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2021-12-31-accounts

Norfolk and Norwich Festival Trust

A Charitable Incorporated Organisation

Annual report and accounts

Year ended 31 December 2021 Charity Number 1164424

Norfolk and Norwich Festival Trust

Contents
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		 10
7
Looking forward – a festival for the twenty first century		 12
8
Financial Review of 2021		 13
9
Reference and administrative details		 17
10
Governance and management		 18
11
Trustees’ responsibilities statement		 20
Independent auditor’s report 21
Consolidated Statement of Financial Activities 24
Charity Statement of Financial Activities 25
Consolidated and Charity Balance Sheet 26
Consolidated and Charity Statement of Cash Flows 27
Notes to the accounts 28

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 2021.

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.

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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:

4 Impact of COVID-19

Following the cancellation of the 2020 Festival, plans were developed to enable the delivery of a festival in May 2021 ‘come what may’. Planning involved devising different programmes which could be delivered within the varying states of lockdown restrictions - from a fully digital programme if the full lockdown continued to a programme which included live indoor performances. Dates were set by which decisions were to be made on which programme would be delivered.

The country was in full lockdown at the start of the year then in February 2021 the Government published its Roadmap out of Lockdown. Stage 3 of the Roadmap included the lifting of most legal restrictions on 17 May. This enabled indoor seated hospitality to reopen along with indoor entertainment venues with restricted capacity. Initially the Festival was due to commence on 14 May, but after some rescheduling the Festival was launched on 17 May and ran until 30 May.

Of the wider organisational activity, creative learning, Festival Bridge and Common Ground programmes were redesigned around the lockdown and its release during the spring. Staff worked remotely from home in the first quarter with a gradual and managed return to the office during the summer months.

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5 Delivery of Activities

Norfolk & Norwich Festival: 17 May – 30 May 2021

“Thank you for bringing me up to date with your modified plans for the Festival this year. Please convey my congratulations and best wishes to Daniel and the team on creating an exciting programme in spite of the pandemic.” Sir Nicolas Serota, Chair of Arts Council England.

In 2020 we set out to programme a trio of festivals to mark our 250th anniversary. Our 2020 Festival was programmed to address the passing of time and we had planned for 2021 to explore change while 2022 was to be a celebration of our 250 anniversary. The 2020 festival was cancelled but our 2021 Festival was a triumph. In our planning we had always promised to put on a festival ‘come what may’ and our determination meant that we were in the right place at the right time.

We worked hard to ensure the festival was safe and as a result we earned the confidence of our audiences. The absolute delight of both artists and audiences coming together was at the heart of the success of the Festival.

Because we planned for multiple scenarios the programme was varied in form including online performance, ‘at home’ projects, concerts in venues, outdoor arts and special Mobile Festival Stage events at schools and care homes.

Because of the need to manage audiences all our events were ticketed including the outdoor arts programme. Because of the financial risk we chose to offer a pay what you want Festival where ticket income only represented a minor risk to our budgets.

We did not build and programme tents in Chapelfield Garden instead we focused our indoor music programme on The Halls. We did however, programme outdoor performances in Chapelfield Gardens on the three weekends of the Festival and performances on the Chapelfield Bandstand by local young musicians in partnership with BBC Introducing.

The Festival launched with Don’t Touch Duckie a drag showbiz speakeasy in St Andrew’s Hall hosted by Bourgeois & Maurice on the evening for the first day live indoor performance was allowed. The social distanced audience were joined through a live screening by audiences in their own homes.

The Festival continued with:

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This included 38 new commissions made up of:

Due to Covid-19 restrictions on travel no international artists were programmed into this year’s festival.

Audiences

‘This event makes such difference to our tenants’ lives. This is the first event after this pandemic lockdown. Even though it was raining, tenants stayed and thoroughly enjoyed the show. It was magnificent!’

‘It made our souls sing hearing live music again after such a long time - it was really quite emotional.’ Care Home Manager

Support for the local arts infrastructure

65 artists from our region took part in the Festival in May. This included the presentation of works generated by the Creative Individuals Norfolk initiative through which small grants to freelance workers were awarded as part of our direct response to the sever and negative impact the Covid crisis has had on the freelance creative sector.

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Following the success of the Creative Individuals Norfolk programme we successfully applied to the Arts Council for a Project Grant in support of Creative Individuals Norfolk 2 – otherwise known as Pamphlets Posters and Paraphernalia. As in 2020 the opportunity was advertised through the arts community and a small selection of artists were selected. The Festival team worked with those individuals to support them to present as part of the Festival in 2022.

Autumn Programme

The Autumn Programme, delivered in October and November, comprised Norfolk Wonder in Great Yarmouth, Kings Lynn, Cromer and Sheringham, Norfolk Open Studios and the premier of The Language of Bells concert.

Norfolk Wonder, is a programme of activity as part of EXPERIENCE a Norfolk County Council initiative funded by Interreg. The programme was designed to help audience experience the magic of Norfolk in the autumn and winter and through it Norfolk & Norwich Festival:

Norfolk Open Studios (NOS) returned with its new autumn dates in 2021, after being cancelled in 2020 due to the pandemic. The scheme ran from Saturday 25 September to Sunday 10 October (having previously taken place immediately after the Festival). Responses from the artist survey suggests that while overall footfall was lower, sales were higher. Many artists acknowledged there were variable factors at work during 2021 with concerns of Covid-19 remaining and the fuel crisis causing reluctance to travel.

Key findings from the artist’s survey:

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Key findings from the visitor survey:

The Autumn Programme also featured The Language of Bells - a World Premiere from composer Jill Jarman, internationally renowned percussionist Dame Evelyn Glennie and the Chelys Consort of Viols. The sell-out performance at St Peter Mancroft Church, Norwich explored the sounds of bells in renaissance and contemporary music.

Creative Engagement Programme

Lost and Found Films

In 2020, Norfolk & Norwich Festival and Forest Fringe’s Andy Field began working with children from across the county to dive into the history of this place, uncovering lost archive films from Norfolk’s long-forgotten past. These short, almost unbelievable films tell stories about Norfolk you might not have heard before. Over the three years (when not prohibited by lockdown), leading up to the 250th anniversary artists and children have been working together to explore their own individual and regional identities in a creative project that brings the voices of the regions young people to the fore. The project culminated in a screening of the films as part of the 2022 Festival.

Artist at my Place is a co-creative project, which brings together artists to work closely with children (in school year groups of up to 60 children) to explore their creativity. The project is focused on delivery in Primary schools, identified within the Norwich Opportunity Area. Each setting works in different ways and through different art forms, but draws on the common themes of place making, cultural identity and community.

While it has taken longer than anticipated to set up, due to Covid-19 measures in schools, we’re excited to see the outcomes and learning from this project, and how we can use it to inform future Creative Learning programming.

During the Festival the team worked with local participants on the following engagement projects:

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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 enhanced skills. Two Volunteer Coordinators were appointed in January 2021.

