TRUSTEES REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31[ST ] MARCH 2024
CHARITY NUMBER 1162863
_Photography by Digby Harrison_
## **YOUNG NORFOLK ARTS TRUST**
|**CONTENTS**||
|---|---|
||Page|
|**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1|
|**Trustees' Report**|2 - 7|
|**Independent Examiner's Report**|8 - 9|
|**Statement of Financial Activities**|10|
|**Balance Sheet**|11|
|**Notes to the Financial Statements**|12 - 22|
## **YOUNG NORFOLK ARTS TRUST**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024**
|**Trustees**|Steffan Griffiths, Chair|
|---|---|
||Rachel Quick Butwright|
||Robert Maloney (resigned 31 May 2024)|
||Lewis Buxton (resigned 17 August 2023)|
||Alana Mound (resigned 31 May 2024)|
||Nina Nannar|
||Naomi Palmer|
||Elanor Reeves|
|**Charity registered**
**number**
1162863
**Principal office**
c/o Norwich Arts Centre
51 St. Benedicts Street
Norwich
Norfolk
NR2 4PG
**Trust Correspondence**
**and Director**
Mrs Lucy Farrant
c/o Norwich Arts Centre, 51 St Benedicts Street, Norwich, NR2 4PG
Email: director@youngnorfolkarts.org
**Accountants**
Larking Gowen LLP
Chartered Accountants
1st Floor, Prospect House
Rouen Road
Norwich
NR1 1RE||
Page 1
## **YOUNG NORFOLK ARTS TRUST**
## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024**
The Trustees present their annual report together with the financial statements of the charity for the year 1 April 2023 to 31 March 2024.
## **Objectives**
The objectives of the charity are to celebrate and support the creativity of young people in Norfolk, and to ensure that they are presented with a multitude of opportunities to explore it in ways that enrich their lives and the wider society and enhance their aspirations.
The strategic aims of the charity are;
- to provide high quality and diverse multi-art form opportunities and experiences;
- to nurture creative platforms, projects and communities for all Norfolk's young people;
- to involve young people in creative activity which is inspiring and accessible, and to ensure their voice is heard at all levels;
- to enable young people to enhance their skills, confidence and well-being;
- to remain receptive and responsive to the needs and voices of young people and their communities.
The charity oversees the administration of the loose federation of cultural organisations in Norfolk known as the Young Norfolk Arts Partnership.
## **Main activities undertaken to further the charity's purposes for the public benefit**
The trustees have considered the Charity Commission guidance on public benefit under the Charities Act 2006 when reviewing the charity's objectives and aims and planning its future activities for the year ahead. The Trustees consider that the Charity's aims demonstrate its public benefit.
The main activities of the charity are the;
- Young Norfolk Arts Festival; a celebration of creativity and performance by and for young people in Norfolk that happens every July, with activities and art forms as varied as classical music, filmmaking, spoken word, visual art, drama, dance and contemporary music.
- YNA Collective; engaging and providing support to young people aged 16 – 25 years old. Through regular meetings, training sessions, practical hands-on workshops and collaborative sessions with our partners, the Collective develop skills to enable them to produce, promote and evaluate events and exhibitions with Young Norfolk Arts.
2
## **YOUNG NORFOLK ARTS TRUST**
## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024**
Year-round activities including:
- Literary Roadshow; delivery of a workshop programme in schools across Norfolk.
- Young Norfolk Writing Competition and showcase event.
- Bespoke commissions from other organisations to provide creative programmes and advice
- Being the main delivery organisation and fund holder for the Norwich 2040 Local Cultural Education Partnership (LCEP).
## **Delivery of activity and achievements during the year**
## **Young Norfolk Arts Festival 2023**
- YNAF 23 delivered a full programme of events ranging from creative workshops to delivering a stage for young performers in Chapelfield Gardens as part of the Lord Mayor’s Celebrations.
- Overall, the Festival engaged 1035 young people as performers, had a live audience of 10,400 and reached 3,000 digitally through our website, social media, podcasts and broadcasts.
**YNAF workshop**
We have undertaken two rounds of recruitment for our YNA Collective and engaged an average of 30 young people from across the County with those weekly activities. We worked closely with the 2023 Collective to programme and curate the 2023 festival. They also delivered events throughout the year including Young Makers fairs and exhibitions.
.
