OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2020-12-31-accounts

Norfolk and Norwich Festival Trust

A Charitable Incorporated Organisation

Annual report and accounts

Year ended 31 December 2020

Charity Number 1164424

Norfolk and Norwich Festival Trust

Contents

ontents
Page
Report of the Trustees
1 Introduction 1
2 Objects, main activities and public benefits 1
3 Strategic objectives and goals 2
4 Impact of COVID-19 2
5 Delivery of activities 3
6 Organisational development 7
7 Looking forward – a festival for the twenty first century 11
8 Financial Review of 2020 11
9 Reference and administrative details 15
10 Governance and management 16
11 Trustees’ responsibilities statement 18
Independent auditor’s report 19
Consolidated Statement of Financial Activities 22
Charity Statement of Financial Activities 23
Consolidated and Charity Balance Sheet 24
Consolidated and Charity Statement of Cash Flows 25
Notes to the accounts 26

Norfolk and Norwich Festival Trust�

Report of the Trustees

1 Introduction

The trustees are pleased to present their annual report together with the consolidated financial statements of the charity and its subsidiary for the year ended 31 December 2020.

The financial statements have been prepared in accordance with the accounting policies set out in Note 1 to the accounts, and comply with the charity’s constitution, the Charities Act, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

This Trustees’ report includes a summary of the work of Norfolk & Norwich Festival Trust. More detailed information on its work is available from the business address or from the website (www.nnfestival.org.uk).

2 Objects, Main Activities and Public Benefit

Norfolk and Norwich Festival Trust (the Trust) is a Charitable Incorporated Organisation (CIO) and operates as Norfolk & Norwich Festival.

The objects of the Trust’s constitution are: “Promoting, maintaining, improving and advancing education particularly by the encouragement of the arts of singing and music and drama and ballet and to formulate and prepare and establish schemes therefore, provided that all purposes of the CIO shall be of a charitable nature.”

The Trust’s activities are currently made up of two parts:

Norfolk & Norwich Festival (NNF) shares exceptional arts experiences across East England. We lead and support celebration, creativity and curiosity in our community to make our part of the world a great place to live, work and play.

The annual Norfolk & Norwich Festival, takes place in Norwich and around Norfolk for 17 days each May. The festival programme is multi-art form, contemporary, international and audience-centred. The festival is distinctive because we collaborate with artists – from down the road and around the world – to explore the unique physical and cultural identities of our place and to make art which is meaningful to the lives of our audiences. Creative Engagement activity includes our work with volunteers, Norfolk Open Studios, festival-related schools activity, and time-limited projects like Common Ground.

Norfolk & Norwich Festival is an Arts Council England National Portfolio Organisation and financially assisted by Norwich City Council and Norfolk County Council.

Festival Bridge is one of ten National Bridge Organisations supported by Arts Council England, with a mandate to develop arts and cultural opportunities for children and young people in the East of England. Festival Bridge creates and facilitates partnerships and networks between the cultural and educational sectors that improve the cultural offer, which works for the benefit of all children and young people across Cambridgeshire, Norfolk, Peterborough and Suffolk.

1

Norfolk and Norwich Festival Trust

The trustees review the organisation’s main activities, strategic aims and specific objectives on an annual basis to ensure they continue to reflect the Trust’s core aims. In reviewing and developing the Trust’s activities, aims, objectives and future plans, careful consideration is given to the public benefit arising from our work taking particular account of the Charity Commission’s general guidance on public benefit (PB2). The trustees consider that the work of the Trust provides considerable benefit to the public as illustrated by the activities and achievements described in this report.

3 Strategic Objectives and Goals

Norfolk and Norwich Festival Trust shares exceptional arts experiences across East England. We lead and support celebration, creativity and curiosity in our community to make our part of the world a great place to live, work and play. The Trust’s core values are to be:

Creative We champion artistic excellence and value creativity in everyone. Curious We explore and reflect the changing social and physical contexts in which we live. Inclusive We are respectful of the diversity and difference of people and their views and values. Collaborative We work with artists, communities, peers, partners and stakeholders to achieve common goals. Strategic We balance artistic and social ambition with a sustainable business.

The Trust’s goals are:

In our Business Plan 2018 – 2022, we established a frame to explore how we should change in the twenty-first century to ensure we are relevant and meaningful. We asked: What shape and feel should our festival take in the twenty-first century? In response, we set out to present a trio of festivals telling three cornerstone stories of: Passing of Time in 2020; Change in 2021 and Celebration in 2022.

4 Impact of COVID-19

The 2020 festival programme was launched February 2020 at an event attended by 175 supporters and representatives of the local arts infrastructure. However, the COVID-19 Crisis interrupted our plans and as a consequence of the spring 2020 lockdown and school closures we were forced to cancel the 2020 festival which was programmed to take place from 8 – 24 May, move Norfolk Open Studios online, redesign the Festival Bridge, Common Ground and school engagement programmes and identify ways to support communities and the local arts infrastructure.

The cancellation of the 2020 festival and the refunding of all ticket sales and loss of other contributed income significantly reduced the organisation’s income. However, while payments were made to artists and crew, savings were made in infrastructure and delivery costs.

Following the lockdown all staff worked remotely from home. Without a festival to deliver and with concerns around the financial impact of the pandemic a number of the team were place on Furlough leave for varying lengths of time between April and the end of June. As the lockdown eased a dynamic risk assessment was put in place for the use of the office. Over the summer approximately half of our employees returned to the office for one – two days a week, with no more than six in the

2

Norfolk and Norwich Festival Trust

office at any one time. However, staff were forced to revert back to homeworking during the second lockdown in November and the office remained closed to all but a few into the New Year.

5 Delivery of Activities

Festival Programme of Activities

Unable to deliver the 2020 festival the Production team worked remotely with festival artists Hunt & Darton to take over the airwaves to broadcast a one-hour radio show live on Future Radio FM every day for the 17 days of the festival. Over 140 local individuals, families, organisations and festival artists participated in the live broadcasts which celebrated local radio and community. Each show featured a ‘local legend’ giving profile to some of the County’s unsung heroes. Festival Trainee Assistants and Volunteer Coordinators worked with Hunt & Darton to produce and promote the shows providing them with a significant project to lead at the end of their tenure with the organisation. The collective broadcasts captured a record of life in Norfolk during the lockdown and we worked with the Norfolk Records Office to deposit the recordings for safekeeping and future preservation. The project engaged 2,500 listeners and reached 140,000 online and across social media.

The Trainees also worked with the BBC to feature some of the festival artists, who would have appeared at the 2020 festival, on the Radio Norfolk Lates show and NNF co-commissioned Javaad Alipoor’s online version of Rich Kids which received positive audience feedback.

Norfolk Open Studios was also a victim of the lockdown and again Trainees worked with artists to move the scheme online. Participating artists were invited to share studio tours, talks and demonstrations to co-create Open Studios Online. Over 50 artists and four schools contributed images, films and sound recordings which were shared through the website and social media. The scheme reached an audience of 85,000 online and across social media.

In Memoriam, a new artwork by Luke Jerram, was brought to Norwich in September in response to an invitation from Norwich Theatre to participate in Interlude. The temporary installation was a memorial for the public to visit and remember those lost to the COVID-19 pandemic and a tribute to the health and care workers risking their lives during the crisis. Over the weekend it is estimated 1500-2000 people visited the artwork. The project was part funded through the Without Walls Network. An online Q&A between the Trust’s Chief Executive, Daniel Brine and Luke Jerram was held ahead of the weekend.

The closure of the schools in the spring lockdown forced the cancellation of the festival’s school engagement programme. However, the Creative Learning Manager was able to continue working with artists Andy Field and Beckie Darlington and young people from deprived communities to create ‘A Rain Walk’. This is the first of three walks which will form part of the 2021 festival programme. Children from Norfolk, along with others from Ireland and London took part in online creative workshops to create content for an audio recording for festival 2021 audiences to experience.

Following a redesign to adapt to social distancing and school classroom bubbles, the school engagement programme resumed in September 2020 with the ‘The Festival Artist in Residence Project’. The co-creative project brings together commissioned artists to work closely with class bubbles (year groups of up to 60 children) to explore their creativity. Each setting works in different ways and through different art forms, but all draw on the common themes of place making, cultural identity, community and mapping. While COVID-19 measurers in schools delayed the start, work in the first setting, West Earlham Infant School, commenced in the Autumn Term with a two artists visiting weekly. The start of the following three projects in, West Earlham Juniors, Norwich Primary Academy and City Academy were further unavoidably delayed and will now take place in 2021.

3

Norfolk and Norwich Festival Trust

Support for the local arts infrastructure

Immediately following the cancelation of the festival the priority of the Trust was to wrap up the production of the 2020 festival as soon as possible. The speed applied resulted in financial savings across a range of infrastructure and site costs which enabled resources to be directed to support the freelancer who would have been involved in the festival delivery. It also enabled the Trust to address artist’s fees by working with programme partners to develop appropriate but varied responses for each art form.

As part of the package of responses to COVID-19 by the festival the Communications Team provided support to Sheringham Little Theatre around social media delivery and planning, strategic advice, database analysis and in developing their first marketing plan. The team are also provided marketing supporting for the rescheduled Kings Lynn projection project led by Collusions.

The Trust also launched a new scheme titled Creative Individuals Norfolk. Individuals who act as creative catalysts were invited to make proposals for support from the Trust towards projects which activate communities in Norfolk. 74 applications were received and six awards were made to projects working in a range of art forms and locations. Awards were made to:

Bill Vine: A
Sonic Exploration
of The Green
Spaces of NR3		 Bill’s project will create a musical composition from field recordings of the
green spaces of NR3. Working with residents from the area, he will carry out
sound-walks with the residents of NR3 to both inform the composition of the
piece, and encourage discussion amongst NR3 residents to gain a new
understanding of their environment.
Emma Bernard:
ACT NOW @ The
Corn Hall		 ACT NOW is an urgent response to the isolation and frustrated creative
energy, both of freelance theatre artists and the residents of Diss, resulting
from the COVID-19 pandemic. Emma will curate a series of masterclasses
for local people at Diss Corn Hall, led by professional freelance artists and
inspiringa series of shortperformances.
Genevieve Rudd:
Yarmouth Springs
Eternal		 Yarmouth Springs Eternal explores the natural world, reflecting upon
isolation and anxiety experienced during COVID-19. Participants will listen,
look, smell, touch and taste to share the experience of seeking out hope and
watching spring unfold. It will engage communities in Great Yarmouth,
including adults who have experienced homelessness and migration
Lewis Buxton:
B(o)dy Talk		 Bo(d)y Talk will work with men from disengaged communities in Norfolk &
Norwich to create an inclusive and kind poetry show, focussing on: the male
body, making space for men’s vulnerability, and engaging their emotional
literacy
Sascha Goslin:
Supporting Black
Creatives		 A supportive network which will connect Black and POC artists and
creatives with venues, programmers and organisations locally, increasing
inclusion and representation in Norfolk. The network will provide creative
people with the opportunity to meet others, collaborate, share resources and
discuss what we as a community need to grow and thrive
Laura Hopkins:
Brutal Arithmetic		 An R&D for Brutal Arithmetic, a new staged song cycle made in
collaboration with Norfolk photographer Jim Mortram and the people he has
documented for 15 years. His project Small Town Inertia is a record of the
most vulnerable members of society struggling with deprivation and
isolation, beset by physical and mental problems at the sharp end of a failing
social security system before and during the COVID-19 crisis.

