 are apwinted for 8 lemi of three ye¥s The minimum number of trustees is three and the maximum number is eight. Trustees are aFwnted at a properly convened meeting of trustees and those appointed are chosen taking into acCnI the skills. knOethJe aThJ experience needed for th& effective management of the tharily. Page 6
YOUNG NORFOLK ARTS TRUST TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 Statement of Tnlees. responslbllftles The Trustees a reslnble for preparing the Twstees. Retwi the financial statements in acwrdanc th applicable law and United AccountirwJ Standards (United lQngdom Generalty AccEpled Accounting Practi). The law applicable lo charities in Englar#J & Wales requires the Trustees to prepare finanal statements for each financial year %thich give a true aj fair view of the state of affairs of the charity aTrJ of its incoming resour$ and atwication of resour$, induding its income and expendtture. for that period. In preparing these fInCIal slalements. the Twstees are required to: select SUltae accounting Fdiues and then aFfJly them conststently" observe the Meth15 and prine$ of the Charities SORP IFRS 102).. make judgments and accounting estimates that are rea9JnaL4e arKJ prudent" stale ether applicable UK AcwJnting Standard5 IFRS 1021 have been f10e. sul4.ect lo any materi81 departures disclod and explained in Ihe finanryal sta18ments'. prepare the financial ststements on the gciro co1M bass unless it is inapwowiate to wesume that the charity will cOnne in tgIneS& The Trustees are responyble for keeping adequale accounting records that are sufficient to show and explain the charity's transactiong and disclose Vth reag)natAe accuracy at any lime the finanaal rA)sition of the charity and enabte them to ensure that the financial statements LX)mply with the Charities Act 2011, the Charity {ALwunts and Repcwtsl Regulations 21))8 the provistons of the Tru* deed. They are also responyble for safeguarding the assets of the charity ar hence for tsking rea9)nae steps for th8 prevention and detection of fraud and other irregularities. Approved by ordw of the members of the Try)ard of Trustees and $gr on tsir behaf by: Mr Steffan Griffiths {Chair of Trustees) Date: L161 Page 7
YOUNG NORFOLK ARTS TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2021 Ind•p•nd•nt Examln•es R8POrt to the Trustws of Young Norfolk Arts Trust (Ihe charfty'l I rep)rt lo Ihe charity Tnjslees on my examination of the acccMJnts of the tharity for the year ended 31 March Responslbllltles and Basls of Report As the Trustees of the charity you are reSptAe for Ihe preparation of the acc(Junts in acc<xdance with the requirements of the Charities Act 2011 (Ihe 2011 Act'l. I report in reS[t of my examination of the charitys accounts rarried uThJer section 145 of the 2011 Act and in carrying out my examination I have follo% the applicable Directions given by the Charity Commisson urvjer %rbon 145ISXbl of Ihe 2011 A£t. Independ•nt Examlnorfs Statement Your attention is dravm lo ihe facl thal the charity has prepared the accounts in acrdanCe wlh Accounling and Reporting by Charities.. Slalemenl of Recommended Practice 8ppliealAe to charities preparing their accounts in accordan wth the Financial Rep¢xting Stsndard aFplicable in the UK and Repthlic of Ireland (FRS 102} in preference to the Accounting arKI Repmxting by Charities: Ststement of RecxJnmerMJed Pradce issued on 1 April 2005 vknich is referred to in the extant regulations but has been wthdr8y. l understand that this has been done in order for the a(xxMJnts to provide a true and fair view in accordance with the Generally Acopted Accounting Practice effective for TeForting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have u)me to my attention in connection wth the examination giving me cause to believe thai in any material resFeCt accounting rewrds were nol keN in re¥xt of the charity as TvIr8d by section 130 of the 2011 Acl. or Ihe accwnts do acoNd *ith those records,. or the 8ecounts do not compty the 8pWicat4e requirements conceming the fom arKI content of a(xourts set out in the Charities IA(tounts arKI Re[s) Regulations 2(K)8 other than 8ny requirement that the accounts give a Inje and fairf view is not a matter cOndered as part of an independent examination. I have no coremS have cxvne aL¥C65 other matters in o)wtion 4%ryth the examinalion to [ch attention should be drawn in this re[ in order to enatAe a prwer understanding of the accounts to be reached. LLr Slgned: l July 2021 J Grimmer Larking Gowpn LLP Chartered Accountan Nopmch Paga 8