For the Festival a mix of returners and new recruits made up the 108 (169: 2020) strong volunteer team including six Buddy/supported volunteers. Between them they attended 650 shifts and training sessions, totalling 2,895 hours and an average of six shifts per volunteer. In addition to the backstage and front of house volunteer roles:

Additional volunteers, students from the UEA, also joined the team and supported the gathering of people’s memories of the Festival through the oral history project Re/Collect 250. Volunteers conducted interviews with a wide range of people who have been involved with the Festival over the years.

Further volunteers provided an additional 545 hours in support of the delivery of the Autumn Programme bringing the total Volunteer hours count across the year to 3,440.

Common Ground is a Norfolk & Norwich Festival 250 Project that connects young people with their local natural heritage through the arts. It is 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.

In 2021 the project delivered:

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Following these sessions the Leaders led the creation of the following presentations:

Through the above and targeted digital engagement activity:

Through 2021 the project continued to respond to the changing constraints caused by the pandemic. Each activity had to adapt, and partners and the project team saw changes in staffing and capacity at different points. In the Autumn a revised programme for the remainder of the project to March 2023 was developed in consultation with partners and the Leaders. The revised plan focuses on:

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outputs from each local activity. Leaders will also play a role in the sharing of the programme learning through the Regional Celebration Event ‘Unconference’ in Autumn 2022 and work to re-purpose local assets, building a regional perspective from the local activity.

A single creative team will be appointed to work across the project delivery to bring a consistent creative approach and sharing learning from activity to activity.

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 - being creative, curious, inclusive, collaborative and strategic. Its work is funded by Arts Council England with additional funding from the Department for Education.

During the course of 2021 the Festival Bridge team have continued to deliver a programme which connects and creates activities, relationships, and communities to make opportunities more equitable, while also delivering lasting change. The programme has provided support and guidance to artists, young people, teachers and cultural and creative sector professionals.

Through 2021 Festival Bridge developed a new strand of activity which works to grow opportunities for young people to lead cultural and creative education. Through this strand we are delivering the following projects:

Our place based work seeks to develop the leadership capacity through the formation and growth of networks called Local Cultural Education Partnerships. We continued to provide bespoke support to the 9 partnerships we have previously supported. Highlights of their work in 2021 included: Barbican delivering their ‘Box’ project in West Norfolk schools with Michael Rosen and local artists; Norwich organisations led the Figurine It Out project helping pupils explore their wellbeing in the pandemic; in Lowestoft children named the third river crossing and the NessFest youth festival took place in October; in Ipswich £60,000 was secured to support artists working in schools; Wisbech Reads worked with all year 1’s and most year 2’s during their reading festival; Royal Opera House worked in schools in Fenland.

2021 also saw the formation of a new partnership in East Cambs inspired by the success of the neighbouring partnership in Fenland. We were able to support the emergence of this group with a defined support package.

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Alongside bespoke consultancy support to each partnership we also lead the regional leaders network which meets monthly to share learning, identify joint actions and to provide inspiration. We also provide an evaluation process for the partnerships, supporting them to gather and understand data and to compare their activity across the region. We co-delivered an on-line event for partnership leaders in collaboration with the two Midlands based Bridges, focused on youth voice the event included contributions from young artists, school children and the CEO of the Arts Council.

Our work also supports the wider ecology around creative and cultural education. We supported the Magic Acorns early years artist network to provide networking and artist CPD. Magic Acorns also piloted training for teachers in nursey settings with us and Anglia Ruskin University. Our schools work has supported over 230 schools to continue the development with Artsmark. Beyond Artsmark we target schools and Multi-Academy Trusts to develop their cultural opportunities in areas where participation in culture is likely to be limited. Our school-based leaders project CALSA launched a research project with the Unity Research School. Native Creative inspires teaches to reconnect to their own creativity through workshops and talks with over 500 people in attendance at the on-line events. We supported cultural organisations and artists to develop their digital offers for schools through webinars and an R&D scheme called Moving IT On. We also supported numerous individual organisations to do more, as just two examples we have given fundraising support to Aspire Black Suffolk and joined a partnership with three Music Education Hubs to deliver a regional project exploring equity in music education. Finally, we continue to develop innovative projects which seek to reach those most in need, projects such as Fullscope which is looking at mental health and wellbeing for adolescents; Let’s Create/Craft Packs which gets the basic creative materials and inspiration to families and cultural activity into Job Centre’s.

6 Organisational Development

Diversity and difference

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 equality and 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.

Over 2018 – 2022 we set out to prioritise our actions around cultural diversity, disability and socioeconomic inclusivity. We have made great strides in terms of our approach to equality, diversity and inclusion, and are embedding a more inclusive culture within our organisation.

In 2021 we created a new Equality Diversity and Inclusion Plan. It represents a step-change in our ambition and has clearly identified deliverables and success criteria.

We continue to prioritise diversity and difference through our commissioning and artistic relationships - 32.4% of the 2021 Festival programme was created by artists from diverse and different backgrounds.

Support for artists through the Creative Individuals Norfolk programme continues to be an important step to enable us to reach into diverse communities.

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.

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Over the last three years we have made significant steps towards environmental responsibility in our own practice and the practice of others. We have:

Our Environmental Sustainability Plan forms a significant part of our thinking and planning for 2022/23.

Communications, Marketing and Messaging

With limited lead in time available and audiences still coming out of Lockdown, the marketing for the 2021 Festival focused on digital, media and three editions of a Festival newspaper. The newspaper presented a mix of editorial and programme information. The first edition was published ahead of the Festival to announce the programme. The second was released midway through the Festival to make audiences aware of any programme changes and to present updated Covid related information. The third edition was published after the Festival and reflected on the Festival outputs and audience / participant experiences.

Public relations for the festival were managed by Bread and Butter since the closure of Corner Shop following the Covid-19 crisis.

Media profile

Despite the changes to the format and scale of the festival, the Communications Team continued to maintain a presence and following on Twitter and Facebook and significantly increased engagement through Instagram.

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

2021 2020 2019 2018
Twitter: 5,933 7,170 23,689 9,608
Facebook(totalpost engagement): 17,090 20,287 43,219 20,818
Instagram(totalpost engagement): 72,516 5,456 3,610 3,175

We have consistently gained followers across all our social media channels but particular focus was given to Instagram through posts and reels. One reel series featured a tour of the Augustine Steward House office and alone attracted an engagement of 62,298.

Ticketing and data

Having delivered two festivals with Spektrix in place the software is helping us to build relationships with our ticket buyers, and segment, analyse and utilise data to target audiences or to understand audiences we are not reaching.

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Workforce Development

We continue to create entry level jobs through our Trainee/Assistant roles in Production, Communications & Development and Creative Learning. A further member of the team joined the CPC programme led by The National Centre for Writing, following on from the three who attended the programme in 2020. Also, in 2021 the whole staff team engaged with Environmental Sustainability training delivered by Rock in Rio and further whole team training in ‘working with diverse communities’ delivered by Diverse Matters has just been completed.

Office Move

Following the identification of the Norwich Guildhall as the new home for the Festival and the granting of Planning Permission and Listed Building Consent to enable the necessary upgrades to take place, work commenced on site in July 2021. Funded by Norwich City Council and The Towns Fund the work included installing an accessible WC along with some refurbishments and upgrades to lighting and broadband.

Following completion of these works notice was served to the landlord of the Tombland office and the Festival moved its base to the Guildhall at the beginning of November.