4

Norfolk and Norwich Festival Trust

Work with Sheringham Little Theatre and all six Creative Individuals continues with each featuring within the 2021 festival programme.

Common Ground

Common Ground is a Norfolk & Norwich Festival 250 Project that connects young people with their local natural heritage through the arts. It is uniquely positioned between the work of Festival Bridge and the Festival, delivering year-round work across the region and commissioning artists to co-create work with young people. Common Ground projects inspire new forms of heritage interpretation, enable young people to generate and present unconventional ideas about heritage. The project is supported

through a £529,500 grant from the National Lottery Heritage Fund and partnerships with: Norfolk Wildlife Trust; National Trust; Prince’s Trust; SHARE Museums East; Suffolk Wildlife Trust.

Following the completion of the ‘Development Phase’ in 2019 the full programme was launched in January 2020 with the recruitment of a Common Ground Manager and Project Officer. The newly appointed team had made a good start with the project, however, they too became challenged by the restrictions imposed by COVID-19 with lockdown restricting activity and many project partners furloughing staff. Common Ground was conceived as a project that would respond to emerging findings so, in many ways, the programme already had flexibility in place, yet it was also planned upon the reliance upon certain infrastructure being consistent, which sadly no longer is. To mitigate the impact of COVID-19 on both the project and its partners the project has been reshaped to create:

At the heart of Common Ground remains the clear ambition to use the arts as a way to involve young people with heritage, in new and creative ways. With that in mind, the Common Ground team has been creative in their response to the extreme limitations of the COVID-19 pandemic and new models of delivery are emerging that place young people at the heart of problem solving.

With partners on furlough and heritage sites closed over the summer Common Ground ran two social media campaigns which developed their digital audience and researched digital collaborative practices for future activities with partners. Inspired by The Wildlife Trust’s #30DaysWild they ran two Instagram campaigns ‘Grounded Weekend’ (10-12th July) and ‘7 Days Grounded’ (20-26 July) which included daily creative challenges inspiring young people to respond to nature. These campaigns reached 25,748 young people across Norfolk, Suffolk, and Peterborough.

In September and October the team delivered a Common Ground project at Lowestoft Museum. The result was the creation of ‘Flip the Museum’ a virtual trail of ‘re-imagined and missing stories’ related to the collection of Lowestoft Museum. It is made up of 6 short films made by young people with artists Mutiny.

“…it was an amazing experience…as a result I'm more willing to participate in more activities and projects!”

Feedback was overwhelmingly positive:

5

Norfolk and Norwich Festival Trust

Common Ground’s Youth Advisory Board has been remodelled as ‘Common Ground Leaders’ a community hosted on Slack, which will launch in February 2021. Setting this up as a community of young leaders will allow more young people to make an impact at a strategic level than a limited number through an advisory board. Being online overcomes the geographical challenges of a regional group. Bringing a wider group of young people from across the region will hopefully allow a greater sense of cohesion to the decisions made across the five sites, and give us a clear idea of the shared opinions of young people across the region.

Finally Common Ground has been working with the Festival Bridge team to create a remote Arts Award (Explore) Log book which is accessible to people with learning disabilities and challenging circumstances. The aim is to create a log book which guides a young person through the process. This will be a first of its kind, and will be distributed through local partnership organisations who work with our target young people. The team have been consulting with disabled young people and key workers to develop the ideas for this log book. The design of the Arts Award will be completed in March 2021, and will be distributed and developed throughout the year.

Volunteers

The Norfolk and Norwich Festival Trust runs a year round volunteer programme. Volunteers work alongside professional staff to gain valuable insight into the running of the festival as well as to gain relevant work experience and enhance skills. Two Volunteer Coordinators were appointed in January 2020. Alongside the Volunteer’s Officer they successfully recruited 169 volunteers (133: 2019).

A small team of volunteers were engaged in early 2020 to support the research for a book about the history of the festival. While the project was stalled due to COVID-19, it has since resumed with the volunteer team receiving online archive training.

Volunteering opportunities were limited due to the cancellation of the festival and the restrictions imposed by COVID-19. However, 29 volunteers supported the delivery of the festival Launch in February 2020, Radio Local, In Memoriam, Open Studios online, the Creative Learning Programme and Festival Bridge. This support totalled 235 hours (3,602: 2019) over 70 shifts (828: 2019).

Volunteer Coordinators maintained contact with those recruited during the year, sharing resources and other volunteering opportunities. The Coordinators also supported the recruitment of initial members for The Two Fifty project.

Festival Bridge Programme of Activities Festival Bridge

Festival Bridge is a key initiative of the Trust, our vision is that ‘Culture belongs to all children and young people’.

Festival Bridge operates across Cambridgeshire, Norfolk, Peterborough and Suffolk, with a mission to create and facilitate partnerships and networks that radically improve the cultural offer for all children and young people across this area.

As part of the Norfolk and Norwich Festival Trust, Festival Bridge brings people together through the celebration, creativity and curiosity in our community. Festival Bridge shares the values of the Trust -

6

Norfolk and Norwich Festival Trust

being creative, curious, inclusive, collaborative and strategic. Its work is funded by Arts Council England and with some additional funding from the Department for Education. On 24 March 2020 Arts Council England announced, in response to the COVID-19 crisis, that the current National Portfolio will be rolled over for one year extending existing funding agreements until the end of March 2023.

Throughout the extraordinary year of 2020 Festival Bridge continued to deliver Arts Council England’s Bridge remit across the region. Projects and approaches were adjusted in response to the changing demands caused by the pandemic. The team continued to activate and encourage partnerships to support cultural education. Notable activity included the production of ‘Let’s Create Packs’ which saw creative inspiration booklets, mostly accompanied with art and craft materials distributed across the region. Over 42,000 packs were distributed to children and young people who had been identified by schools, charities and local government as being in need of support. The booklets were also made available on-line for those with digital access, expanding the reach even further.

Festival Bridge awards grants to organisations working within the networks that deliver our aims. Through the pandemic £34,119 of further income from Arts Council England, Crafts Council (via University of Wolverhampton) and the Norwich Opportunity Area was sourced in support of the creation and distribution of Let’s Create Packs. Detail on the grants is in note 8b to the financial statements.

Through the pandemic Festival Bridge has continued its support of the region’s nine Local Cultural Education Partnerships. Remote on-line working has enabled the facilitation of regular area-wide meetings, which has improved practice sharing and networking. With each Local Cultural Education Partnership impacted by the pandemic Festival Bridge played an important role in facilitating and supporting continuity through this period.

Support for schools was tailored to meet their needs in facing the challenges imposed by the lockdown. Support varied from on-line Artsmark support to weekly digests of the best on-line cultural learning resources but all enabled the team to maintain existing and grow new relationships with schools across the region. Bridge also piloted a workshop programme designed to support teachers own creative practice, reaching 220 individual educators.

Further work included advice and guidance to Cultural Organisations on how to work safely online with children and young people. In the autumn, the launch of the Moving IT On programme of seminars and R&D grants helped cultural organisations consider the pedagogy of their on-line offerings. Festival Bridge also continued the growth of the Creative Industry Careers guidance resources through the Creating the Future project with the Fenland & East Cambridgeshire Opportunity Area.

Festival Bridge also supported a series of new programmes to enhance youth leadership in the networks it supports. This includes the Board of Young Creatives, a new group of young cultural leaders selected through each Local Cultural Education Partnership.

6 Organisational Development

Following the success of the two pilot 18 month trainee positions (January 2019 – June 2020), one in the Communications & Development team and the other in the Production & Programme team a further two trainees were recruited in January 2020. Funding in support of one of the posts was achieved through the partnership with Without Walls. A further three trainees (an additional position created in the Creative Learning Department to work within the Common Ground Team) were recruited at the end of 2020 and will be with the team until June 2022.

In recent years, the festival has worked with Britten Sinfonia and Serious as Programme Partners to select and deliver the contemporary and classical music programmes. We greatly appreciated these

7

Norfolk and Norwich Festival Trust

relationships but decided 2020 was an appropriate time to develop our expertise ‘in house’ and recruit a Music Programmer.

Diversity and difference

Diversity continues to be a priority for the organisation, and the Equality Action Plan was thoroughly reviewed in 2018 and refreshed in 2020. Across the work of the Trust we seek to reflect and be inclusive of the diversity and difference of England today. We use the term ‘diversity and difference’ to reference all the Protected Characteristics and socio-economic status. We are committed to being inclusive of the diversity and difference of our artists, audiences and workforce regardless of age, disability, gender, gender reassignment, sexual orientation, marriage and civil partnership, pregnancy and maternity, race, religion and belief (the Protected Characteristics) and class/socio-economic status. We use the terms ‘cultural diversity’ and ‘from a culturally diverse background’ to refer to People and Communities of Colour (sometimes called Black, Asian and Minority Ethnic (BAME) communities and people).

Our approach to diversity is to embed it in all of our work, not just specific projects and initiatives. In 2020 some particularly relevant work included:

We continue to prioritise diversity and difference through our commissioning and artistic relationships, and are beginning conversations with a variety of diverse artists as we look towards the 2021 programme. Support for an artist through the Creative Individuals Norfolk is an important step in opening up dialogues across the sector with People of Colour.