YOUNG NORFOLK ARTS TRUST STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 MARCH 2021 Unrestricted funds 2021 Restrictod funds 2021 Total funds 2021 Tot81 funds 2020 Income from". Donations and grants Charitsble activilies 250 2,925 3.91JO 112.655 116,905 2.925 131. 114 4,609 25.934 Ixher incCe Total income Expenditure on: Charitable activities 11.075 112,655 123,730 161,657 11,075 82,103 93,178 148,570 Total eYndIre 11,075 82,103 93.178 148,570 Net movèmènt In funds Ron¢111a11on of funds: Totsl funds brought forwdrd Net movement in funds 30.552 30.552 13,087 34687 34,064 30.552 68.751 30.552 55.664 13,087 Total funds carrled torward 34,687 64.616 99.303 68,751 The Ststement of Financial Adivities inckxles all gains and laS recognised in year. The nLrtes on pages 11 to 21 fffln part of these financaal statements. Page 9
YOUNG NORFOLK ARTS TRUST BALANCE SHEET AS AT 31 MARCH 2021 2020 Currnnt assets Debto Cash at bank and in hand 10 10.204 72,250 100.171 100.461 82.454 cr110 amounts fdling due wlhin one 11 (13. 703) Net Currenl assets 99,303 68.751 Total net assots 99,303 68.751 Charity funds Restricted funds Unrestricted fuThJs 12 12 64,616 34,687 34.064 34.687 Total fund8 99.303 68,T51 The financBI stslements wEre approved aulhcrrised for isgje by the Trustees and gned on their behalf by: Mr Steffan Grlfflths (Chair of Trustees) Date.. uJ61zl The notes on pages 11 to 21 fo part of these financral statements. Page 10
YOUNG NORFOLK ARTS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PIARCH 2021 Accounting policies 1.1 Basis of Preparation of financlal stslemnts The financial sLqtements have been prepared in acrMjare wilh the Charities SORP (FRS 1021- ArLounting and ReFyJrting by Charities". Statement of ReCcnrnended Practice applicable lo tharities preparing Ihetr a¢nts in acc(Ydanc% wth the Financial Reryybng Standard applicable in the UK and Republic of IrelarKI IFRS 1(r2) leffecb.ve 1 January 20191, the Financial Reporbng Stsndard applicable in the UK arnj Re)C (rf Ireland (FRS 102} aThJ the Chaflties Act 2011. The financial ststements have been prepare(1 to gNe a Irue arKJ fairf view and hava departed from the Charities IAe(L)unts and Reports) Regulatiorts 2W8 only to the extent required to provide a Irue and fai¢ view. This departure has involved following the Charities SORP (FRS 1021 published on 16 July 2014 rather than the Accounting and Reporting by Charibes.. Statement of Recommende Practice effective from 1 Apn'l 2005 %thich has since been wtthdrawn. Young Norfolk Arts Trust meets the definition of 8 public tserfil entity under FRS 102. Assets and liabilities are initially recconised at historical cost or transaction vatue unless othemse stated in the tevanl a¢countsng Oicy. 1.2 Going conorn After making aFpropriale erwiries. the trustees have a reag)natAe expectation that the charity has adequate reIrCeS to conlinue in operational existence for the foreseeable future. For this reason. they continue to adopt th8 going cOrM bags in preparirKJ the financAal stalemenl5. The COVIO-19 global pandemic has meant that me activity for 2021 has been either cancelled, delayed or delivered on virtual platform& The chartty has been In contact with its main funders who have tten suFwlive of the revised pIar for 2021. and wing wrKm issues are foreseen. 