In recognition that these works only formed the first phase of an ongoing programme of necessary refurbishment to the 600-year-old building, Norwich City Council are now working with the Festival team to develop a longer-term maintenance plan.

Alongside this the Festival has submitted a further Listed Building Application to permit the installation of a hidden lift into the southern entrance of the building.

7 Looking forward

In 2022 the Norfolk & Norwich Festival celebrated 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. This included:

The Festival launched on 13 May with Station House Opera’s Dominos, continuing our commitment to bring large-scale outdoor spectacle to Norwich. The Festival concluded with Strijbos & Van Rijswijk’s Signal-on-Sea, a large-scale sonic installation on the beach at Great Yarmouth.

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We programmed both The Halls and Festival Gardens for the full 17 days of the Festival. The Halls being the site for a rich programme of theatre, dance and music. The Spiegeltent returned to Festival Gardens and Canadian Cirque Alfonse’s Barbu was be the main act. Festival Gardens was also the home of the Garden Party and the City of Literature Weekend.

Music highlights included three nights of Biber’s Mystery Sonatas played by Daniel Pioro and Side by Side the Norfolk participation project in partnership with Britten Sinfonia, Orchestras Live, and the Norfolk Music Hub. Mainstage presentations included Arun Ghosh’s Canticle of the Sun. Highly regarded soloists include Steven Osborne, Moor Mother and Amjad Ali Khan. The Spiegeltent came alive to the sounds of Le Gateau Chocolat and Jonny Woo, Grace Petrie, Dat Brass, Sean Shibe, Broadside Hacks and more.

The performance programme was rich and diverse: from Lost Dog’s nationally touring dance-theatre work Tale of Two Cities (after Dickens), through Common Wealth’s Peaceophobia sited at the Rose Lane car park, to Joshua Sofaer’s Bedtime Stories. Other performances included Nick Power’s Between Tiny Cities, Frozen Light’s Fire Songs.

As well as home-grown talent, we welcomed work and artists from Australia, Canada, Holland, India, and USA. Norwich children presented Norfolk stories to audiences in Singapore.

We continued to prioritise working in partnership. Without Walls and In Situ sit at the heart of our outdoor arts programme. We collaborated with BBC Introducing in programming the bandstand of Festival Gardens and BBC New Generation Artists in the Octagon Chapel – both recorded for broadcast. We co-presented new works with The Garage. We celebrated ten years of working with the National Centre for Writing on the City of Literature Weekend. We were delighted to be a partner with Norwich University of the Arts for Ryan Gander’s exhibition.

Arts Council England Funding 2023 - 2026

Since 2012 the Trust has had two National Portfolio relationships with Arts Council England – one for the Festival and one for Festival Bridge. 2022/23 is the last year of our two current funding agreements and from 2023 the funding allocated to Bridge organisations across England will no longer be ringfenced. We have submitted an application to the Arts Council for National Portfolio Funding for 2023 – 2026 which reshapes the Festival Bridge offer and brings it together with the Festival, Open Studios and the Creative Engagement Programme, under the banner of Festival Connect and Create. The outcome of the application will be known in October 2022.

8 Financial Review of 2021

Consolidated results for the year to 31 December 2021 show overall net income for the year of £212,824 (2020: net income of £221,562), including net income of £137,780 (2020: net income of £237,128) on unrestricted funds. This net income is made up of a general fund deficit of £14,581 and surpluses on designated funds of £152,361. The surplus for the year is principally due to a grant of £153,523 received for capital works on the Charity's new office. The corresponding expenditure has been capitalised as a fixed asset and not recognised in expenditure, creating a mismatch and contributing most of the surplus. The net income on restricted funds totalled £75,044 (2020: net expenditure of £15,566).

These results include those of the charity’s wholly owned trading subsidiary which donated £3,062 of profit to the charity (2020: the trading subsidiary made a loss of £4,189).

Overall consolidated funds and net assets at 31 December 2021 totalled £1,137,794 (2020: £924,970) with unrestricted balances totalling £757,772 (2020: £619,992).

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Income

Grants and donations

Consolidated grant and donation income totalled £2,064,704 (2020: £1,688,865).

The charity is an Arts Council England (ACE) National Portfolio Organisation (NPO) and during 2021 received funding from the Arts Council for both its core festival activity 2021: £829,514 (2020: £829,514) and for the Festival Bridge programme 2021: £509,200 (2020: £509,200). In addition to this further funding of £30,933 (2020: £49,858) was received from ACE for Bridge project activities, £77,250 (2020: £nil) for Covid safety and seed funding of long-term projects and £40,000 (2020: £nil) for artistic and community support and creation.

The charity also received grants from Norwich City Council 2021: £284,323 (2020: £128,000) this included a grant of £153,523 (2020: £nil) to fund the improvement works to Norwich Guildhall. £8,083 (2020: £8,083) was received from Norfolk County Council who continued to fund our festival.

Donations from trusts and foundations totalled £23,425 (2020: £10,200), this income will help fund the Lost & Found Films project, support our free outdoor festival programme and commissioning of the Orchestra Live project. Individual giving donations were £50,358 in 2021 (2020: £47,296) and consisted of income from our supporter scheme, donations made when booking events and gift aid. The value of donated goods and services increased in the year to £46,338 (2020: £2,000) due to more festival activity post the pandemic.

Grant income from the National Lottery Heritage Fund totalled £156,367 (2020: £86,804), this was higher to the previous year due to the volume of planned activity.

Other government grant income included £2,500 from District Councils (2020: nil) and £9,475 from Kickstart Funding (2020: nil).

Income from charitable activities

This income totalled £268,806 (2020: £111,644) and is mainly made up of income from festival ticket sales together with corporate supporters, participation fees (for Open Studios artists), expertise fees and partnership and project delivery income. The increase in 2021 was due to an increase of festival activities post the pandemic.

Income from other activities

This income was £48,850 in 2021 and consisted of fundraising event income, bar takings and corporate sponsorship (2020: £372 from fundraising event income only).

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 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 2021 and 31 December 2020.

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Expenditure

Total expenditure for the year was £2,165,881 (2020: £1,648,516) and includes all expenditure on the May 2021 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 consolidated funds at 31 December 2021 were £1,137,794 (2020: £924,970) of which £380,022 (2020: £304,978) related to restricted, leaving a balance of £757,772 (2020: £619,992) 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 2021 (of £137,780) (2020: surplus of £237,128) represents a general fund deficit of £14,581 (2020: a surplus of £28,671) and a designated funds surplus of £152,361 (2020: a surplus of £208,457). A total of £222,211 was transferred into designated funds in 2021 (2020: £227,820) as detailed in note 16.

Restricted funds

Restricted fund balances at 31 December 2021 were £380,022 (2020: £304,978). The largest restricted fund is the Festival Bridge project which had a restricted fund balance relating to grant funding for future work of £267,543 (2020: £226,795). Due to the legacy of COVID-19 there continued to be delays with delivering the Lost and Found Films Project therefore, the project incurred less expenditure then planned. However, we did secure some additional funding which meant the fund ended the year with a balance of £60,977 (2020: £57,801), these funds are expected to be fully depleted by the end of 2022. Other fund balances are as set out in note 16.