We have introduced a new pro-active commissioning approach for the festival in which we ask all classical music commissions to take into account the Creative Case. We are in discussion with Evelyn Glennie about extending her concert in 2021 through a commission. We are in discussion with I Fagiolini about commissioning a new work from a composer from a culturally diverse background and Noemi Lackmeir, a wheelchair user we have commissioned to create one of our walk experience packs.

As a move to make our working environment more physically accessible, during the year we progressed our plans to relocate our office base, now due to take place in 2021. (See below)

Environmental sustainability

Norfolk & Norwich Festival recognises the climate and ecological emergency. We are committed to measuring and reducing our environmental impacts and through our artistic and learning programme, to working with artists, partners, networks and our audiences to encourage dialogue and inspire change.

In 2020 we continued to review and revise our work to reduce our impact on the environment and made significant steps towards environmental responsibility in our own practice and the practice of others including:

8

Norfolk and Norwich Festival Trust

Over 2021 and 2022 we commit to:

We revised the Environmental Policy and Action Plan. A further review of the policy and action plan will take place in 2021. This will create opportunity to present an overview of what has been achieved in the last few years while also setting out future plans. These include:

Communications, Marketing and Messaging

The launch of the new brand in 2019 created a new look for the festival and more coherency across the look and feel of the organisation. The 2020 artistic programme was conceived as ‘festival as magazine’ and this was carried through in the new print programme design. The programme was presented chronologically (rather than by artform) and ‘festival stories’ including Community Gathering; The Passing of Time; and Nature Tales and Trails were interspersed through the programme. The 2020 programme was printed and distributed before the festival was cancelled. We will continue the brochure-zine approach for our 2021 and 2022 festivals.

Public relations for the festival were managed by Corner Shop PR up to and including the messaging around cancellation of our 2020 festival. Corner Shop business was hit hard in the COVID-19 Crisis and it ceased trading at the end of 2020. Norfolk & Norwich Festival will engage a new PR agency to lead our national media relationships from the 2021 festival onwards.

Media profile

Despite the cancellation of the festival, during which time a major portion of our media engagement is normally generated, the Communications Team have maintained a presence and following on Twitter and Facebook and significantly increased engagement through Instagram.

9

Norfolk and Norwich Festival Trust

The following table demonstrates the total number of comments, likes and shares:

2020 2019 2018
Twitter: 7,170 23,689 9,608
Facebook(totalpost engagement): 20,287 43,219 20,818
Instagram(totalpostengagement): 5,456 3,610 3,175

We are further developing our social media presence and developing content along with the times – examples include embracing Instagram Reels and Tik Tok, on which we gained 100,000+ views, 15,000 likes and 1,000+ followers within a month. We have also started posting image descriptions on Instagram and adding alt-text on Twitter and Facebook to provide information about image contents to visually impaired followers.

Ticketing and data

The implementation of GDPR and the subsequent move to our own Spektrix ticketing system initially reduced the size of our client/audience database. While we were nervous as to whether this would have a knock-on effect for ticket sales in 2020, at the point of cancellation ticket sales were ‘ahead’ of 2019 on a like-for-like basis. When charged with having to refund customers for tickets purchased following the cancellation of the festival, Spektrix allowed for a smoother returns process. It also enabled us to transfer refunds into £17,292 in ticket return donations.

We have now completed a festival (2021) with Spektrix in place and although it wasn’t a ‘normal’ festival, it is clear that the software will greatly help us to build relationships with our ticket buyers, and segment, analyse and utilise data to target particular audiences or to understand audiences we are not reaching. In the time we were on sale we gained 20+ new Festival Friends, a membership level which hadn’t had any new members for some years.

Workforce Development

A Training Plan was developed in 2020, informed by both organisational needs and the annual Professional Development Reviews. Two senior members of the team joined the CPC+ programme and a third joined the CPC programme led by The National Centre for Writing.

A NUA MA Curation student was appointed and commenced work on the visual arts programme for the 2020 festival. The placement had to cease due to the COVID-19 lockdown, however, the link has now been made with NUA and future placements will be offered.

Office Move

Working in partnership with Norwich City Council a new home for the festival office has been identified. While the building, located in central Norwich, is more accessible than the current office the installation of an accessible WC along with some refurbishments and upgrades to lighting and broadband is required. As the building is Grade 1 Listed Hudson Architects were commissioned to develop plans to RIBA stage 3. Planning Permission and Listed Building Consent have now been granted so work is underway to appoint contractors with the view to the office being relocated in autumn 2021.

10

Norfolk and Norwich Festival Trust

7 Looking forward – a Festival for our Times

In 2022 the Norfolk & Norwich Festival will celebrate its 250th anniversary. We are one of the oldest festivals in the world and we will mark this landmark by exploring our rich history and looking towards the future.

In our Business Plan 2018 – 2022, we established a frame to explore how we should change in the twenty-first century to ensure we are relevant and meaningful. We asked: What shape and feel should our festival take in the twenty-first century?

In response, we set out to present a trio of festivals telling three cornerstone stories of: Passing of Time in 2020; Change in 2021 and Celebration in 2022. The COVID-19 Crisis interrupted our plans and since the cancellation of the 2020 festival we have been working hard to shape an appropriate response for the festival and our year-round activity. Our focus has shifted from understanding our role in the twenty-first century to responding to the challenges and opportunities of our current situation – creating a festival for our times.

There has also been important social and political shifts in 2020. The Brexit Transition Period came to an end and a new trade deal implemented on 1 January 2021 which will inevitably impact on our activities, especially those with international partners. The re-ignition of Black Lives Matter in 2020 made us reflect on the fact that we can do more as an organisation to lift the many and differing barriers for people from diverse and different backgrounds (e.g. ethnically, geographically, culturally and socially) to our workforce and artistic programme.

The 250 anniversary enables us to ask: What shape and form should a festival take in these times? Increasingly we will see our festival engaging with questions of a changing world including a greater focus on: participation and creative engagement; environmental sustainability; digital culture; and diversity and difference within our communities and society. Foregrounding these concerns may mean shifts in the types of artists we work with and the spaces in which we present work.

Arts Council England (ACE) released Let’s Create its ten year strategy for 2020-2030 in early 2020. We support the shift towards a broad understanding of cultural practice. We are well placed to contribute to this strategy and over the next ten years expect to expand our activity – especially those parts outside of the annual festival – around everyday creativity, children and young people, and place-making.

As ACE develops its delivery plans to sit alongside Let’s Create, and in the knowledge that the provision for Bridge organisations will not continue in the same form beyond March 2023, a key part of our future will be how we reshape the Festival Bridge offer and integrate it within the activities of the organisation while at the same time retaining ACE support.

We remain committed to the mission and goals of our organisation in 2021 and 2022 but to ensure we are a ‘festival for our times’ we will also be defined by our contribution to social and economic recovery. We are ready to be adaptable and flexible to play our part in social cohesion, health and wellbeing, environmental sustainability, and jobs and growth.

8 Financial Review of 2020

Consolidated results for the year to 31 December 2020 show overall net income for the year of £221,562 (2019: net expenditure of £9,624), including net income of £237,128 (2019: net expenditure of £35,226) on unrestricted funds. This net income is made up of a general fund surplus of £28,671 and surpluses on designated funds of £208,457. The net expenditure on restricted funds totalled £15,566 (2019: net income of £96,625).

11

Norfolk and Norwich Festival Trust

These results include those of the charity’s wholly owned trading subsidiary which made a loss of £4,189 (2019: a profit of £41,797 which was donated to the charity).

Overall funds and net assets at 31 December 2020 totalled £924,970 with unrestricted balances totalling £619,992.

Income

Grants and donations

Grant and donation income totalled £1,688,865 (2019: £1,646,364). The charity is an Arts Council England (ACE) National Portfolio Organisation (NPO) and during 2020 received funding from the Arts Council for both its core festival activity (2020: £829,514, 2019: £814,527) and for the Festival Bridge programme (2020: £509,200, 2019: £500,000) a 4 year funding agreement with Arts Council England started in 2018 which runs until 31 March 2022. In addition to this further funding of £49,858 (2019: £30,933) was received from ACE for Bridge project activities.

The charity also received grants from Norwich City Council (2020: £128,000, 2019: £118,000) and Norfolk County Council (2020: £8,083, 2019: £8,083) who continued to fund our festival.

Donations from trusts and foundations totalled £10,200 (2019: £31,614), this income was lower than budgeted (£40,000) due to the impact of COVID-19, but was used to fund our creative learning activities. Individual giving donations rose to £47,296 in 2020 (2019: £41,483), this was mainly due to supporters choosing to convert their ticket refunds for the cancelled festival 2020 events into donations. The value of donated goods and services fell in the year to £2,000 (2019: £84,934) due to less festival activity as a result of the pandemic.

Grant income from the National Lottery Heritage Fund totalled £86,804 (2019: £4,190), this was higher to the previous year due to 2020 being the first full year of delivery for the project.

Income from charitable activities

This income for 2020 mainly consisted of partnership and project delivery income and totalled £111,644 (2019: £425,471). The shortfall in 2020 was due to the cancellation of various events relating to 2020 festival which meant no income was received from festival ticket sales and participation fees (for Open Studios artists and for Schools participation in festival workshops). Income from corporate support was also low in the year for the same reasons, only £1,000 was secured (2019: £46,712).

Income from other activities

This income was £372 in 2020 which was from fundraising event income only. In 2019 £145,106 was received from the festival ‘Spiegeltent’ bar takings, corporate sponsorship, and fundraising event income.

Fundraising

Our fundraising activity concentrates on developing relationships with current and potential corporate sponsors, funding applications to trusts, foundations and local authorities, and seeking support from existing and potential private supporters, principally through our supporter scheme. We seek to extend scheme membership to new supporters by introductions, marketing activities and invitations to events where people can hear more about our work especially that which engages with local communities and our free outdoor festival programme.

We understand our duty to protect the public, including vulnerable people, from unreasonably intrusive or persistent fundraising approaches, and undue pressure to donate. Our specific and targeted forms of fundraising mean that we avoid these approaches, and we do not use any third party

12

Norfolk and Norwich Festival Trust

fundraisers to act on our behalf. We are a member of the Fundraising Regulator and have received no complaints about fundraising activity in the years ended 31 December 2020 and 31 December 2019.

Expenditure

Total expenditure for the year was £1,648,516 (2019: £2,232,048), and includes all expenditure on the cancellation of the May 2020 festival (including our work with volunteers and festival show participants, and engagement with schools and community groups), the costs of running the Open Studios artist scheme and the costs of the Festival Bridge and Common Ground projects.