1.3 In¢¢)me All income is recojnised Or the (arity has entittement to the income. il is probab that the ino)me will be reiVed and the amnt of iNJyme rewvable can be measured reliabty. Grants are IndUd in the Statemenl of Finanual Activities on a re1Vable basis. The balance of income received for sP)riC purposes bul not expended during the period is shown in the relevant fur¥Js on the Balance SheeL Where inccvne is received in advance of entitlemeni of rewpt, its lenitIOn is deferred and included in Crediiors as deferred in¢x)me. Where enlltlement ocujrs before incxJne is reNed, the income Is a(wed. Other income is re¢cgnised in the period in il is re1¥able and to the extent lh& gwds have be8n provided or on cOMet10 of the servi. 1.4 Expenditure Expenditure is recxyJnised orte there is a legal or I)J¢tiVe obligation lo transfer eorniC benefit lo a third party. it is prcoable that a transfer of eco1¢ trIts wll be required in settlement and the amount of the otAigation can be measbjred reliably. EXnditsjre is classified by activity. The costs of e&h acbvity are made up of the totsi of direct costs and shared eosts. including supwjrt costs invrAved in undèrtaking eaeh activity. Direct eosts attributable lo a sngle activity are all¢X8ted direclly to that activity. Shared costs bthich contribute lo more than one activity aTrJ SUFwi $ts wthich are attribLrtable to a single activity are apportloned beeen those tive$ on a basis consistent *ith the use of resources. Page 11
YOUNG NORFOLK ARTS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Accounting policies (contlnued 1.4 Expendlturn Icontlnued) SuFVJrt wsts are those costs inujrred dlrectly in svpwrt of expenditure on the objects of the charity. Govemance costs are those incurred in connection administration of the charity and compliarte CcstitUtiOnal aThJ tulory requirernents. Charitstde activities are C In¢rr& on the charivs educational operations, induding supp)rt costs and costs relatirwJ to the governan of the tharity appJtioned to charitable activitie 1.5 Debtors Trade arKI other debtors are rec(xJnised at the settlement arno1 after any trdde discount offer. PrepayThents are valued al the amount wepaKI nel of any trade diso)unt5 due. 1.6 Cash at bank and In hand Cash at bank a1 in hand incbjdes cash arKI thort-temi highty Ilquid investrnents wilh a short maturity of the month5 or less from the date of aequi5ition or opening of the doSIt or MIlar account. 1.7 Llabllllles and provlslon5 Liabilities a reo¥)Jni5ed vthen there is an otAigation at the Batance Sheet date as a result of a past event. it is probable that a transfer of econunic benefit 111 be required in settlement, and the amount of the selllement (an be estimabj reliatrAy. abilities are recognised at Ihe amount that the charity anticipates it will pay lo setuè the debt or the amount it has re1Ved as advarted paymgnts for the KmJS or servics it must provide. 1.8 Financl•l Instruments The charity only has flnandal assets and financial liabllltles of a kind that qualify as basic finandal instruments. Ba%c financial inslruments are initially rec(yJnised at transaction value and subsequenlly measured at their settlement value the eXpIOn of bank loans are subsequenlly meagJred at amortised r))st using the effectiv8 interest metlNyJ. 1.9 Fund accountlng General fuThJs are uNestricted furwjs vthich arg availaNe for use at the disryetion of Truslees In furtherance of the gen&al otriethes of the charity and have not been desiated for other purp)ses. Restricted fuThJs are funds %thich are to be used in accord V•ith specifie restrictions imposed by d01$ or thIeh have been raised by the charity for particular purposes. The costs of raisng and administering such fuThJs are charg1 against the specrfic fund. The aim and use of each restricted furbj is set out in the r to th8 financial slatements. Poge 12
YOUNG NORFOLK ARTS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2021 Income from donations and wants Unrnstricted R8Strict•d funds funds 2021 2021 Total funds 2021 Donations Grants 2S) 1,305 111.350 1,555 115,350 Total 2021 4.21 112.655 116.905 Unrestricted Rostricteo funds funds 2020 2020 Total funds 2020 Donations Grants 33.461 33,461 97.653 93.653 Total 2020 37,461 93.653 131.1 14 Incom from ¢harltsble aclmtles Unrnstrlct•d fund$ 2021 Total funds 2021 Admi&sior Commi&5ion fees CongJltancy and training fees Contribution to costs 1.6C 425 1,600 425 900 Total 2021 2,925 2.925 Pa 13