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
Outcome of NPO application not known until
Autumn 2022 causes delays in contracting artists
for 2023 Festival.		 To promote a select number of ‘early shows’
contracts for 2023 will be issued ahead of NPO
decision. If NPO funding is not awarded shows
will have to form part of organisational wind
down.
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
impacting onthe sector.
Failure to secure NPO funding for 2023 onwards
/ at level requested.		 Positive discussion with ACE Relationship
Managers
during
‘NPO
Introductory
Conversation’ which included our approach for
uplift for taking on additional geography.
Organisational restructure to be implemented
post NPO announcements and will be scaled
according to funds available.

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Loss of local authority investment following Regular meetings with City and County Councils councils need to respond to COVID-19. to understand drivers for investment in the Trust. Continue to demonstrate economic impact of investment and maintain a close working relationship with City Council in light of staff changes. Active participation in development of the Halls, 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 consolidated free reserves (those unrestricted funds not invested in tangible fixed assets or designated for specific purposes) were £249,900 at 31 December 2021 (2020: £266,211).

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.

The trustees consider that the free reserves of £249,900 are sufficiently close to the reserves target.

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 0.05%.

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9 Reference and Administrative Details

Charity number (registered in England & Wales): 1164424

Registered Office: Norwich Guildhall, Guildhall Hill, Norwich, Norfolk, NR2 1JS

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

Our patrons

Patrons Caroline Jarrold DL 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 Frances Berridge Development Committee Chair Anthea Case Retired 6 December 2021 Lucy Garland John Paul Garside Marc Jaffrey Karyn Maier Martin Mitchell Appointed 6 December 2021 Corrienne Peasgood Festival Bridge Committee Chair Eva Pepper Chris Sargisson Chris Yeates Finance Committee Chair

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

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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 2021 there were 12 Trustees (2020: 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, following which can be re-elected for a 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 and another in April 2022. These and demographic gaps across the board of trustees direct future recruitment as Trustees come to the end of their terms.

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 2021 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 and Finance Committee met four times during 2021. The Festival Bridge Committee and the Development Committee both met three times.

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Norfolk and Norwich Festival Trust

Organisation

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

Patrons

The Trust would like to thank Patrons Caroline Jarrold DL and Sir Nicholas Bacon Bt OBE DL for their support, advice, and encouragement throughout the year. The Trust would also like to acknowledge the sad passing of Sir Timothy Colman KG in September 2021 for his long service as Patron, supporter and friend of the Festival.

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 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 its co-curators for the 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 10 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.

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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 Horner (Aug 14, 2022, 10:36am) Brenda Arthur (Chair of Trustees) 15 August 2022

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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 2021 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.

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Norfolk and Norwich Festival Trust

Independent Auditor’s Report to the Trustees of 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 rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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Norfolk and Norwich Festival Trust

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

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:………………………………………… 16 September 2022 Price Bailey is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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Norfolk and Norwich Festival Trust

Consolidated Statement of Financial Activities for the year ended 31 December 2021

Note
Income
Grants and donations
3
Income from charitable activities:
Operation of festival and open studios
4
Operation of Bridge project
4
Income from trading activities
5
Investment income
6
Other income (income from CJRS)
9
Total income
Expenditure
Expenditure on raising funds
7
Expenditure on charitable activities:
Operation of festival and open studios
8
Bridge and Common Ground projects
8
Total Expenditure
Net income/(expenditure)
Fund transfers
16
Other gains/(losses) including foreign exchange
Net movement in funds for the year
Reconciliation of funds
Fund balances brought forward
16
Fund balances carried forward		 Unrestricted
Funds
Restricted
Funds
Total
Funds
Total
Funds
2021
2021
2021
2020
£
£
£
£
1,075,241
989,463
2,064,704
1,688,865
88,091
125,460
213,551
71,894
-
55,255
55,255
39,750
48,850
-
48,850
372
267
-
267
2,719
-
-
-
60,209
1,212,449
1,170,178
2,382,627
1,863,809
150,385
-
150,385
126,119
1,061,808
227,722
1,289,530
810,218
-
725,966
725,966
712,179
1,212,193
953,688
2,165,881
1,648,516
256
216,490
216,746
215,293
141,446
(141,446)
-
-
(3,922)
-
(3,922)
6,269
137,780
75,044
212,824
221,562
619,992
304,978
924,970
703,408
757,772
380,022
1,137,794
924,970

The statement of financial activities includes all gains and losses recognised in the period from 1 January to 31 December 2021. All income and expenditure derive from continuing activities.

The notes on pages 28 to 48 form part of these accounts.

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Norfolk and Norwich Festival Trust

Charity Statement of Financial Activities for the year ended 31 December 2021

Note
Income
Grants and donations
3
Income from charitable activities:
Operation of festival and open studios
4
Operation of Bridge project
4
Income from trading activities
5
Investment income
6
Other Income (from CJRS)
9
Total income
Expenditure
Expenditure on raising funds
7
Expenditure on charitable activities:
Operation of festival and open studios
8
Bridge and Common Ground projects
8
Total Expenditure
Net income/(expenditure)
Fund transfers
16
Other gains/(losses) including foreign exchange
Net movement in funds for the year
Reconciliation of funds
Fund balances brought forward
16
Fund balances carried forward		 Unrestricted
Funds
Restricted
Funds
Total
Funds
Total
Funds
2021
2021
2021
2020
£
£
£
£
1,078,303
989,463
2,067,766
1,688,865
88,091
125,460
213,551
71,894
-
55,255
55,255
39,750
5,703
-
5,703
372
267
-
267
2,719
-
-
-
60,209
1,172,364
1,170,178
2,342,542
1,863,809
114,489
-
114,489
121,930
1,061,809
227,722
1,289,531
810,218
-
725,966
725,966
712,179
1,176,298
953,688
2,129,986
1,644,327
(3,934)
216,490
212,556
219,482
141,446
(141,446)
-
-
(3,922)
-
(3,922)
6,269
133,590
75,044
208,634
225,751
624,181
304,978
929,159
703,408
757,771
380,022
1,137,793
929,159

The statement of financial activities includes all gains and losses recognised in the period from 1 January to 31 December 2021. All income and expenditure derive from continuing activities.

The notes on pages 28 to 48 form part of the accounts.

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Norfolk and Norwich Festival Trust

Consolidated and Charity Balance Sheets as at 31 December 2021

Note
Fixed assets
Tangible assets
12
Investments
13
Total Fixed Assets
Current assets
Debtors
14
Cash at bank and in hand
Total Current Assets
Liabilities
Creditors falling due within one year
15
Net Current Assets
Net Assets
Funds
Unrestricted - general
16
Restricted
16
Total Funds		 Group
Charity
2021
2020
2021
2020
£
£
£
£
163,115
7,863
163,115
7,863
-
-
1
1
163,115
7,863
163,116
7,864
305,034
90,752
331,296
99,311
811,111
1,013,544
784,847
1,009,174
1,116,145
1,104,296
1,116,143
1,108,485
(141,466)
(187,189)
(141,466)
(187,190)
974,679
917,107
974,677
921,295
1,137,794
924,970
1,137,793
929,159
757,772
619,992
757,771
624,181
380,022
304,978
380,022
304,978
1,137,794
924,970
1,137,793
929,159

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

The notes on pages 28 to 48 form part of these accounts.