Reserves

Total funds at 31 December 2020 were £924,970 (2019: £703,408) of which £304,978 (2019: £320,544) related to restricted, leaving a balance of £619,992 (2019: £382,864) in unrestricted funds.

Unrestricted funds

Unrestricted funds are the general fund, and any funds designated for specific purposes by the Trustees. The unrestricted fund surplus for 2020 (of £237,128) (2019: deficit of £35,226) represents a general fund surplus of £28,671 (2019: £19,313) and a designated funds surplus of £208,457 (2019: a deficit of £54,539). A total of £227,820 was designated in 2020 as detailed in note 17.

Restricted funds

Restricted fund balances at 31 December 2020 were £304,978 (2019: £320,544). The largest restricted fund is the Festival Bridge project which had a restricted fund balance relating to grant funding for future work of £226,795 (2019: £237,903). Due to COVID-19 there were delays with delivering the Lost and Found Films Project and therefore incurred less expenditure than planned finishing the year with a balance of £57,801, these funds are expected to be fully depleted by the end of 2022. Other fund balances are as set out in note 17.

Risk management and reserves policy

The Trust maintains a Key Risks Register with risks, ratings, mitigation and monitoring listed. The significant risks summary from the Risk Register is reviewed on a regular basis by senior managers and at all Finance Committee and Board meetings, and the Key Risk Register reviewed annually by the Trust’s senior team, the Finance Committee and the Board. Any feedback from auditors, Price Bailey LLP, will also be incorporated in the annual reviews of the Risk Register.

The current significant risks facing the organisation are:

Risk Mitigation
Potential impact of COVID-19 on large scale
gatherings and social distancing requirements
beyond 2021.		 Monitoring of advice from health officials will
continue.Different festival models will be
considered for 2022 if restrictions continue into
late 2021.
Brexit continues to create uncertainty around
regulations, particularly for European
partnerships.		 We continue to monitor developments, keep in
close touch with partners and peers and attend
briefings as available to keep abreast of changes
impactingon the sector.
Ring-fenced funding programme for Festival
Bridge ceases at end of NPO funding period
(March 2023).		 Discussions taking place with Senior ACE
officers, ACE Relationship Managers and Royal
Opera House to work through future approaches
to Bridge’s work in light of the developing ACE
Area Plan and future implications for both
organisations.Internal discussions also
underway to consider opportunities presented
for engagement work with children and young
peoplein lightof ACE'snew10 yearplan.

13

Norfolk and Norwich Festival Trust

Loss of local authority investment following
councils need to respond to COVID-19.		 Regular meetings with City and County
Councils to understand drivers for investment in
the Trust. Continue to demonstrate economic
impact. Active participation in development in
Creative Compact and Norwich Cultural
strategy.

The Trust notes that a key element in the management of financial risk is the setting of a reserves policy and its regular review by the trustees.

Norfolk and Norwich Festival Trust holds reserves to enable it to:

The free reserves (those unrestricted funds not invested in tangible fixed assets or designated for specific purposes) were £266,211 at 31 December 2020 (2019: £234,378).

The target free reserves are £250,000 which represents three months average organisational costs, not including direct programme related costs.

The trustees formally review the level of reserves annually, taking into account the financial outlook of the charity. The trustees consider the risks facing the organisation, the scale and ambition of programming, fundraising targets, the current political and economic climate, and wider political and economic factors that will impact on both income and expenditure in the future. They have considered the financial impact of COVID-19. Whilst there is some uncertainty over the medium to longer term impact of the pandemic, the charity has adapted the 2021 festival to assume limited ticket income and Covid restrictions alongside reductions in production costs to ensure that savings can be made to offset the loss of income.

The trustees consider that the free reserves of £266,211 are sufficient.

Investment policy

The charity keeps most of the available funds in interest-bearing deposit accounts in order to meet the liquidity requirements of its operations.

The invested funds held on deposit achieved an average rate of 0.6%.

The endowment fund in 2019 (see Note 17) was held as a portfolio of investments, and was managed by Barratt & Cooke. The portfolio was sold during 2019. The capital value of the fund increased from £71,023 at 1 January 2019 to £74,361 at the time of sale.

14

Norfolk and Norwich Festival Trust

9 Reference and Administrative Details

Charity number (registered in England & Wales): 1164424

Registered Office: Augustine Steward House, 14 Tombland, Norwich, Norfolk, NR3 1HF

Our advisers

Auditors Price Bailey LLP 6 Central Avenue, St Andrews Business Park, Norwich, NR7 0HR Bankers Barclays Bank plc 3 St James Court, Whitefriars, Norwich, NR3 1RJ Investment Managers Barratt & Cooke 5 Opie Street, Norwich, NR1 3DW

Our patrons

Patrons Sir Timothy Colman KG Caroline Jarrold DL Vice Patrons Sir Nicholas Bacon Bt OBE DL

Our trustees

The trustees of Norfolk and Norwich Festival Trust and officers serving during the period and since the period end were as follows:

Trustees of Norfolk and Norwich Festival Trust

Malavika Anderson
Brenda Arthur Chair
Andrew Barnes Vice Chair Resigned 20 April 2020
Frances Berridge Development Committee Chair Appointed 7 December 2020
Anthea Case
Frederick Corbett Festival Bridge Committee Chair to 20 April 2020 Resigned 20 April 2020
Lucy Garland
John Paul Garside Appointed 21 July 2020
Jackie Higham Development Committee Chair Resigned 21 October 2020
Marc Jaffrey Appointed 7 December 2020
Karyn Maier
Corrienne Peasgood Festival Bridge Committee Chair from 21 April 2020
Eva Pepper
Mark Proctor Finance Committee Chair to 20 April 2020 Resigned 20 April 2020
Chris Sargisson Appointed 21 April 2020
Chris Yeates Finance Committee Chair from 21 April 2020

The trustees of Norfolk and Norwich Festival Trust are also directors of its wholly owned trading subsidiary, Norfolk & Norwich Festival Limited (company number 09896066).

Key management personnel

Festival Director Daniel Brine General Manager Brenda Seymour

15

Norfolk and Norwich Festival Trust

10 Governance and Management

Governing document

Norfolk & Norwich Festival operates as a Charitable Incorporated Organisation (CIO) called Norfolk and Norwich Festival Trust (the Trust), with charity number 1164424. The Trust is governed by its Constitution and has a board of non-executive trustees. As at 31 December 2020 there were 12 Trustees (2019: 12). The brand name of the organisation is Norfolk & Norwich Festival.

Appointment of trustees

The Trust’s Constitution allows for the number of trustees to be between 3 and 12 in total. The Trustees elect new trustees, as vacancies arise, taking into account the skills, knowledge and experience needed for the effective administration of the organisation. The trustees represent a wide range of specialist skills, including but not limited to arts administration, production and performance; finance; law; communications; local authority, education and learning; children and young people; fundraising; change management and business planning. Under the Chair and Trustee’s Terms of Reference each trustee is elected for a term of up to 3 years, and can be re-elected for one further such term, save for the Chair who can be re-elected for a two further such terms.

Diversity across the board of Trustees

The Trust carried out a full skills audit of the board in 2020. This identified the skills and demographic gaps across the board of trustees, as a number of trustees came to the end of their term.

In 2020 the board recruited further trustees to complement existing membership and with a view to succession planning as committee chairs stand down over time.

Trustee induction and training

All potential new trustees are given the opportunity to meet the Chair and/or Festival Director prior to any application and/or appointment. The formal confirmation of appointment letter contains a number of key enclosures including Trustee Terms of Reference, Trust’s constitution, current business plan, latest annual accounts and relevant Charity Commission guidance. All trustees are offered the opportunity to spend an induction day at the Trust’s offices meeting key employees and getting to understand how we operate. The trustees are drawn from a wide range of professional backgrounds, are expected to maintain their particular skills in order to contribute to the Board and are encouraged to attend appropriate external training events where these facilitate the undertaking of their role.

Sub Committees

In 2020 The Trust operated three Sub-committees:

Each Chair reports outcomes of the subcommittee meetings to the main board meetings.

Frequency of Meetings

The Board of Trustees met four times during 2020, whilst the Finance Committee met four times, the Festival Bridge Committee three times and the Development Committee five times.

16

Norfolk and Norwich Festival Trust

Organisation

The Artistic Director and Chief Executive, Daniel Brine, was appointed by the trustees and solely manages the Trust. He acts with delegated authority for operational matters including artistic programming, finance and employment matters.

Patrons

The Trust would like to thank the following for support, advice and encouragement throughout the year: Patrons Sir Timothy Colman KG and Caroline Jarrold DL and Vice Patron Sir Nicholas Bacon Bt OBE DL.

Related Parties and co-operation with other organisations

The Trust owns 100% of the shares in the trading subsidiary company Norfolk & Norwich Festival Limited (registered company number 9896066) and established for the Trust’s non-charitable trading activities. Its main activities are to operate the festival’s Spiegeltent bar during the annual festival each May, and to manage the festival sponsorship. All trustees of the Trust are also directors of company Norfolk & Norwich Festival Limited. The company Norfolk & Norwich Festival Limited gifts its profits to the Trust (see note 5 to the accounts).

Arts Council England and Norwich City Council provide essential core funding in support of the festival’s artistic programme (including participation and engagement work) and both organisations have observer status in relation to the Trustee meetings.

Declaration of interests is a standing item on trustee meeting agendas and any contractual relationship and/or connection between a trustee with any related party is disclosed to the full board of trustees.

The Norfolk and Norwich Festival Trust also co-operated with a large number of other charities and organisations in pursuit of its charitable objectives, including, but not limited to, its co-curators for the classical music strand (Britten Sinfonia), contemporary music strand (Serious) and city of literature strand (National Centre for Writing). When entering into such relationships (and others such as with sponsors), the Trust is mindful of the need to ensure such relationships are appropriate with regard to the festival’s reputation.

Pay policy for key management personnel

The key management personnel of the charity and the group comprise the trustees (who are all also directors of the wholly owned trading subsidiary), the Festival Director & Chief Executive and the General Manager. All trustees give of their time freely and no trustee received remuneration in the year. Details of trustees' expenses and related party transactions are disclosed in note 11 to the accounts. The pay of the senior executive staff is benchmarked against other posts in comparable sector organisations and reviewed annually by the Board of Trustees as part of the organisational pay review, which considers national pay percentage increases.