3
## **YOUNG NORFOLK ARTS TRUST**
## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024**
## **Norwich 2040 Local Cultural Education Partnership (LCEP)**
YNAT is the delivery arm and secretariat for the Norwich 2040 Local Cultural Education Partnership. Since March 2020, the Partnership has delivered two successful Citywide projects – Figurine it Out and Postcard Poems. These projects combined for the 2023 Festival and nearly 2,000 children contributed work to displays around the City.
_Photography by Malachy Luckie of Postcard Poems from YNAF 22_
## **Norwich 2040 Vision**
The YNAT Director in her capacity as Co- Chair of the LCEP sits on Norwich City’s 2040 Vision group. The group meets bi -monthly and plans the City’s overall strategy in line with its 2040 Visions. The Director is part of a small steering subgroup whose mission is to include youth voice within the Vision group. The Director is also a member of the City’s Creative City Compact group.
4
## **YOUNG NORFOLK ARTS TRUST**
## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024**
## **>Engage Works**
This is a programme run 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 and to explore the idea of careers in the cultural sector. An in person >Engage Works event took place in November 2022 at the National Centre for Writing and was well received by all participants. The LCEP did not have sufficient funds to deliver an >Engage Works event in 2023 but will do so as soon as it can.
_Photography by Malachy Luckie of Engage Works 22_
## **Plans for the future**
The past year has remained challenging for everyone due to rising inflation and the cost-of-living crisis. We are confident that our strong partnerships and flexible attitude will enable us to adapt to difficult circumstances once again in 2024-2025. We are adapting our funding and staffing model to these circumstances, which has proved successful.
Norwich and Norfolk have a deeply cultural heritage and we are pleased to be a part of their wider creative ecology. We look forward to delivering programmes and opportunities in the Levelling up for Culture places and to working closely with our partners in those areas to achieve change. The Director is the Chair of the Freshly Greated Consortium Board in Great Yarmouth and is helping to forge stronger links with arts organisations and young people there.We will continue our deep involvement with the LCEP and will work in partnership with it to deliver and disseminate opportunities for cultural education. Our City Voices project is still underway, and we look forward to hearing its results during performance opportunities throughout the County.
Delivery will continue to include digital options in order to ameliorate accessibility issues such as the county’s geography, and to encourage harder to reach groups to work with us as well as to lessen environmental impacts from our activities.
In 2023-2024 Lewis Buxton resigned as a Trustee and remains a supportive voice for YNAT activities. We feel it is important that youth voice is represented at Board level and we will continue to recruit new Trustees with that principle in mind
5
## **YOUNG NORFOLK ARTS TRUST**
## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024**
## **Financial review of the year**
The charity reported a net deficit of £56,636 for the year to 31 March 2024 (2023: a deficit of £32,729). This deficit comprised a deficit movement on restricted funds of £39,778 (2023: £32,729), with the deficit movement on unrestricted funds being £16,858 (2023: £nil).
The restricted fund deficit relates mainly to spending of restricted grants brought forward at 1 April 2023 on the relevant project activity. In particular £11,281 of funding from Arts Council England was brought forward for a project running from September 2021 to July 2023. A further grant instalment of £10,050 was received during 2023-2024 financial year and £22,985 was spent on the project, leaving deficit balance of funding of £1,654, which was met by transfer from unrestricted funds.
The detailed breakdown by fund of income received, and the associated spending, is given in Note 11 to the financial statements which also gives a description of all of the funds held. During the year to 31 March 2023, we were pleased to be awarded funding from Norwich School, Norwich Charitable Trusts, Alan Boswell Group Charitable Trust, The Geoffrey Watling Charity and Norfolk Community Foundation among others.
Total reserves stood at £25,066 on 31 March 2024 (2023: £81,702) of which £17,829 was held as unrestricted funds (2023: £34,687) with the balance being held as restricted funds. Restricted fund reserve levels have fallen year on year from £47,015 to £7,237.
The charity raises income from a variety of sources and is heavily reliant on grant income from local and national charities and Arts Council England (ACE).
## **Going concern and reserves policy**
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
The charity’s reserves policy is only to commit to expenditure when sufficient levels of income have been received or pledged. The charity’s unrestricted fund balance of £17,829 is held mainly as cash and represents just under seven months of annual expenditure. It is needed to manage the cashflow demands of large projects and provides funds to manage the financial future of the charity in the event of any unanticipated changes to funding or activity.
As at 31 March 2024, the level of restricted reserves was £7,237 (2023: £47,015).