14 Aug 2022 The accounts were approved by the Board of Trustees on …………… and signed on their behalf by:

Brenda Arthur

Brenda Horner (Aug 14, 2022, 10:36am) Brenda Arthur

Chair of Trustees on behalf of the Trustees

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Norfolk and Norwich Festival Trust

Consolidated and Charity Statements of Cash Flows for year ended 31 December 2021

Note
Cash flow from operating activities
Cash flows from investing activities
Investment income
Purchase of tangible fixed assets
12
Sale of investments
13
Cash (used in)/provided by investing activities
Increase/(decrease) in cash and cash equivalents in the
period
Cash and cash equivalents at the start of the period
Cash and cash equivalents at the end of the period
18
Reconciliation of net movement in funds to net cash flow f
Net movement in funds
Add back depreciation charge
Deduct investment income
Interest Paid
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash flow from operating activities		 Group
Charity
2021
2020
2021
2020
£
£
£
£
(41,878)
237,282
(63,772)
280,906
267
2,719
267
2,719
(160,822)
(4,053)
(160,822)
(4,053)
-
-
-
-
(160,555)
(1,334)
(160,555)
(1,334)
(202,433)
235,948
(224,327)
279,572
1,013,544
777,596
1,009,174
729,602
811,111
1,013,544
784,847
1,009,174
rom operating activities
Group
Charity
2021
2020
2021
2020
£
£
£
£
212,824
205,901
208,634
210,091
5,570
7,215
5,570
7,215
(267)
(2,719)
(267)
(2,719)
1,851
-
1,851
-
(214,281)
34,540
(231,985)
73,975
(45,724)
(7,655)
(45,724)
(7,655)
(40,027)
237,282
(61,921)
280,907

The notes on pages 28 to 48 form part of these accounts.

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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

Because of Covid-19, and the need to manage financial risk, the 2021 Festival was delivered on a ‘pay what you want’ ticketing model. In 2022 we successfully returned to a ‘normal’ Festival.

As described in the trustees’ report, since 2012 the Trust has had two National Portfolio relationships with Arts Council England – one for the Festival and one for Festival Bridge. The year to 31 March 2023 is the last year of our two current funding agreements, and from 2023 the funding allocated to Bridge organisations across England will no longer be ring-fenced. In May 2022 we submitted our application to the Arts Council for National Portfolio Funding for 2023 – 2026 which reshapes the Festival Bridge offer and brings it together with the Festival, Open Studios and the Creative Engagement Programme, under the banner of Festival Connect and Create. The outcome of the application will be known in October 2022.

Discussions our ACE Relationship Managers during ‘NPO Introductory Conversation’ have been positive. Plans are in place for an organisational restructure post decision, and the Trust can scale activities according to funds awarded.

The trustees have considered the position of the Trust at the time of signing the financial statements, including reserves, financial projections, and the position with Arts Council England funding after 1 April 2023. 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.

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Norfolk and Norwich Festival Trust

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.

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.

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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 8.

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
Leasehold Improvements Straight line over the life of the asset lease (15
years)

m) Investments

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.

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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 material 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).

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3. Grants and donations

Charity

Arts Council England grant
income
ACE NPO grant
ACE NPO Festival Bridge grant
ACE Festival Bridge Network
Expansion
ACE – Let’s Create
ACE – Cultural Recovery Fund
ACE - PPP
Other government grant
income
Norwich City Council
Norfolk County Council
District councils
Kickstart Funding
Other grants & donations
Trusts and foundations
National Lottery Heritage Fund
Other project grants
Individual giving
Donated goods and services		 Unrestricted funds
Restricted funds
Total
Total
2021
2020
2021
2020
2021
2020
£
£
£
£
£
£
829,514
829,514
-
-
829,514
829,514
-
-
509,200
509,200
509,200
509,200
-
-
30,933
30,933
30,933
30,933
-
-
-
18,925
-
18,925
-
-
77,250
-
77,250
-
-
-
40,000
-
40,000
-
130,800
128,000
153,523
-
284,323
128,000
8,083
8,083
-
-
8,083
8,083
-
2,210
-
-
2,500
7,265
-
-
2,500
9,475
-
-
11,000
-
12,425
10,200
23,425
10,200
-
-
156,367
86,804
156,367
86,804
-
-
-
17,910
-
17,910
50,358
47,296
-
-
50,358
47,296
46,338
2,000
-
-
46,338
2,000
1,078,303
1,014,893
989,463
673,972
2,067,766
1,688,865

Charity

The Charity ‘Grants and Donations’ total of £2,067,766 (2020: £1,688,865) includes donations paid and payable from its subsidiary undertaking, Norfolk & Norwich Festival Limited, of £3,062 (2020: £0) and £1,791,278 (2020: £1,524,655) from government grants. This includes funds from the Arts Council England of £1,486,897 (2020: £1,388,572) which funded Festival Bridge, Let’s Create Pack activities and core funding for the organisation. Also, £304,381 (2020: £136,083) from local authorities; Norwich City Council £284,323 (2020: £128,000) and Norfolk County Council £8,083 (2020: £8,083), these grants supported the core activities of the organisation and £153,523 (2020: nil) received from Norwich City Council was received for the purposes of funding the Charity’s move to the Guildhall.

Donated goods and services refer to various items that relate to the 2021 Festival. These include venue hire, travel, marketing research, provision of equipment, filming and other sundry items.

Group

Donations and grants received by the group totalled £2,064,704 (2020: £1,688,865). Of this £1,075,421 (2020: £1,014,893) was unrestricted and £989,463 (£673,972) was restricted. The difference between amounts receivable by the Group and by the Charity is accrued gift-aid of £3,062 from the Charity’s trading subsidiary Norfolk and Norwich Festival Ltd.

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.

32

Norfolk and Norwich Festival Trust

4. Income from charitable activities

Festival & open studios income:
Box office income
Other income
Participation fees
Consultancy & expertise fees
Advertising income
Corporate support
Co-commissioning network & partnership
income
Festival Bridge:
Project delivery
Total income from charitable activities		 Unrestricted
funds
Restricted funds
Total
Total
2021
2020
2021
2020
2021
2020
£
£
£
£
£
£
30,196
147
-
-
30,196
147
1,515
150
-
-
1,515
150
28,244
-
-
-
28,244
-
3,906
1,200
-
3,906
1,200
2,450
400
-
-
2,450
400
21,780
1,000
-
-
21,780
1,000
-
-
125,460
68,997
125,460
68,997
-
-
55,255
39,750
55,255
39,750
88,091
2,897
180,715
108,747
268,806
111,644

5. Income earned from trading activities

Fundraising events
Festival ‘Spiegeltent’ bar
Sponsorship		 Group
Charity
Unrestricted funds
Unrestricted funds
2021
2020
2021
2020
£
£
£
£
5,703
372
5,703
372
23,147
-
-
-
20,000
-
-
-
48,850
372
5,703
372

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.