17

Norfolk and Norwich Festival Trust

11 Trustees' responsibilities statement

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.

The Charities Act 2011 requires the trustees to prepare financial statements for each financial year. The trustees have to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and the group and of the incoming resources and application of resources, including the income and expenditure, of the group for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s and group’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

By order of the board of trustees

Brenda Arthur

Brenda Arthur (Aug 3, 2021, 3:17pm) Brenda Arthur (Chair of Trustees) 2 August 2021

18

Norfolk and Norwich Festival Trust

Independent Auditor’s Report to the Trustees of Norfolk and Norwich Festival Trust

Opinion

We have audited the financial statements of Norfolk and Norwich Festival Trust (the ‘parent charity’) and its subsidiary (the 'group') for the year ended 31 December 2020 which comprise Consolidated Statement of Financial Activities, Charity Statement of Financial Activities, Consolidated and Charity Balance Sheets, Consolidated and Charity Statements of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s or parent charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

19

Norfolk and Norwich Festival Trust

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance

is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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

20

Norfolk and Norwich Festival Trust

rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standardsand-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilitiesfor-audit.aspx. This description forms part of our auditor’s report.

Use of our report

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

Price Bailey LLP

Statutory Auditor, Chartered Accountants Anglia House 6 Central Avenue St Andrews Business Park Thorpe St Andrew Norwich NR7 0HR Date: 5 August 2021

Price Bailey is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

21

Norfolk and Norwich Festival Trust�

Consolidated Statement of Financial Activities for the year ended 31 December 2020

Unrestricted Restricted Total Total
Funds Funds Funds Funds
Note 2020 2020 2020 2019
£ £ £ £
Income
Grants and donations 3 1,014,893 673,972 1,688,865 1,646,364
Income from charitable activities:
Operation of festival and open studios 4 2,897 68,997 71,894 414,311
Operation of Bridge project 4 - 39,750 39,750 11,160
Income from trading activities 5 372 - 372 145,106
Investment income 6 2,668 51 2,719 4,501
Other income (from CJRS) 10 60,209 - 60,209 -
Total income 1,081,039 782,770 1,863,809 2,221,442
Expenditure
Expenditure on raising funds 7 126,119 - 126,119 219,868
Expenditure on charitable activities:
Operation of festival and open studios 8 711,135 99,083 810,218 1,478,331
Bridge and Common Ground projects 8 - 712,179 712,179 533,849
���������������� 837,254 811,262 1,648,516 2,232,048
Net income/(expenditure) 243,785 (28,492) 215,293 (10,606)
Fund transfers 17 (12,926) 12,926 - -
Other gains/(losses) including foreign exchange 6,269 - 6,269 982
Net movement in funds for the year 237,128 (15,566) 221,562 (9,624)
Reconciliation of funds
Fund balances brought forward 17 382,864 320,544 703,408 713,032
Fund balances carried forward 619,992 304,978 924,970 703,408

The statement of financial activities includes all gains and losses recognised in the period from 1 January to 31 December 2020. All income and expenditure derive from continuing activities.

The notes on pages 26 to 46 form part of these accounts.

22

Norfolk and Norwich Festival Trust

Charity Statement of Financial Activities for the year ended 31 December 2020

Unrestricted Restricted Total Total
Funds Funds Funds Funds
Note 2020 2020 2020 2019
£ £ £ £
Income
Grants and donations 3 1,014,893 673,972 1,688,865 1,688,158
Income from charitable activities:
Operation of festival and open studios 4 2,897 68,997 71,894 414,311
Operation of Bridge project 4 - 39,750 39,750 11,160
Income from trading activities 5 372 - 372 855
Investment income 6 2,668 51 2,719 4,501
Other Income (from CJRS) 10 60,209 - 60,209
Total income 1,081,039 782,770 1,863,809 2,118,985
Expenditure
Expenditure on raising funds 7 121,930 - 121,930 117,411
Expenditure on charitable activities:
Operation of festival and open studios 8 711,135 99,083 810,218 1,478,331
Bridge and Common Ground projects 8 - 712,179 712,179 533,849
Total Expenditure 833,065 811,262 1,644,327 2,129,591
Net income/(expenditure) 247,974 (28,492) 219,482 (10,606)
Fund transfers 17 (12,926) 12,926 - -
Other gains/(losses) including foreign exchange 6,269 - 6,269 982
Net movement in funds for the year 241,317 (15,566) 225,751 (9,624)
Reconciliation of funds
Fund balances brought forward 17 382,864 320,544 703,408 713,032
Fund balances carried forward 624,181 304,978 929,159 703,408

The statement of financial activities includes all gains and losses recognised in the period from 1 January to 31 December 2020. All income and expenditure derive from continuing activities.

The notes on pages 26 to 46 form part of the accounts.

23

Norfolk and Norwich Festival Trust

Consolidated and Charity Balance Sheets as at 31 December 2020

Group Group Charity Charity
Note 2020 2019 2020 2019
£ £ £ £
Fixed assets
�������������� 13 7,863 11,025 7,863 11,025
����������� 14 - - 1 1
Total Fixed Assets 7,863 11,025 7,864 11,026
Current assets
������� 15 90,752 66,381 99,311 114,375
������������������� 1,013,544 777,596 1,009,174 729,602
Total Current Assets 1,104,296 843,977 1,108,485 843,977
Liabilities
�������������������������������� 16 (187,189) (151,594) (187,190) (151,595)
Net Assets 924,970 703,408 929,159 703,408
Funds
������������ 17 619,992 382,864 624,181 382,864
���������� 17 304,978 320,544 304,978 320,544
Total Funds 924,970 703,408 929,159 703,408

The Trustees have prepared group accounts in accordance with section 138 of the Charities Act 2011.

The notes on pages 26 to 46 form part of these accounts.

Signed:

Brenda Arthur

Brenda Arthur Brenda Arthur (Aug 3, 2021, 3:17pm)

Chair of Trustees on behalf of the Trustees

Approved by the Trustees on 2 August 2021

24

Norfolk and Norwich Festival Trust

Consolidated and Charity Statements of Cash Flows for year ended 31 December 2020

Note Group Group Charity Charity
2020 2019 2020 2019
£ £ £ £
Cash flow from operating activities 237,282 73,265 280,906 65,265
Cash flows from investing activities
Investment income 2,719 4,501 2,719 4,501
Purchase of tangible fixed assets 13 (4,053) - (4,053) -
Sale of investments 14 - 74,361 - 74,361
Cash (used in)/provided by investing activities (1,334) 78,862 (1,334) 78,862
Increase/(decrease) in cash and cash equivalents in the 235,948 152,127 279,572 144,127
period
Cash and cash equivalents at the start of the period 777,596 625,469 729,602 585,475
Cash and cash equivalents at the end of the period 19 1,013,544 777,596 1,009,174 729,602

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

Net movement in funds
Add back depreciation charge
Deduct investment income
Decrease in value of investments
Increase in debtors
(Decrease)/increase in creditors
Net cash flow from operating activities		 Group
Charity
2020
2019
2020
2019
£
£
£
£
205,901
(9,624)
210,091
(9,624)
7,215
12,771
7,215
12,771
(2,719)
(4,501)
(2,719)
(4,501)
-
(3,338)
-
(3,338)
34,540
33,458
73,975
25,458
(7,655)
44,499
(7,655)
44,499
237,282
73,265
280,907
65,265

The notes on pages 26 to 46 form part of these accounts.

25

Norfolk and Norwich Festival Trust

Notes to the financial statements

1. Accounting Policies

The principal accounting policies adopted, judgements, and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a) Basis of preparation

The accounts (financial statements) have been prepared 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) and the Charities Act 2011 and applicable regulations.

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 preparing the financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective from 1 January 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Norfolk and Norwich Festival 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 note(s).

The functional currency is sterling, and rounded to the nearest £.

b) Preparation of the accounts on a going concern basis

The trustees have considered the charity’s position at the time of signing the financial statements, and in particular the issues caused by Covid-19 and its potential further impact on the charity.

The 2020 financial year was inevitably impacted by the Covid-19 pandemic, however by careful management the charity successfully negotiated the immediate impact. By operating in accordance with Government guidelines, with support from the Government’s Cultural Recovery Fund, and by adapting the Festival’s financial model and reducing infrastructure and programming costs, the 2021 festival was successfully delivered between 17-30 May 2021 on a ‘pay what you want’ ticketing model. The 2021 Festival was well received by audiences and stakeholders and our principal funder, Arts Council England, remains supportive. We are in the process of applying to the Arts Council to extend the current NPO agreement by one year to March 2023.

The trustees have considered the current financial position of the charity, and detailed forecasts prepared through to December 2022, which show that the charity has sufficient cash headroom for the period. Based on this, the trustees have concluded that they have a reasonable expectation that the charity will have adequate resources to continue in operational existence for the foreseeable future, and at least twelve months from the date of signing these financial statements, they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

c) Group financial statements

The financial statements consolidate the accounts of Norfolk and Norwich Festival Trust and its subsidiary on a line by line basis.

26

Norfolk and Norwich Festival Trust

d) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of a festival performance or provision of other specified service is deferred and carried forward as deferred income in creditors until the criteria for income recognition are met.

e) Donated services and facilities

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

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

f) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

g) Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the Trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are resources which the provider has specified are to be solely used for particular areas of the charity's work or for specific artistic projects being undertaken by the charity.

h) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

27

Norfolk and Norwich Festival Trust

i) Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include executive management, finance, human resources, IT, premises and governance costs, which support the charity’s artistic programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 9.

Governance costs are a component part of support costs, and are the costs associated with the legal administration of the charity. They include audit costs, legal advice for Trustees and costs associated with constitutional and statutory requirements, for example the cost of trustee meetings. Included within governance costs are any costs associated with the strategic as opposed to day-to-day management of the charity’s activities. These costs include the cost of charity employees involved in meetings with Trustees, and the cost of any administrative support provided to the Trustees.

j) Grants payable

Grants are issued in accordance with the requirements and objectives laid out in the funding agreement from Arts Council England for the work of Festival Bridge. The charity does not use unrestricted funds for grant making purposes. A grant is recognised as a liability when the criteria for a constructive obligation is met, payment is probable, it can be measured reliably, and there are no conditions attaching to its payment that limit its recognition.

k) Operating leases

Rental charges are charged on a straight-line basis over the term of the lease.

l) Tangible fixed assets

Individual fixed assets costing over £1,000 are capitalised at cost, and are depreciated over their estimated useful economic lives on a basis as follows:

Asset Category Annual Rate Computer equipment 33.3% straight line Office equipment & fittings 25% reducing balance/25% straight line Production equipment 33.3% straight line

m) Investments

Investments, excluding investment in the subsidiary, are shown at market value at the balance sheet date. Realised and unrealised gains are shown in the Statement of Financial Activities.