6
## **YOUNG NORFOLK ARTS TRUST**
## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024**
## **Structure, governance and management**
## **Governing document**
Young Norfolk Arts Trust is a registered charity, number 1162863, and is constituted as a Charitable Incorporated Organisation.
## **Appointment of trustees**
Trustees are appointed for a term of three years. The minimum number of trustees is three and the maximum number is eight. Trustees are appointed at a properly convened meeting of trustees and those appointed are chosen taking into account the skills, knowledge and experience needed for the effective management of the charity.
## **Statement of Trustees' responsibilities**
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
_____________________
Steffan Griffiths Chair of Trustees Date: 30 Jan 2025
7
## **YOUNG NORFOLK ARTS TRUST**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024**
Independent Examiner's Report to the Trustees of Young Norfolk Arts Trust ('the charity')
I report to the charity Trustees on my examination of the accounts of the charity for the Year ended 31 March 2024.
## **Responsibilities and Basis of Report**
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent Examiner's Statement**
Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have identified one matter in connection with my examination to which attention is drawn in order to enable a proper understanding of the accounts. As described in note 2.2. there is material uncertainty over the future income of the charity as a result of significant pressure from future cost increases as a result of current economic environment.
The charity trustees have considered the going concern status of the charity, measures taken to stabilise the position and the cash resources available and committed at the date of approval of the financial statements and have concluded that these should be prepared on a going concern basis. The financial statements do not include any of the adjustments that would result if the company was unable to continue as a going concern.
Page 8
## **YOUNG NORFOLK ARTS TRUST**
## **INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed: Dated: 30 Jan 2025
J Grimmer FCA DChA
## **Larking Gowen LLP**
Chartered Accountants, Norwich
Page 9
## **YOUNG NORFOLK ARTS TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024**
|**Note**
**Income from:**
Donations and grants
3
Charitable activities
4
**Total income**
**Expenditure on:**
Charitable activities
**Total expenditure**
**Net expenditure**
Transfers between funds
11
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2024**
**£**
**13,000**
**1,550**
**14,550**
**29,754**
**29,754**
**(15,204)**
**(1,654)**
**(16,858)**
**34,687**
**(16,858)**
**17,829**|**Restricted**
**funds**
**2024**
**£**
**21,550**
**-**
**21,550**
**62,982**
**62,982**
**(41,432)**
**1,654**
**(39,778)**
**47,015**
**(39,778)**
**7,237**|**Total**
**funds**
**2024**
**£**
**34,550**
**1,550**
**36,100**
**92,736**
**92,736**
**(56,636)**
**-**
**(56,636)**
**81,702**
**(56,636)**
**25,066**|_Total_
_funds_
_2023_
_£_
_78,510_
_3,830_
_82,340_
_115,069_
_115,069_
_(32,729)_
_-_
_(32,729)_
_114,431_
_(32,729)_
_81,702_|
|---|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the Year.
The notes on pages 12 to 22 form part of these financial statements.
Page 10
## **YOUNG NORFOLK ARTS TRUST**
## **BALANCE SHEET AS AT 31 MARCH 2024**
|**Note**
**Current assets**
Debtors
9
Cash at bank and in hand
Creditors: amounts falling due within one
year
10
**Net current assets**
**Total net assets**
**Charity funds**
Restricted funds
11
Unrestricted funds
11
**Total funds**|**-**
**28,773**
**28,773**
**(3,707)**|**2024**
**£**
**25,066**
**25,066**
**7,237**
**17,829**
**25,066**|_4,920_
_78,717_
_83,637_
_(1,935)_|_2023_
_£_
_81,702_|
|---|---|---|---|---|
||||||
|||||_81,702_|
|||||_47,015_
_34,687_|
||||||
|||||_81,702_|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
## **Steffan Griffiths**
(Chair of Trustees) Date: 30 Jan 2025
The notes on pages 12 to 22 form part of these financial statements.
Page 11
## **YOUNG NORFOLK ARTS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **1. General information**
The Charity is a charitable incorporated organisation (CIO), and is registered with the Charity Commission for England and Wales (charity number 1162863)
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Young Norfolk Arts Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **2.2 Going concern**
In the year to March 2024, we recorded a deficit of £56,636, with free reserves reduced to £17,829 from £34,687 at the previous year end.
The Trust's operations heavily depend on income from grants and donations and there is a material uncertainty over the future income.
In light of 2023-2024 financial performance, it is critical that the Trust focuses on seeking grant support and taking any opportunity to attract voluntary funds.