33

Norfolk and Norwich Festival Trust

The summary performance of the subsidiary alone is:

Turnover
Cost of sales and administration costs
Profit
Donation to parent charity
Net profit/(loss)
The assets and liabilities of the subsidiary were:
Current assets
Current liabilities
Total net assets
Aggregate share capital and reserves:
Share capital
Reserves
Total share capital and reserves		 2021
2020
£
£
43,147
-
(35,896)
(4,189)
7,251
(4,189)
(3,062)
-
4,189
(4,189)
26,265
4,371
(26,264)
(8,559)
1
(4,188)
1
1
-
(4,189)
1
(4,188)

6. Investment income

All of the group’s investment income of £267 (2020: £2,719) arises from money held in interest bearing deposit accounts. £267 of the investment income is unrestricted income and £nil restricted income (2020: £2,668 unrestricted and £51 restricted).

7. Expenditure on raising funds

Fundraising costs
Fundraising support costs(see note 8)
Operation of festival ‘Spiegeltent’ bar		 Group
Charity
2021
2020
2021
2020
£
£
£
£
93,486
89,941
79,531
89,941
34,958
31,989
34,958
31,989
21,941
4,189
-
-
150,385
126,119
114,489
121,930

All expenditure on raising funds is unrestricted.

34

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 16)
Support costs (see note 8)
Total		 Norfolk &
Norwich Festival
Open
Studios
Festival
Bridge
Common
Ground
Total
Total
2021
2021
2021
2021
2021
2020
£
£
£
£
£
£
161,638
-
-
-
161,638
172,972
628,895
-
-
-
628,895
216,160
212,168
-
-
-
212,168
196,253
23,807
-
-
-
23,807
17,919
26,005
-
-
-
26,005
33,064
58,582
-
-
-
58,582
54,404
-
45,939
-
-
45,939
22,208
-
-
278,371
139,587
417,958
407,209
-
-
189,548
-
189,548
186,768
-
-
-
-
-
375
125,004
7,492
93,986
24,474
250,956
215,065
1,236,099
53,431
561,905
164,061
2,015,496
1,522,397

Expenditure on charitable activities was £2,015,496 (2020: £1,522,397) of which £1,061,808 (2020: £711,135) was unrestricted, and £953,687 (2020: £811,262) 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 16)
Support costs (see note 8)
Total		 Norfolk & Norwich
Festival
Open
Studios
Festival
Bridge
Common
Ground
Total
2020
2020
2020
2020
2020
£
£
£
£
£
172,972
-
-
-
172,972
216,160
-
-
-
216,160
196,253
-
-
-
196,253
17,919
-
-
-
17,919
33,064
-
-
-
33,064
54,404
-
-
-
54,404
-
22,208
-
-
22,208
-
-
336,739
70,470
407,209
-
-
186,768
-
186,768
375
-
-
-
375
89,984
6,879
94,319
23,883
215,065
781,131
29,087
617,826
94,353
1,522,397

35

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:

Core CALSA (Culture & Arts Leaders in Schools &
Academies)
Active Learning Trust
Ormiston Victory Academy
The Lark Teaching School
Westley Middle School
Moving IT On project
Cambridge Junction
New International Encounter (NIE)
Norfolk Museums
University of Cambs. Museums
Norwich Puppet Theatre
Student Support project
Metal Culture
Rewriting Rural Racism
Sheringham little theatre
Towards activities of Local Cultural Education
Partnerships
Arts Connect
Creative Arts East
Ipswich LCEP
Lowestoft Rising
Norfolk County Council
PHACE CIC
Young Norfolk Arts Trust
Suffolk County Council
Magic Acorns
UROCK Creative
Towards Let’s Create Pack activities
Association of Suffolk Museums
Norfolk Museums Service
We are Ipswich
20Twenty Productions
Babylon Arts Centre
Total		 2021
2020
3,000
-
-
510
25,000
-
20,000
-
5,000
-
1,150
-
-
-
500
-
-
23,982
25,000
27,906
2,500
-
-
-
25,000
30,000
3,000
3,000
3,000
-
5,000
5,000
5,000
5,000
-
7,150
-
26,700
25,000
25,000
-
25,000
27,400
7,518
-
-
-
1,500
4,000
4,000
4,500
-
189,548
186,768

36

Norfolk and Norwich Festival Trust

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:

Management
Human resources & office
administration
Finance support
IT support
Premises costs
New database
Depreciation
Governance
Total		 Norfolk &
Norwich
Festival
Open
Studios
Festival
Bridge
Common
Ground
Project
Expenditure
on raising
funds
Total
Total
2021
2021
2021
2021
2021
2021
2020
£
£
£
£
£
£
£
(see note 8)
(see note 8)
(see note 8)
(see note 8)
(see note 7)
23,695
1,405
18,902
3,849
6,555
54,406
36,355
19,711
1,192
15,332
4,359
5,561
46,155
43,138
25,615
1,556
20,024
5,822
7,263
60,280
58,084
9,078
591
7,601
2,855
2,757
22,882
26,161
32,336
1,844
23,726
4,913
8,605
71,424
48,843
1,177
77
986
370
358
2,968
5,454
4,094
253
31
12
1,181
5,571
7,215
9,298
574
7,384
2,294
2,678
22,228
21,804
125,004
7,492
93,986
24,474
34,958
285,914
247,054

Analysis of governance and support costs

Analysis of governance and support costs
Audit fees
Board meeting costs
Staff costs attributable to governance activities
Subscriptions
Irrecoverable VAT		 2021
2020
£
£
7,620
7,650
202
44
13,953
13,748
-
453
138
224
22,228
21,804
Prior Year
Comparatives
Management
Human resources & office
administration
Finance support
IT support
Premises costs
New database
Depreciation
Governance
Total		 Norfolk &
Norwich
Festival
Open
Studios
Festival
Bridge
Common
Ground
Project
Expenditure
on raising
funds
Total
2020
2020
2020
2020
2020
2020
£
£
£
£
£
£
(see note 8)
(see note 8)
(see note 8)
(see note 8)
(see note 7)
12,169
992
14,830
3,754
4,610
36,355
15,385
1,176
16,841
4,265
5,471
43,138
20,715
1,584
22,677
5,742
7,366
58,084
9,331
713
10,213
2,586
3,318
26,161
17,419
1,332
19,069
4,829
6,194
48,843
1,945
149
2,129
539
692
5,454
5,244
338
48
12
1,573
7,215
7,776
595
8,512
2,156
2,765
21,804
89,984
6,879
94,319
23,883
31,989
247,054

37

Norfolk and Norwich Festival Trust

9. Net (expenditure)/income for the year

This is stated after charging:

This is stated after charging:
2021 2020
£ £
Operating leases 1,724 576
Depreciation 5,570 7,215
Foreign exchange gain/(loss) (3,922) (6,269)
Fees paid to auditor:
Audit 7,620 7,650
Non-audit services (tax advice and assurance) 2,910 750
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.

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

Salaries and wages
Social security costs
Pension costs		 2021
2020
£
£
824,815
763,471
65,489
61,557
15,301
14,693
905,605
839,721

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 (2020: None). 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 £130,614 (2020: £121,737).