Investment in the subsidiary is recorded at cost in the individual balance sheet of the charity.

n) Debtors

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

o) Cash at bank and in hand

Cash at bank and cash in hand includes cash.

28

Norfolk and Norwich Festival Trust

p) Creditors and provisions

Creditors and provisions are recognised where there is a present obligation resulting from a past event that will probably result in the transfer of funds to a third party, and the amount to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at the settlement amount after allowing for any trade discounts due.

q) 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, which is at cost, with the exception of:

Financial assets include bank balances, trade debtors, accrued income and other debtors. Financial liabilities include accruals and deferred income, trade creditors and other creditors.

r) Pensions

The charity operates an auto-enrolment pension scheme. The scheme is managed by The People’s Pension. Pension costs charged to the Statement of Financial Activities represent the contributions payable by the charity in the period.

s) Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the exchange rate ruling at the balance sheet date. Transactions in foreign currency are translated at the exchange rate ruling at the date of transaction. Foreign currency gains and losses are recognised in the Statement of Financial Activities.

t) Estimates and judgements

In the application of the charity’s accounting policies, which are described above, the trustees are required to make judgements, estimates and assumptions about the carrying amounts of the assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from those estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year, or in the period of the revision and future periods if the revision affects both current and future periods.

The trustees do not consider that there are any critical judgements or sources of estimation uncertainty in the financial statements.

2. Legal status

The charity is a charitable incorporated organisation (CIO), and is registered with The Charity Commission (charity number 1164424).

29

Norfolk and Norwich Festival Trust

3. Grants and donations

Group

Group
Unrestricted funds Restricted funds Total Total
2020 2019 2020 2019 2020 2019
£ £ £ £ £ £
Arts Council England grant
income
ACE NPO grant 829,514 814,527 - - 829,514 814,527
ACE NPO Festival Bridge grant - - 509,200 500,000 509,200 500,000
ACE Festival Bridge Network - - 30,933 30,933 30,933 30,933
Expansion
ACE – Let’s Create - - 18,925 - 18,925 -
Other government grant
income
Norwich City Council 128,000 118,000 - - 128,000 118,000
Norfolk County Council 8,083 8,083 - - 8,083 8,083
District councils - - - 2,000 - 2,000
-
Other grants & donations
Trusts and foundations - - 10,200 31,614 10,200 31,614
National Lottery Heritage Fund - - 86,804 4,190 86,804 4,190
Other project grants - - 17,910 10,600 17,910 10,600
Individual giving 47,296 29,883 - 11,600 47,296 41,483
Donated goods and services 2,000 84,934 - - 2,000 84,934
1,014,893 1,055,427 673,972 590,937 1,688,865 1,646,364

The group benefits greatly from the involvement and enthusiastic support of its many volunteers, details of which are given in our annual report. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the accounts.

Donated goods and services refer to venue use as a box office.

Charity

The Charity ‘Grants and Donations’ total of £1,688,865 (2019: £1,688,158) includes donations paid and payable from its subsidiary undertaking, Norfolk & Norwich Festival Limited, of £0 (2019: £41,794) and £1,524,655 (2019: 1,473,543) from government grants. This includes funds from the Arts Council England of £1,388,572 (2019: 1,345,460) which funded Festival Bridge, Let’s Create Pack activities and core funding for the organisation. Also, £136,083 (2019: £128,083) from local authorities; Norwich City Council £128,000 (2019: £118,000) and Norfolk County Council £8,083 (2019: £8,083), these grants supported the core activities of the organisation. (In 2019 £500 was received from South Norfolk District Council and £1,500 from Kings Lynn and West Norfolk District Council to help fund Open Studios).

30

Norfolk and Norwich Festival Trust

4. Income from charitable activities

Unrestricted Unrestricted Restricted funds Total Total
funds
2020 2019 2020 2019 2020 2019
£ £ £ £ £ £
Festival & open studios income:
Box office income 147 282,593 - - 147 282,593
Other income 150 8,790 - - 150 8,790
Participation fees - 30,121 - - - 30,121
Consultancy & expertise fees 1,200 6,614 - 1,200 6,614
Advertising income 400 2,000 - - 400 2,000
Corporate support 1,000 46,712 - - 1,000 46,712
Co-commissioning network & partnership - - 68,997 37,481 68,997 37,481
income
Festival Bridge:
��������������� - - 39,750 11,160 39,750 11,160
Total income from charitable activities 2,897 376,830 108,747 48,641 111,644 425,471

5. Income earned from trading activities

Group Charity
Unrestricted funds Unrestricted funds
2020 2019 2020 2019
£ £ £ £
Fundraising events 372 855 372 855
Festival ‘Spiegeltent’ bar - 95,043 - -
Sponsorship - 49,208 - -
372 145,106 372 855

The wholly owned trading subsidiary, Norfolk & Norwich Festival Limited, operates the Festival ‘Spiegeltent’ bar, and also manages the Festival sponsorship. It is incorporated in the United Kingdom (company number 09896066) and pays all of its profits to the charity.

31

Norfolk and Norwich Festival Trust

The summary performance of the subsidiary alone is:

2020 2019
£ £
Turnover - 144,251
Cost of sales and administration costs (4,189) (102,457)
Profit (4,189) 41,794
Donation to parent charity - (41,794)
Net profit/(loss) (4,189) -
The assets and liabilities of the subsidiary were:
Current assets 4,371 47,995
Current liabilities (8,559) (47,994)
Total net assets (4,188) 1
Aggregate share capital and reserves:
Share capital 1 1
Reserves (4,189) -
Total share capital and reserves (4,188) 1

6. Investment income

All of the group’s investment income of £2,719 (2019: £4,501) arises from money held in interest bearing deposit accounts, and dividend and interest income received from the group’s investments (see note 14). £2,668 of the investment income is unrestricted income and £51 restricted income (2019: £2,091 unrestricted and £2,410 restricted).

7. Expenditure on raising funds

Group Charity
2020 2019 2020 2019
£ £ £ £
Fundraising costs 89,941 97,166 89,941 83,033
Fundraising support costs(see note 9) 31,989 34,378 31,989 34,378
Operation of festival ‘Spiegeltent’ bar 4,189 88,324 - -
126,119 219,868 121,930 117,411

All expenditure on raising funds is unrestricted.

32

Norfolk and Norwich Festival Trust

8. Expenditure on charitable activities

a. Analysis of expenditure on charitable activities

Artists’ fees and expenses
Other festival production costs
Communications, promotion &
marketing
Box office & ticketing
Festival volunteer programme
Creative learning programme
Open Studios costs
Festival Bridge & Common Ground
direct activity costs
Festival Bridge grant funding of
activity (see note 8b)
Piano fund payments (note 17)
Support costs (see note 9)
Total		 Norfolk &
Norwich Festival
Open
Studios
Festival
Bridge
Common
Ground
Total
Total
2020
2020
2020
2020
2020
2019
£
£
£
£
£
£
172,972
-
-
-
172,972
405,206
216,160
-
-
-
216,160
513,413
196,253
-
-
-
196,253
265,595
17,919
-
-
-
17,919
25,746
33,064
-
-
-
33,064
32,864
54,404
-
-
-
54,404
55,004
-
22,208
-
-
22,208
46,761
-
-
336,739
70,470
407,209
373,148
-
-
186,768
-
186,768
62,104
375
-
-
-
375
770
89,984
6,879
94,319
23,883
215,065
231,569
781,131
29,087
617,826
94,353
1,522,397
2,012,180

Expenditure on charitable activities was £1,522,397 (2019: £2,012,180) of which £711,135 (2019: £1,392,456) was unrestricted, and £811,262 (2019: £619,724) was restricted.

Prior Year Comparatives
Artists’ fees and expenses
Other festival production costs
Communications, promotion &
marketing
Box office & ticketing
Festival volunteer programme
Creative learning programme
Open Studios costs
Festival Bridge & Common Ground
direct activity costs
Festival Bridge grant funding of
activity (see note 8b)
Piano fund payments (note 17)
New website
Support costs (see note 9)
Total		 Norfolk & Norwich
Festival
Open
Studios
Festival
Bridge
Common
Ground
Total
2019
2019
2019
2019
2019
£
£
£
£
£
405,206
-
-
-
405,206
513,413
-
-
-
513,413
265,595
25,746
-
-
-
-
-
-
265,595
25,746
32,864
-
-
-
32,864
55,004
-
-
-
55,004
-
46,761
-
-
46,761
-
-
353,296
19,852
373,148
-
-
62,104
-
62,104
770
-
-
-
770
-
-
-
-
-
124,553
8,419
94,071
4,526
231,569
1,423,151
55,180
509,471
24,378
2,012,180

33

Norfolk and Norwich Festival Trust

b. Grant funding of activity

As part of the delivery of Arts Council England’s Bridge remit for Cambridgeshire, Norfolk, Peterborough and Suffolk, Norfolk and Norwich Festival issues grants that enhance and extend the work of other organisations that are delivering to the aims and objectives of the Festival Bridge Programme Plan. No support costs were incurred as part of the grants made.