At the beginning of 2024-2025 the Trust received a ACE grant of £26.5k, which will enable the Trust to continue funding the Holding Space project. Also, the Trust has received £5k from Norwich School & £7k from Norwich City Council for other activities.
In the past the Trust has managed to reduce costs accordingly to the funds available this will be the Trust's strategy for the coming year.
The charity’s reserves policy is only to commit to expenditure when sufficient levels of income have been received or pledged. The charity’s unrestricted fund balance of £17,829 is held mainly as cash and represents just under seven months of annual expenditure. It is needed to manage the cashflow demands of large projects and provides funds to manage the financial future of the charity in the event of any unanticipated changes to funding or activity. As at 31 March 2024, the level of restricted reserves was £7,237 (2023: £47,015).
Based on the recent positive movements in the cashflow position, together with the adopted cost control strategy, the trustees concluded it is appropriate to prepare financial statements on a going concern basis.
Page 12
**YOUNG NORFOLK ARTS TRUST**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **2. Accounting policies (continued)**
## **2.3 Income**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
## **2.4 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
Support costs incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Charitable activities are costs incurred on the charity's educational operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
## **2.5 Government grants**
Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of Financial Activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of Financial Activities as the related expenditure is incurred.
## **2.6 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.7 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 13
**YOUNG NORFOLK ARTS TRUST**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **2. Accounting policies (continued)**
## **2.8 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
## **2.9 Financial instruments**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.10 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
## **3. Income from donations and grants**
|**Unrestricted**
**funds**
**2024**
**£**
Donated goods and services
-
Norwich City Council
-
Arts Council England grants
-
Trusts and foundations
13,000
13,000
_Unrestricted_
_funds_
_2023_
_£_|**Restricted**
**funds**
**2024**
**£**
250
1,500
9,800
10,000
21,550
_Restricted_
_funds_
_2023_
_£_|**Total**
**funds**
**2024**
**£**
**250**
**1,500**
**9,800**
**23,000**|
|---|---|---|
|||**34,550**|
|||_Total_
_funds_
_2023_
_£_|
Page 14
## **YOUNG NORFOLK ARTS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **3. Income from donations and grants (continued)**
|_Unrestricted_
_funds_
_2023_
_£_
Donated goods and services
_4,250_
Norwich City Council
_-_
Arts Council England grants
_-_
Trusts and foundations
_-_
_4,250_
**4.**
**Income from charitable activities**
**Unrestricted**
**funds**
**2024**
**£**
Participation fees
800
Commission fees
-
Consultancy and training fees
700
Other fees
50
1,550
**5.**
**Analysis of expenditure by activities**
**Activities**
**undertaken**
**directly**
**2024**
**£**
Charitable activities
83,424|_Restricted_
_funds_
_2023_
_£_
_-_
_1,500_
_39,200_
_33,560_
_74,260_
**Total**
**funds**
**2024**
**£**
**800**
**-**
**700**
**50**
**1,550**
**Support**
**costs**
**2024**
**£**
9,312|_Total_
_funds_
_2023_
_£_
_4,250_
_1,500_
_39,200_
_33,560_|
|---|---|---|
|||_78,510_|
|||_Total_
_funds_
_2023_
_£_
_1,830_
_1,000_
_1,000_
_-_|
|||_3,830_|
|||**Total**
**funds**
**2024**
**£**
**92,736**|
Page 15
## **YOUNG NORFOLK ARTS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **5. Analysis of expenditure by activities (continued)**
||_Activities_|||
|---|---|---|---|
||_undertaken_|_Support_|_Total_|
||_directly_|_costs_|_funds_|
||_2023_|_2023_|_2023_|
||_£_|_£_|_£_|
|Charitable activities|_105,104_|_9,965_|_115,069_|
## **Analysis of direct costs**
|Director and coordinating costs
Artistic production costs
Transport and event costs
Marketing and developing audiences
Training and workshops for Collective members|**Activities**
**2024**
**£**
59,995
12,462
6,649
2,481
1,837
83,424|**Total**
**funds**
**2024**
**£**
**59,995**
**12,462**
**6,649**
**2,481**
**1,837**
**83,424**|_Total_
_funds_
_2023_
_£_
_77,495_
_12,215_
_3,247_
_4,119_
_8,028_|
|---|---|---|---|
||||_105,104_|
## **Analysis of support costs**
|Office and IT costs
Finance and grant certification costs
Insurance
Organisational development
Other costs
Governance costs|**Activities**
**2024**
**£**
1,860
2,111
929
259
253
3,900