YOUNG NORFOLK ARTS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 221 Income from charflable aclmtles (¢ontlnued) Unrestricted funds 2020 Tot81 funds 2020 Admissions CC¥nmi0n fees Cc)tribution to e£sts c1Ua and training fees 204 2.465 2.465 800 1, 140 1, 140 Total 2020 4,609 Othor incoming resources Unrestricted nds 2021 Totsl funds 2021 In kirKI supp(xt I matched fundir4J 3,900 Unrestricted fvnds 2020 Totsl funds 2020 In kirKI surwt I Matth fuwMJiThJ 25.934 25.934 Page 14
YOUNG NORFOLK ARTS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Analysls of expendlture on tharltable activiti Summary by fund type Unrgstrlcted Restrlcted funds funds 2021 2021 T¢)tal fvnds 2021 Charitable activibes 11,075 82.103 93.178 UnsIrted Restricled funds funds 2020 2020 Total funds 2020 CharitatrAe activities 36.117 112.453 148.570 Analysls of expendltur8 by •Gtiviti Actlvltles undertaken dlrectty 2021 Support ¢osts 2021 Total funds 2021 Charil8tle a(*vilies 86,942 6.236 93.178 Athities undertaken directy 2020 Support CO8ls 2020 Total fvnds 2020 CharitatAe activiknes 136,319 12.251 148,570 Page 15
YOUNG NORFOLK ARTS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Anaty818 of oxpendlture by acllvltles (contlnued) Analysls of dlr•ct ry)sts Total funds 2021 Tot funds 2020 Arlistic SperKling Matheting Transport arKI Venue Hire Festival Director and cOdinatOr Training and Workshops for Cojlective Members 24A85 4,130 500 60.904 15,425 20.670 37.875 54397 2,430 81942 136.319 Analysis of support costs Totsl funds 2021 Total funds 2020 miscellar$ (#)sts Insuran organisati1 devebpment GovernarKe costs 3.587 916 752 981 5,646 973 4.113 1,519 6.236 12.251 Indop•ndènt examlnoes romunerallon 2021 2020 Fees payable to the tharitys ipendent examin for thé in(tyrKknt examination of the charitys annual accounts Fees payable to the chaiTiVs indeJen1 examiner in respect of: Grant eeftifi(*tion 981 975 Page 16
YOUNG NORFOLK ARTS TRUST NOTES TO THE FINANCIAL STATEmE1s FOR THE YEAR ENDED 31 MARCH 2021 2020 Wages and Salaries 741 aveTwJe number of pery4s empb)yed by the charity during the year vras le&8 than 1. The charity first emphjyed stsff in Marth 2021. No employee reNe remuneration amOting to more than £60,[ in either year. Twstee8' remuneratlon and expenses DurirvJ the year. no Trustee5 recetved any remuneration or other benefits (2020- £NIL). During the year ended 31 Marth 2021. rK) Trustee expenses have been inL#Jrred (2020- £NIL). The key management of the Charity are (l*med to be the Trustees. As a result. th9 rgmuneration of key management in the year was £NIL {2020.' £NIL). The Trustees rrtract wih an extemal part time Director is congdered to be key man3gemert Total fee5 paid to the Director on a (xjnsultancy basis were £25.000 (2020.. £19.288). 10. Debtors 2021 2020 Prepayments and accwed inccrfne 10,204 11. Cyedltors: Amounts falling du• vAthln on• ytsar 2021 2020 Accruals and deferred ine 1,158 13,703 Page 17
YOUNG NORFOLK ARTS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 11 Stst8menl of funds Statomenl of funds . current ar Balance at 31 March 2021 Balance at 1 Aprll 2019 Income Expenditure Unrestrlcted funds General Funds- all funds 34.687 11,075 {11.0751 34,687 R•strictod funds Arts EngLqnd 20121 ONOA Msual Arts Roalshow Storytelling Project Mu&cian Devdopment Programme Lord Mayorfs Celebrations (20201 Virtual Gallery Anguish's Covid Reimaginir@ Digital Plattorms- Moving IT On Megaphone Project Norfolk Creativity Colleclive NoNlch 2040 LCEP 31,888 496 39.200 160,7821 10.306 496 680 (1,0001 15001 15.4501 (1,1511 (2,9961 (2.8561 (5.450) 11,9181 25.1)00 23.849 1.504 4.144 555 23.082 6,005 25,000 34,064 112.655 {82,103) 64,616 Totsl ol funds 68.751 123.no (93.178) 99.303 Page 18