Grants made by the charity as part of its Festival Bridge cultural educational partnership investment work for the year:

2020 2019
Core CALSA (Culture & Arts Leaders in Schools &
Academies)
Active Learning Trust 3,000 -
Ormiston Victory Academy 3,000 -
The Lark Teaching School 3,000 -
Moving IT On project
Cambridge Junction 5,000 -
New International Encounter (NIE) 5,000 -
Norfolk Museums 5,000 -
University of Cambs. Museums 5,000 -
Student Support project
Metal Culture 7,150 -
Towards activities of Local Cultural Education Partnerships
Arts Connect
Creative Arts East 26,700 -
Ipswich LCEP 25,000 -
Lowestoft Rising 25,000 -
Norfolk County Council - 25,000
PHACE CIC 25,000 -
Young Norfolk Arts Trust 27,400 -
7,518 -
Towards Let’s Create Pack activities
ABDEC Babylon Arts
Association of Suffolk Museums		 - 37,104
Norfolk Museums Service 1,500 -
We are Ipswich
20Twenty Productions		 4,000
4,000
4,500		 -
-
-
Total 186,768 62,104

34

Norfolk and Norwich Festival Trust

9. Analysis of support costs

The charity identifies governance and other support costs, and apportions them on the basis of asset use for depreciation, and on full time equivalent staff number use for other costs:

Norfolk & Open Festival Common Common Expenditure Expenditure Total Total
Norwich Studios Bridge Ground on raising
Festival Project funds
2020 2020 2020 2020 2020 2020 2019
£ £ £ £ £ £ £
(see note 8) (see note 8) (see note 8) (see note 8) (see note 7)
Management 12,169 992 14,830 3,754 4,610 36,355 48,352
Human resources & office 15,385 1,176 16,841 4,265 5,471 43,138 46,769
administration
Finance support 20,715 1,584 22,677 5,742 7,366 58,084 56,825
IT support 9,331 713 10,213 2,586 3,318 26,161 21,754
Premises costs 17,419 1,332 19,069 4,829 6,194 48,843 45,996
New database 1,945 149 2,129 539 692 5,454 11,617
Depreciation 5,244 338 48 12 1,573 7,215 12,771
Governance 7,776 595 8,512 2,156 2,765 21,804 21,863
Total 89,984 6,879 94,319 23,883 31,989 247,054 265,947

Analysis of governance and support costs

Audit fees
Board meeting costs
Staff costs attributable to governance activities
Subscriptions
Irrecoverable VAT		 2020
2019
£
£
7,650
6,700
44
829
13,748
14,144
138
224
156
34
21,804
21,863
Prior Year Norfolk & Open Festival Common Expenditure Total
Comparatives Norwich Studios Bridge Ground on raising
Festival Project funds
2019 2019 2019 2019 2019 2019
£ £ £ £ £ £
(see note 8) (see note 8) (see note 8) (see note 8) (see note 7)
Management 21,987 1,506 17,849 859 6,151 48,352
Human resources & office 21,268 1,457 17,264 831 5,949 46,769
administration
Finance support 25,840 1,770 20,977 1,009 7,229 56,825
IT support 9,893 678 8,030 386 2,767 21,754
Premises costs 20,916 1,433 16,979 817 5,851 45,996
New database 5,283 362 4,288 206 1,478 11,617
Depreciation 9,424 532 613 30 2,172 12,771
Governance 9,942 681 8,071 388 2,781 21,863
Total 124,553 8,419 94,071 4,526 34,378 265,947

35

Norfolk and Norwich Festival Trust

10. Net (expenditure)/income for the year

This is stated after charging:

This is stated after charging:
2020 2019
£ £
Operating leases – equipment 576 576
Depreciation 7,215 12,771
Foreign exchange gain/(loss) (6,269) 2,356
Fees paid to auditor:
Audit 7,650 6,700
Non-audit services (tax advice) 750 -
CJRS grants (60,209) -

Coronavirus Job Retention Scheme (CJRS) grants represent income received from Government to cover some of the costs of employing certain members of staff placed on furlough, in response to the Coronavirus pandemic.

11. Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

2020 2019
£ £
Salaries and wages 763,471 745,770
Social security costs 61,557 59,309
Pension costs 14,693 12,039
839,721 817,118

The charity Trustees were not paid, and received no other benefits from employment with the charity or its subsidiary during the year. No trustees were reimbursed for travel expenses (2019: Four trustees were reimbursed a total of £250). No charity trustee received payment for professional or other services supplied to the charity.

The key management personnel of the charity and the group comprise the Trustees (who are all also directors of the wholly owned trading subsidiary), the Artistic Director & Chief Executive and the General Manager. The total employee benefits of the key management personnel of the charity were £121,737 (2019: £119,724).

36

Norfolk and Norwich Festival Trust

Staff numbers

The average number of full-time equivalent employees (including casual and part time staff) during the year was as follows:

he year was as follows:
2020 2019
Number Number
Norfolk & Norwich Festival 10.0 11.6
Open Studios 0.6 0.6
Festival Bridge 5.7 6.2
Common Ground 2.1 0.2
Fundraising and festival bar 2.7 3.4
Executive and support 4.3 4.2
25.4 26.2
The average head count per month was 36 (2019: 39).
The number of staff who had employee benefits of more than £60,000 in the following ranges were:
2020 2019
Number Number
£70,001-£80,000 1 1

12. Corporation tax

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. The wholly owned trading subsidiary, Norfolk & Norwich Festival Limited, pays all of its profits to the charity under the gift aid scheme.

13. Tangible Fixed Assets – Group and Charity 13. Tangible Fixed Assets – Group and Charity
Computer Office Production Total
Equipment Equipment Equipment
and Fittings
£ £ £ £
Cost:
At 1 January 2020 90,809 47,184 10,016 148,009
Additions 4,053 - - 4,053
Disposals (1,391) - (7,550) (8,941)
At 31 December 2020 93,471 47,184 2,466 143,121
Depreciation:
At 1 January 2020 81,307 46,688 8,989 136,984
Charge for the year 6,270 124 822 7,216
Released on disposal (1,391) - (7,550) (8,941)
At 31 December 2020 86,186 46,812 2,261 135,259
Net book value:
At 1 January 2020 9,502 496 1,027 11,025
At 31 December 2020 7,285 372 205 7,862

37

Norfolk and Norwich Festival Trust

14. Investments Group

Movement in investments 2020 2019
£ £
Market value at the start of the period - 71,023
Additions to investments at cost - -
Disposal proceeds - (74,361)
Net gain/(loss) on revaluation - 3,338
Market value at the end of the period - -

All investment assets in 2019 were held in the UK. The investments were previously held as an endowment fund gifted by The Norwich Freemen’s Charity (formerly known as Norwich Town Close Estate Charity) - see note 17. Following approval from both The Norwich Freemen’s Charity and The Charity Commission for England and Wales, the investment portfolio was sold during 2019. The proceeds for the sale were transferred to a restricted fund for use in a 3 year educational project, Lost & Found Films, in the lead up to the 250[th] anniversary of the festival.

Charity

The Charity investments total of £1 (2019: £1) includes a £1 investment in its subsidiary undertaking, Norfolk & Norwich Festival Limited (registered company number 09896066) which is recorded at cost. Norfolk and Norwich Festival Limited registered address is: Augustine Steward House, 14 Tombland, Norwich, NR3 1HF. Its principal activity is a trading subsidiary company to Norfolk and Norwich Festival Trust. During the year its intended activities were the operation of a bar at the annual Norfolk and Norwich Festival and managing the sponsorship for the festival. Due to COVID19 these activities were not able to go ahead, please see note 5 for the financial performance for the year.

15. Debtors

5. Debtors
Group Charity
2020 2019 2020 2019
£ £ £ £
Trade debtors 2,980 42,238 2,980 42,238
Other debtors 207 433 207 433
Prepayments and accrued income 81,820 23,710 81,820 23,710
VAT recoverable 5,745 - 5,745 -
Amount due from subsidiary undertaking - - 8,559 47,994
90,752 66,381 99,311 114,375

38

Norfolk and Norwich Festival Trust

16. Creditors falling due within one year

6. Creditors falling due within one year
Group Charity
2020 2019 2020 2019
£ £ £ £
Trade creditors 86,671 47,701 86,671 47,701
Other creditors and accruals 62,286 26,729 62,287 26,730
Deferred income 19,967 58,003 19,967 58,003
Taxation and social security costs 18,265 19,161 18,265 19,161
187,189 151,594 187,190 151,595
Group Charity
Deferred income reconciliation 2020 2019 2020 2019
£ £ £ £
Deferred income brought forward 58,003 25,816 58,003 25,816
Deferred income recognised (58,003) (25,816) (58,003) (25,816)
Deferred income arising 19,967 58,003 19,967 58,003
Deferred income carried forward 19,967 58,003 19,967 58,003

Deferred income comprises participation fees received in advance for the Open Studios scheme of £15,729 (2019: £27,231), box office ticket income received in advance of shows £0 (2019: £20,572), project delivery income received in advance of delivery of £3,200 (2019: £10,200), sponsorship income for 2021 festival of £1,000 (2019: £0) and festival Friend income of £38 (2019: £0).

39

Norfolk and Norwich Festival Trust

17. Analysis of charitable funds Analysis of movements in unrestricted funds (Group)

General fund
Designated funds
New database
Future programme
investment
Rebrand & redesign
Office move
IN SITU programme
investment
NNF projects - COVID
postponement
NNF History project
Common Ground
Total unrestricted funds
Prior year
comparatives
General fund
Designated funds
New database
Future programme
investment
Rebrand & redesign
Office move
IN SITU programme
investment
Total unrestricted
funds
Funds
Income
Expenditure
Gains/
Transfers
Funds
1 Jan
20
(losses)
31 Dec 20
£
£
£
£
£
£
245,403
1,081,039
(817,891)
6,269
(240,746)
274,074
13,383
-
(5,453)
-
-
7,930
62,666
-
-
-
-
62,666
13,162
-
(3,877)
-
-
9,285
8,750
-
(10,033)
-
36,000
34,717
39,500
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
105,500
56,320
-
10,000
20,000
145,000
56,320
-
10,000
20,000
382,864
1,081,039
(837,254)
6,269
(12,926)
619,992
Funds
Income
Expenditure
Gains/
Transfers
Funds
1 Jan 19
(losses)
31 Dec 19
£
£
£
£
£
£
226,090
1,579,454
(1,557,785)
(2,356)
-
245,403
25,000
-
(11,617)
-
-
13,383
87,500
-
(24,834)
-
-
62,666
30,000
-
(16,838)
-
-
13,162
10,000
-
(1,250)
-
-
8,750
39,500
-
-
-
-
39,500
418,090
1,579,454
(1,612,324)
(2,356)
-
382,864

40

Norfolk and Norwich Festival Trust

Analysis of movements
General fund
Designated funds
New database
Future programme
investment
Rebrand & redesign
Office move
IN SITU programme
investment
NNF COVID projects
History project
Common Ground
Total unrestricted funds
Prior year
Comparatives
General fund
Designated funds
New database
Future programme
investment
Rebrand & redesign
Office move
IN SITU programme
investment
Total unrestricted funds		 in unrestricted funds (Charity)
Funds
Income
Expenditure
Gains/
Transfers
Funds
1 Jan
20
(losses)
31 Dec 20
£
£
£
£
£
£
245,403
1,081,039
(813,702)
6,269
(240,746)
278,263
13,383
-
(5,453)
-
-
7,930
62,666
-
-
-
-
62,666
13,162
-
(3,877)
-
-
9,285
8,750
-
(10,033)
-
36,000
34,717
39,500
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
105,500
56,320
10,000
20,000
145,000
56,320
10,000
20,000
382,864
1,081,039
(833,065)
6,269
(12,926)
624,181
Funds
Income Expenditure
Gains/
Transfers
Funds
1 Jan
19
(losses)
31 Dec 19
£
£
£
£
£
£
226,090
1,476,997
(1,455,328)
(2,356)
-
245,403
25,000
-
(11,617)
-
-
13,383
87,500
-
(24,834)
-
-
62,666
30,000
-
(16,838)
-
-
13,162
10,000
-
(1,250)
-
-
8,750
39,500
-
-
-
-
39,500
418,090
1,476,997
(1,509,867)
(2,356)
-
382,864

The general fund represents the reserves available after allowing for all designated funds.