9,312|**Total**
**funds**
**2024**
**£**
**1,860**
**2,111**
**929**
**259**
**253**
**3,900**
**9,312**|_Total_
_funds_
_2023_
_£_
_2,884_
_4,718_
_880_
_51_
_272_
_1,160_|
|---|---|---|---|
||||_9,965_|
Page 16
**YOUNG NORFOLK ARTS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **6. Independent examiner's remuneration**
||**2024**|_2023_|
|---|---|---|
||**£**|_£_|
|Fees payable to the charity's independent examiner for the independent|||
|examination of the charity's annual accounts|**1,452**|_1,160_|
|Fees payable to the charity's independent examiner in respect of:|||
|Grant certification|**600**|_-_|
|Accounts preparation|**1,848**|_-_|
## **7. Staff costs**
||**2024**|_2023_|
|---|---|---|
||**£**|_£_|
|Wages and Salaries|**24,958**|_39,911_|
|Social security costs|**-**|_-_|
|Pension costs|**378**|_608_|
The Charity operates an auto enrolment pension scheme. The scheme and its assets are held by independent managers. The pension charge represents employer contributions payable by the charity, and amounted to £378 for year to 31 March 2024 (2023: £608)
The average number of persons employed by the charity during the Year was as follows:
||**2024**|_2023_|
|---|---|---|
||**No.**|_No._|
|Employees|**3**|_4_|
No employee received remuneration amounting to more than £60,000 in either year.
The key management personnel of the charity are deemed to be the trustees. The trustees also contract with an external consultant, as part time Director, who they also consider to be key management personnel. Total fees paid to the Director on a consultancy basis amounted to £26,480 (2023: £28,872).
## **8. Trustees' remuneration and expenses**
Other than as described in note 13, no trustee received any remuneration, reimbursement of expenses or other benefits (2023: Nil)
Page 17
## **YOUNG NORFOLK ARTS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **9. Debtors**
||**2024**|_2023_|
|---|---|---|
||**£**|_£_|
|**Due within one year**|||
|Grants receivable|**-**|_2,500_|
|Prepayments and accrued income|**-**|_2,420_|
## **10. Creditors: Amounts falling due within one year**
|Trade creditors
Other creditors
Accruals and deferred income|**2024**
**£**
**157**
**250**
**3,300**
**3,707**|_2023_
_£_
_644_
_132_
_1,159_|
|---|---|---|
||||
|||_1,935_|
Page 18
## **YOUNG NORFOLK ARTS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **11. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted funds**
General Funds
**Restricted funds**
Arts Council England 2021-23
Megaphone Project
Norwich 2040 LCEP
Deep Engagement with Young
People
Festival 2023 - 10th
Anniversary
Birdland Project
Anguish's Educational
Foundation - Holding space
**Total of funds**|**Balance at 1**
**April 2023**
**£**
**34,687**
**11,281**
**1,108**
**15,499**
**6,627**
**12,500**
**-**
**-**
**47,015**
**81,702**|**Income**
**£**
**14,550**
**10,050**
**-**
**-**
**-**
**1,500**
**2,000**
**8,000**
**21,550**
**36,100**|**Expenditure**
**£**
**(29,754)**
**(22,985)**
**(381)**
**(9,212)**
**(6,627)**
**(14,000)**
**(1,777)**
**(8,000)**
**(62,982)**
**(92,736)**|**Transfers**
**in/out**
**£**
**(1,654)**
**1,654**
**-**
**-**
**-**
**-**
**-**
**-**
**1,654**
**-**|**Balance at**
**31 March**
**2024**
**£**
**17,829**|
|---|---|---|---|---|---|
||||||**-**
**727**
**6,287**
**-**
**-**
**223**
**-**|
||||||**7,237**|
||||||**25,066**|
Page 19
**YOUNG NORFOLK ARTS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **11. Statement of funds (continued)**
## **Statement of funds - prior year**
|**Unrestricted funds**
General Funds - all funds
**Restricted funds**
Arts Council England 2021-23
Anguish' Covid Reimagining
Storytelling project
ONOA Visual Arts Roadshow
Moving IT On - Stage 2
Megaphone Project
Norwich 2040 LCEP
Festival 2022
Deep Engagement with Young People
Festival 2023 - 10th Anniversary
**Total of funds**|_Balance at_
_1 April 2022_
_£_
_34,687_
_43,046_
_12,524_
_680_
_496_
_1,050_
_3,428_
_18,520_
_-_
_-_
_-_
_79,744_
_114,431_|_Income_
_£_
_8,080_
_39,200_
_-_
_-_
_-_
_300_
_1,310_
_3,450_
_6,500_
_11,000_
_12,500_
_74,260_
_82,340_|_Expenditure_
_£_
_(8,080)_
_(70,965)_
_(12,524)_
_(680)_
_(496)_
_(1,350)_
_(3,630)_
_(6,471)_
_(6,500)_
_(4,373)_
_-_
_(106,989)_
_(115,069)_|_Balance at_
_31 March_
_2023_
_£_
_34,687_|
|---|---|---|---|---|
|||||_11,281_
_-_
_-_
_-_
_-_
_1,108_
_15,499_
_-_
_6,627_
_12,500_|
|||||_47,015_|
|||||_81,702_|
Page 20
## **YOUNG NORFOLK ARTS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **11. Statement of funds (continued)**
Descriptions of the 2023/2024 restricted funds:
Arts Council England 2021-23 - Supporting Young Norfolk Arts Trust activity 2021-23
Megaphone Project - Funding from Norwich Freemen's Charity and Norfolk Community Foundation for a creative activism project (Megaphone).