Staff numbers

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

Norfolk & Norwich Festival
Open Studios
Festival Bridge
Common Ground
Fundraising and festival bar
Executive and support		 2021
2020
Number
Number
11.1
10.0
0.6
0.6
6.1
5.7
2.8
2.1
3.2
2.7
4.4
4.3
28.2
25.4

38

Norfolk and Norwich Festival Trust

The average head count per month was 43 (2020: 36).

The number of staff who had employee benefits of more than £60,000 in the following ranges were:

2021 2020
Number Number
£70,001-£80,000 1 1

11. 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.

12. Tangible Fixed Assets – Group and Charity

Cost:
At 1 January 2021
Additions
Disposals
At 31 December 2021
Depreciation:
At 1 January 2021
Charge for the year
Released on disposal
At 31 December 2021
Net book value:
At 1 January 2021
At 31 December 2021		 Computer
Equipment
Office
Equipment
and
Fittings
Production
Equipment
Leasehold
Improvements
(under
construction)
Total
£
£
£
£
£
93,471
47,185
2,466
-
143,122
4,599
-
2,700
-
-
-
153,523
-
160,822
-
98,070
49,885
2,466
153,523
303,944
86,186
46,812
2,261
-
135,259
5,272
-
93
-
205
-
-
5,570
-
91,458
46,905
2,466
-
140,829
7,285
373
205
-
7,863
6,612
2,980
-
153,523
163,115

39

Norfolk and Norwich Festival Trust

13. Investments

Charity

The Charity investments total of £1 (2020: £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: Norwich Guildhall, Gaol Hill, Norwich, England, NR2 1JS. Its principal activity is a trading subsidiary company to Norfolk and Norwich Festival Trust. During the year its activities were the operation of a bar at the annual Norfolk and Norwich Festival and managing the sponsorship for the festival. Please see note 5 for the financial performance for the year.

14. Debtors

Trade debtors
Other debtors
Prepayments and accrued income
VAT recoverable
Amount due from subsidiary undertaking		 Group
Charity
2021
2020
2021
2020
£
£
£
£
41,988
2,980
41,988
2,980
145
207
143
207
247,494
81,820
250,557
81,820
15,407
5,745
15,407
5,745
-
-
23,202
8,559
305,034
90,752
331,297
99,311

15. Creditors falling due within one year

Trade creditors
Other creditors and accruals
Accruals for grant making activities
Deferred income
Taxation and social security costs
Deferred income reconciliation
Deferred income brought forward
Deferred income recognised
Deferred income arising
Deferred income carried forward		 As
Restated
Group
As
Restated
Charity
2021
2020
2021
2020
£
£
£
£
69,487
86,671
69,487
86,671
22,994
19,136
22,994
19,137
11,710
43,150
11,710
43,150
21,700
19,967
21,700
19,967
15,575
18,265
15,575
18,265
141,466
187,189
141,466
187,190
Group
Charity
2021
2020
2021
2020
£
£
£
£
19,967
58,003
19,967
58,003
(16,767)
(58,003)
(16,767)
(58,003)
18,500
19,967
18,500
19,967
21,700
19,967
21,700
19,967

Deferred income comprises participation fees received in advance for the Open Studios scheme of £Nil (2020: £15,729), project delivery income received in advance of delivery of £3,200 (2020: £3,200), sponsorship income for 2021 festival of £3,500 (2020: £1,000), Festival Bridge income of £15,000 (2020: £Nil) and festival Friend income of £Nil (2020: £38).

40

Norfolk and Norwich Festival Trust

16. Analysis of charitable funds

Analysis of movements in unrestricted funds (Group)

Funds Funds Income Income Expenditure Expenditure Gains/ Transfers Transfers Funds Funds
1 Jan (losses) 31 Dec
21 21
£ £ £ £ £ £
General fund 274,074 1,212,449 (1,142,343) (3,922) (80,765) 259,493
Designated funds
New database 7,930 - (2,968) - - 4,962
Future programme investment
62,666		 - - - 20,888 83,554
Rebrand & redesign 9,285 - (6,791) - - 2,494
Office move 34,717 - (5,724) - 12,800 41,793
IN SITU programme 145,000 - (9,258) - - 135,742
investment
NNF projects - COVID 56,320 - (45,083) - - 11,237
postponement
NNF History project 10,000 - (26) - - 9,974
Common Ground 20,000 - - - (10,000) 10,000
Orchestras Live Project - - - - 23,000 23,000
CL Artist at My Place - - - - 15,000 15,000
XI Biennial Project - - - - 2,000 2,000
Open Studios Website - - - - 5,000 5,000
Guildhall restoration 153,523 153,523
Total unrestricted funds 619,992 1,212,449 (1,212,193) (3,922) 141,446 757,772
Prior year Funds Income Expenditure Gains/ Transfers
Funds
comparatives 1 Jan 20 (losses) 31 Dec 20
£ £ £ £ £ £
General fund 245,403 1,081,039 (817,891) 6,269 (240,746) 274,074
Designated funds
New database 13,383 - (5,453) - - 7,930
Future programme 62,666 - - - - 62,666
investment
Rebrand & redesign 13,162 - (3,877) - - 9,285
Office move 8,750 - (10,033) - 36,000 34,717
IN SITU programme 39,500 - - - 105,500 145,000
investment
NNF projects - COVID - - - - 56,320 56,320
postponement - - - - - -
NNF History project - - - - 10,000 10,000
Common Ground - - - - 20,000 20,000
Total unrestricted funds 382,864 1,081,039 (837,254) 6,269 (12,926) 619,992

41

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 projects - COVID
postponement
NNF History project
Common Ground
Orchestras Live Project
CL Artist at My Place
XI Biennial Project
Open Studios Website
Fixed assets
Total unrestricted funds
Prior year
Comparatives
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		 in unrestricted funds (Charity)
Funds
Income
Expenditure
Gains/
Transfers
Funds
1 Jan 21
(losses)
31 Dec 21
£
£
£
£
£
£
278,263
1,172,364
(1,106,448)
(3,922)
(80,765)
259,492
7,930
-
(2,968)
-
4,962
62,666
-
-
-
20,888
83,554
9,285
-
(6,791)
-
-
2,494
34,717
-
(5,724)
-
12,800
41,793
145,000
-
(9,258)
-
-
135,742
56,320
-
(45,083)
-
-
11,237
10,000
-
(26)
-
-
9,974
20,000
-
-
-
(10,000)
10,000
-
-
-
-
23,000
23,000
-
-
-
-
15,000
15,000
-
-
-
-
2,000
2,000
-
-
-
-
5,000
5,000
-
-
-
-
153,523
153,523
624,181
1,172,364
(1,176,298)
(3,922)
141,446
757,771
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

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 2022.

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

42

Norfolk and Norwich Festival Trust

The rebrand & redesign fund is being used for an organisational rebranding which was unveiled in late 2019, the work is due to complete in 2022.

The office move fund is designated for an office relocation to fully accessible premises in 2021 and will be fully expended during 2022.

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.

The NNF projects – COVID postponement fund is for projects that were delayed during 2020 as a result of the Corona Virus pandemic. The remainder of these funds will continue to support those activities in 2022.

The NNF History project fund is an oral project 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.