The new database fund is designated for this capital investment and is expected to be fully expended during 2021.

The future programme fund is designated to sustain the festival’s programme in future years.

The rebrand & redesign fund is being used for an organisational rebranding which was unveiled in late 2019, the work is due to complete in 2021.

The office move fund is designated for an office relocation to fully accessible premises in 2021.

The IN SITU programme investment fund is for future work with this European network to invest in artists from across Europe to develop work to present as part of our free outdoor festival programme.

41

Norfolk and Norwich Festival Trust

The NNF projects – COVID postponement fund is for projects that were delayed during 2020 as a result of the Corona Virus pandemic. These funds will support those activities in 2021.

The NNF History project fund is an oral project for 2021 gathering audience memories of experiences of festival events. It is led by artist Helen Atkinson and provides a team of young volunteers with new skills and experience in recording oral histories.

Analysis of movements in restricted funds (Group and Charity)

Funds Funds Income Income Expenditure Expenditure Gains/ Transfers Funds
1 Jan 20 (losses) 31 Dec 20
£ £ £ £ £ £
Restricted funds
Festival Bridge 237,903 598,808 (617,826) - 7,910 226,795
Common Ground 923 96,714 (94,353) - 5,016 8,300
Lost & Found Films 74,361 51 (17,611) - 1,000 57,801
Project
Co-commissioning and - 68,997 (68,997) - - -
Partnership Fund
Creative Learning Fund - 10,200 (9,200) - (1,000) -
Commissioning Fund 2,900 - (2,900) - - -
Piano Fund 4,457 - (375) - - 4,082
Billy & The Beast Project - 8,000 - - - 8,000
Total restricted funds
320,544		 782,770 (811,262) - 12,926 304,978
Prior year Funds Income Expenditure Gains/ Transfers Funds
comparatives 1 Jan 19 (losses) 31 Dec 19
£ £ £ £ £ £
Restricted funds
Festival Bridge 195,281 552,093 (509,471) - - 237,903
Common Ground 20,511 4,790 (24,378) - - 923
Lost & Found Films - - - - 74,361 74,361
Project
Co-commissioning - 37,481 (37,481) - - -
and Partnership
Fund
Reaching - 13,500 (13,500) - - -
Communities Fund
Creative Learning - 19,274 (19,274) - - -
Fund
Commissioning 2,900 12,850 (12,850) - - 2,900
Fund
Open Studios Fund - 2,000 (2,000) - - -
Piano Fund 5,227 - (770) - - 4,457
Total restricted 223,919 641,988 (619,724) - 74,361 320,544
funds
Endowment Fund 71,023 - - 3,338 (74,361) -
Total funds 294,942 641,988 (619,724) 3,338 - 320,544

42

Norfolk and Norwich Festival Trust

Festival Bridge is one of ten national Bridge organisations which have secured investment from Arts Council England and the Department for Education. Festival Bridge creates and facilitates partnerships and networks that radically improve the cultural offer for all children and young people across Cambridgeshire, Norfolk, Peterborough and Suffolk.

Common Ground ��with investment from National Lottery Heritage Fund, is an East England wide project which focuses on youth leadership within the heritage sector, enabling young people to become leaders, and developing new and exciting ways for themselves and their peers to engage with their local heritage.

The Lost & Found Films Project is a three year educational project forming one of Norfolk & Norwich Festival’s 250[th] Anniversary projects designed to bring its work to more children and young people in deprived areas. This project is supported by The Norwich Freemen’s Charity, and made possible with the proceeds of a sale of investments originally gifted by Norwich Town Close Estate Charity. During 2020 a further £1,000 was received from the Fuller Endowment Fund to support this project.

The Co-commissioning and Partnership Fund is for funding specific parts of our festival work and projects (and includes work with partners such as Without Walls and IN SITU).

The Reaching Communities Fund represents donations received during 2019 towards our free festival outdoor programme.

The Creative Learning Fund represents grants and donations towards this programme of work, called ‘Take Part’, which encompasses participation, engagement, education and skills development – all with the aim of enabling lifelong creativity for people of all ages.

The Commissioning Fund is for grants and donations towards specific festival shows.

The Open Studios Fund is specifically for this area of our charitable work.

The Piano Fund was set up in 1997, with a donation from the late Mr Michael Falcon. The fund is used primarily to support the hire of a piano by community based ensembles, and soloists of artistic quality based in Norfolk, for performances based in Norwich and the wider county.

The Endowment Fund was a gift from Norwich Town Close Estate Charity (now known as The Norwich Freemen’s Charity), and was held as an investment portfolio (see note 14). Following approval from both The Norwich Freemen’s Charity and The Charity Commission for England and Wales, the investment portfolio was sold during 2019. The proceeds for the sale was transferred to a restricted fund for use on the Lost & Found Films Project.

43

Norfolk and Norwich Festival Trust

18. Analysis of assets between funds (Group)

General Designated Restricted Total
fund funds funds funds
£ £ £ £
Tangible fixed assets 7,863 - - 7,863
Cash at bank and in hand 378,309 345,918 289,317 1,013,544
Other net current (112,098) - 15,661 (96,437)
assets/(liabilities)
Total net assets 274,074 345,918 304,978 924,970
Prior year comparatives General Designated Restricted Total
fund funds funds funds
£ £ £ £
Tangible fixed assets 11,025 - - 11,025
Cash at bank and in hand 319,591 137,461 320,544 777,596
Other net current (85,213) - - (85,213)
assets/(liabilities)
Total net assets 245,403 137,461 320,544 703,408
Analysis of assets between funds (Charity)
General Designated Restricted Total
fund funds funds funds
£ £ £ £
Tangible fixed assets 7,863 - - 7,863
Investments 1 - - 1
Cash at bank and in hand 373,939 345,918 289,317 1,009,174
Other net current (103,540) - 15,661 (87,879)
assets/(liabilities)
Total net assets 278,263 345,918 304,978 929,159
Prior year comparatives General Designated Restricted Total
fund funds funds funds
£ £ £ £
Tangible fixed assets 11,025 - - 11,025
Investments 1 - - 1
Cash at bank and in hand 271,597 137,461 320,544 729,602
Other net current (37,220) - - (37,220)
assets/(liabilities)
Total net assets 245,403 137,461 320,544 703,408

44

Norfolk and Norwich Festival Trust

19. Analysis of changes in net debt (Group)

At 1 Jan Cash flows Foreign At 31 Dec
20 exchange 20
movements
£ £ £ £
Cash 2,330 58 13 2,401
Cash at bank 775,266 229,621 6,256 1,011,143
Total changes in net debt 777,596 229,679 6,269 1,013,544
Prior year comparatives At 1 Jan 19 Cash flows Foreign At 31 Dec
exchange 19
movements
£ £ £ £
Cash 851 1,487 (8) 2,330
Cash at bank 624,618 152,996 (2,348) 775,266
Total changes in net debt 625,469 154,483 (2,356) 777,596
nalysis of changes in net debt (Charity)
At 1 Jan Cash flows Foreign At 31 Dec
20 exchange 20
movements
£ £ £ £
Cash 2,330 58 13 2,401
Cash at bank 727,272 273,245 6,256 1,006,773
Total changes in net debt 729,602 273,303 6,269 1,009,174
Prior year comparatives At 1 Jan 19 Cash flows Foreign At 31 Dec
exchange 19
movements
£ £ £ £
Cash 851 1,487 (8) 2,330
Cash at bank 584,624 144,996 (2,348) 727,272
Total changes in net debt 585,475 146,483 (2,356) _729,602 _

Analysis of changes in net debt (Charity)

45

Norfolk and Norwich Festival Trust

20. Related parties

Arts Council England and Norwich City Council provide essential core funding, and both organisations have observer status at board meetings. The income from these organisations is disclosed in note 3.

As the funding received from such bodies is applied to pursue the normal, independent activities of the charity, and in no way inhibits it from doing so, no further disclosures are considered necessary.

Other less significant sums of income and expenditure are also received from and paid to bodies with which the Trustees have connections, but the amounts are not material, and arise in the normal course of business.

The charity owns the share capital of its trading subsidiary, Norfolk & Norwich Festival Limited (company number 09896066). A summary of its trading results is disclosed in note 5. During 2020 there were no employment recharges made by the charity to the subsidiary (2019: £29,267 was recharged for costs of staff employed by the charity who worked for its trading subsidiary). At the balance sheet date Norfolk & Norwich Festival Limited owed £8,559 (2019: £47,994) to the charity (as disclosed in note 15).

The charity received £5,447 in gift aid during the year.

There are no other related party transactions.

21. Commitments under operating leases

The group and charity has commitments under non-cancellable operating leases as follows:

2020 2019
Office Office
Equipment Equipment
£ £
Total future minimum lease payments:
Less than one year 360 480
Two to five years - 360
Total commitment 360 840

22. Post balance sheet events

By operating in accordance with Government guidelines, with support from the Government’s Cultural Recovery Fund and by adapting the Festival’s financial model, by reducing infrastructure and programming costs, the 2021 festival was successfully delivered between 17-30 May. The 2021 Festival was well received by audiences and stakeholders and our principal funder, Arts Council England, remains supportive. The Common Ground and Festival Bridge activities were redesigned to enable delivery under lockdown restrictions whilst still meeting the objectives of their respective programmes.

46