Norwich 2040 LCEP - Funding from Norfolk & Norwich Festival Bridge for the Norwich 2040 Local Cultural Education Partnership.
Deep engagement with young people - A grant from Norwich Charitable Trusts towards out work engaging with young people in 2023 - the work with the Collective, the Literacy Roadshow, and the Poetry Slam.
Festival 2023 - 10th Anniversary - Funding from Norwich School, Alan Boswel Group Charitable Trust and The Geoffrey Watling Charity towards the Young Norfolk Arts Festival 2023.
Birdland Project - Funding from Chivers Trust to support the artist, authors and workshop fees of the Birdland project.
Anguish's Educational Foundation - supporting a project led by YNAT Collective of 16-25 year old to provide workshops and meetings, to equip Collective to devise, curate, promote and produce series of monthly events between May 2024 and March 2025.
## **12. Analysis of net assets between funds**
## **Analysis of net assets between funds - current period**
|**Unrestricted**
**funds**
**2024**
**£**
Current assets
17,829
Creditors due within one year
-
**Total**
17,829|**Restricted**
**funds**
**2024**
**£**
10,944
(3,707)
7,237|**Total**
**funds**
**2024**
**£**
**28,773**
**(3,707)**
**25,066**|
|---|---|---|
Page 21
## **YOUNG NORFOLK ARTS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **12. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - prior period**
|Current assets
Creditors due within one year
**Total**|_Unrestricted_
_funds_
_2023_
_£_
_34,687_
_-_
_34,687_|_Restricted_
_funds_
_2023_
_£_
_48,950_
_(1,935)_
_47,015_|_Total_
_funds_
_2023_
_£_
_83,637_
_(1,935)_
_81,702_|
|---|---|---|---|
## **13. Related party transactions**
During the year the charity made two payments which totalled £372 (2023: £Nil) to National Centre for Writing. Nina Nannar is a trustee of the charity and also a trustee of National Centre for Writing.
Lewis Buxton is a trustee of the charity, and also provides, and facilitates, poetry workshops on its behalf. During the year the charity paid £3,181 to Lewis (2023: £3,505). These payments are permitted according to the constitution of the charity, and the poet is engaged on the same basis and terms as other artists of similar standing and expertise.
Robbie Maloney is a trustee of the charity and works in the arts sector. Robbie provided training sessions to the Collective members during the year. He was paid £150 which is the standard rate for these training sessions.
Lucy Farrant is the Director of the charity, and considered part of the key management personnel. She is engaged on a consultancy basis and was paid £26,480 during the year (2023: £28,872).
Page 22
## **SIGNATURE CERTIFICATE**
## Document
Name **Y040060 Young Norfolk Arts Trust YE 31 03 2024 - final accoun** Creator **Yulia Varvel (Yulia.Varvel@larking-gowen.co.uk)** Date **30 January 2025 14:23:50 UTC** Identifier **e67f6a89-ff20-4323-bcae-9c570f47ceb2**
## Signers
##
E-mail Signed **30 January 2025 14:54:04 UTC** IP address **94.5.141.48**
## **Julie Grimmer**
E-mail **Julie.Grimmer@larking-gowen.co.uk** Signed **30 January 2025 15:18:49 UTC** IP address **195.224.97.204**