YOUNG NORFOLK ARTS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 11 Slalemont of funds (continu} ststoment of funds - prfor year Balare at 31 March 2020 Balance al l AwI2019 Income Expenditure Unrestricted funds General Funds 2.8 (36,117) 34,687 Reslrlcted funds Arts Council England 2018-19 Arts Council England 201 21 ONOA Visual Arts RoaJgKMt Musiuan Development pramme Communications Team Choral Project- Even You Sj Bod( Festival Lord Mayc¢s Celebrations (2019) StIlln9 Project Birdland Opera Project Creatsve Muttilingualism Engage Works Conference Library Family Art 46,864 (46.864) (17,112) (7,04T) (10.000) (2,000) (5.000) (5.OOOJ (1.000) (1,970) {15.000) (610) (8CrfI) {50) 49.LXXI 31,888 10,LD) 2.650 15,0 610 680 52.864 93.653 (112.453) 34.064 Totsl of funds 55.664 161,65T (148.570) 68,751 Page 19
YOUNG NORFOLK ARTS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 11 Stst•ment of funds (continued) A desc¥iption of 2021 restrict8d fu1$ are as f1". Arts Council England 20121 SUpp(ting the Y¢JJry Norfolk Arts Trusl d8vebpmenl and PTc*Jresson 201&21 ONOA Wisud Arts Roadshow Funding for our Norfclk Adventures, visual arts roadshow linked orksh1)pS aNJ (%lebralion. Mugcian Development Grant funding from the Norfolk Music Hub towards a musldan development ProgTrmme pmjecl with The GaTrge Virtual Gallery Futbjing to LTeate a virtual gallery space Shng )rk for tha YourwJ Norfolk Arts Festival 2020. Lord May$ Cdebratic¥)s12020) Grant from NoTh4ith Cty C(MJncil tOV•Brds thè virtual Lost River Stsge perf0MnCeS in 2020. StoNeling Projecl Grants from The Geoffrey WatliThJ Charity & Norfolk Library servi for this storytelling project piloted in Mile Cross library in Nor%Mch. Anguish's Covid Retmagining Grant from Anguish's Edati(l Foundation towards 2021 pr(YJr8mme delivery. DlgTtal Platfomi MovirNJ IT On R&D innovation fuThJing to expknre dMJital platforms for group working with young peoF4e. Megaphone Pfoje¢t Funding from Nor44ith Freemen's Charity for a creative aclivism proiecL Norfolk Cr8ativity Collective Funding from a collective of loeal charities & organisations to support the creation and delivery of 10.IKKI Let's Create Packs lo Children during the Covith19 pandemi¢. Nor¥Ch 2040 LCEP Funding from Norfolk & NoTr%ich Festival Bridge for the NOThch 2040 Cultural EdLtstion Partrthlp. Page 20
YOUNG NORFOLK ARTS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2021 13. Analysis of assets belween funds Anatysls ol nel assets betwwh funds. current year Unrestrlctod Rostricted funds funds 2021 2021 Total funds 2021 Current assets Creditors due Mthin one year 34,687 65.774 (1,1581 100,461 {1,1581 Totsl 34.687 64,616 99,303 Anatysls of nel assets botween funds- PTlor year Unrestiicted Restiicled funds funds 2tr20 2020 Total funds 2020 Current assets Creditors due wthin cw year 34.687 47,767 113.7031 82.454 (13, T03J T¢)tal 34.687 68,751 1& Related party iransactlons During the year the charity Teceived a granl of £5.¢M12020: £5,Crf)O) frcffi Norwith School toward5 the creation of a virtual gallery SP (2020: toward5 the Norfdk Childn,5 Bty)k Festival). The tharlty Imbursed expenses of £Nil 12020.. £11,775) in retatlon to book festival costs Incurred by the school. Tr Chair of Truslees of the charity is Headmaster of Norwd) Scl)ool. DurirrfJ the year, the thlty rec8ved a gwt of £Nil {2020.. £8) from the National Centre of Writing as a contribution tovrdrds the Engage Works c£ferenCe. aTrJ paid ex&SeS of £Nil {2020: £1.8501, of which Nina Nannar is aL80 a trustee. Dufing the year. a grnnl of £2,(KX) {202(k. £2,1)00} was received from the Paul Bassham Charitabl8 Trust, of Mr Harris Ivkno ds a tnjstee of the charity until 11 Jur* 20201 is also a trustee. Le45is Buxton is a ttee of the tharity. arwj akn provides and faulitsles poetry 7Awkshops on its behalf. During the year the charity paid £1.613 to Lrys 12020: £2.281). These payments are pemiitted accling to the constitution of the charity. and the is erNJaged on the same basis and terms a$ other artists of similar standing and expwtise. Page 21