The Side By Side: Orchestras Live Project is a designated fund for project delayed because of Covid19. Partners have been unable to deliver in partnership with schools in 2021. Presentation rescheduled for 2022.

The CL Artist at My Place is a designated fund for residencies in schools, delayed due to Covid-19. Residencies to be undertaken in 2022.

The XI Biennial Project is a designated fund towards the research and development of the X1 Biennial, a large-scale visual arts event led by independent artists and curators. Pilot event due to take place in 2023.

The Open Studios Website is a designated fund for technical upgrades to the Open Studios website. Postponed from 2021 to 2022.

The Fixed Assets fund represents the net book value of fixed assets and was a new designated fund established in 2021 as a result of the significant leasehold improvements undertaken on the Guildhall property.

Transfers include the guildhall restoration costs which have been transferred to the designated fixed asset fund during the year.

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Norfolk and Norwich Festival Trust

Analysis of movements in restricted funds (Group and Charity)

Restricted funds
Festival Bridge
Common Ground
Lost & Found Films
Project
Co-commissioning and
Partnership Fund
Creative Learning Fund
Commissioning Fund
Piano Fund
Billy & The Beast
Project
ACE - Cultural
Recovery Fund #2
Guildhall Capital Project
ACE - CIN PPP
NCC Experience
Total restricted funds
Prior year
comparatives
Restricted funds
Festival Bridge
Common Ground
Lost & Found Films
Project
Co-commissioning and
Partnership Fund
Creative Learning Fund
Commissioning Fund
Piano Fund
Billy & The Beast Project
Total restricted funds		 Funds
Income
Expenditure
Gains/
Transfers
Funds
1 Jan 21
(losses)
31 Dec 21
£
£
£
£
£
£
226,795
602,653
(561,905)
-
-
267,543
8,300
156,792
(164,061)
-
10,000
11,031
57,801
12,500
(9,324)
-
-
60,977
-
75,460
(75,460)
-
-
-
-
2,000
-
-
-
2,000
4,082
8,000
-
-
-
-
-
77,250
153,523
40,000
-
-
(79,327)
-
(13,611)
-
-
-
-
-
-
-
2,077
(153,523)
-
4,082
8,000
-
-
26,389
-
50,000
(50,000)
-
-
-
304,978
1,170,178
(953,688)
-
(141,446)
380,022
Funds
Income
Expenditure
Gains/
Transfers
Funds
1 Jan 20
(losses)
31 Dec 20
£
£
£
£
£
£
237,903
598,808
(617,826)
-
7,910
226,795
923
96,714
(94,353)
-
5,016
8,300
74,361
51
(17,611)
-
1,000
57,801
-
68,997
(68,997)
-
-
-
-
10,200
(9,200)
-
(1,000)
-
2,900
-
(2,900)
-
-
-
4,457
-
-
8,000
(375)
-
-
-
-
-
4,082
8,000
320,544
782,770
(811,262)
-
12,926
304,978

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.

44

Norfolk and Norwich Festival Trust

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 £1,000 was received from the Fuller Endowment Fund. In 2022 a further £12,500 was received (£2,500 North Norfolk DC, £3,000 The Geoffrey Watling Charity, £6,000 Ellerdale Trust and £1,000 Arts Society Norwich to help 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.

Guildhall Capital Project was funding received from Norwich City Council for the improvements works to Norwich Guildhall. The corresponding expenditure has been capitalised as a fixed asset and not recognised in expenditure.

The Culture Recovery Fund #2 is restricted funding towards Covid safety and seed funding of longterm projects.

The CIN PPP Fund is restricted funding for Creative Individuals Norfolk #2 Poster, Pamphlets and other Paraphernalia towards artistic and community support and creation.

Transfers include the guildhall restoration costs which have been transferred to the designated fixed asset fund during the year as the items were capitalised as leasehold improvements when the funds were spent thus releasing the restriction.

45

Norfolk and Norwich Festival Trust

17. Analysis of assets between funds (Group)

Tangible fixed assets
Cash at bank and in hand
Other net current
assets/(liabilities)
Total net assets
Prior year comparatives
Tangible fixed assets
Cash at bank and in hand
Other net current
assets/(liabilities)
Total net assets
nalysis of assets between
Tangible fixed assets
Investments
Cash at bank and in hand
Other net current
assets/(liabilities)
Total net assets
Prior year comparatives
Tangible fixed assets
Investments
Cash at bank and in hand
Other net current
assets/(liabilities)
Total net assets		 General
fund
Designated
funds
Restricted
funds
Total
funds
£
£
£
£
9,592
153,523
-
163,115
303,463
344,757
162,891
811,111
(53,563)
-
217,131
163,568
259,492
498,280
380,022
1,137,794
General
fund
Designated
funds
Restricted
funds
Total
funds
£
£
£
£
7,863
-
-
7,863
378,309
345,918
289,317
1,013,544
(112,098)
-
15,661
(96,437)
274,074
345,918
304,978
924,970
funds (Charity)
General
fund
Designated
funds
Restricted
funds
Total
funds
£
£
£
£
9,592
153,523
-
163,115
1
-
-
1
277,199
344,757
162,891
784,847
(27,301)
-
217,131
189,830
259,491
498,280
380,022
1,137,793
General
fund
Designated
funds
Restricted
funds
Total
funds
£
£
£
£
7,863
-
-
7,863
1
-
-
1
373,939
345,918
289,317
1,009,174
(103,540)
-
15,661
(87,879)
278,263
345,918
304,978
929,159

Analysis of assets between funds (Charity)

46

Norfolk and Norwich Festival Trust

18. Analysis of changes in net debt (Group)

At 1 Jan Cash flows Foreign At 31 Dec
21 exchange 21
movements
£ £ £ £
Cash 2,401 (1,630) - 771
Cash at bank 1,011,143 (196,881) (3,922) 810,340
Total changes in net debt 1,013,544 (198,511) (3,922) 811,111
Prior year comparatives At 1 Jan 20 Cash flows Foreign At 31 Dec
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
Analysis of changes in net debt (Charity)
At 1 Jan Cash flows Foreign At 31 Dec
21 exchange 21
movements
£ £ £ £
Cash 2,401 (1,630) - 771
Cash at bank 1,006,773 (218,775) (3,922) 784,076
Total changes in net debt 1,009,174 (220,405) (3,922) 784,847
Prior year comparatives At 1 Jan 20 Cash flows Foreign At 31 Dec
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

47

Norfolk and Norwich Festival Trust

19. 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 2021 there was £23,179 recharged by the Charity to the subsidiary with regards to employment costs (2020: £Nil). At the balance sheet date Norfolk & Norwich Festival Limited owed £23,202 (2020: £8,559) to the charity (as disclosed in note 15).

There are no other related party transactions.

20. Commitments under operating leases

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

Total future minimum lease payments:
Less than one year
Two to five years
More than five years
Total commitment		 2021
2020
Leasehold
Property
Office
Equipment
£
£
16,300
360
60,000
-
148,750
-
225,050
360

There were no operating leases held by the Group in the year to 2021 with regards to Office Equipment. The operating leases taken out in the year to 2021 relate to the Charity’s operating premises at the Guildhall, and a storage facility.

48