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2022-12-31-accounts

Norfolk and Norwich Festival Trust

A Charitable Incorporated Organisation

Annual report and accounts

Year ended 31 December 2022

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
Delivery of activities		 2
5
Organisational development		 9
6
Looking forward – a festival for the twenty first century		 10
7
Financial Review of 2022		 11
8
Reference and administrative details		 14
9
Governance and management		 15
10
Trustees’ responsibilities statement		 17
Independent auditor’s report 18
Consolidated Statement of Financial Activities 21
Charity Statement of Financial Activities 22
Consolidated and Charity Balance Sheet 23
Consolidated and Charity Statement of Cash Flows 24
Notes to the accounts 25

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 2022.

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 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 in 2022 were 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 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 was one of ten National Bridge Organisations supported by Arts Council England until 31 March 2023, with a mandate to develop arts and cultural opportunities for children and young people in the East of England. Festival Bridge created and facilitated partnerships and networks between the cultural and educational sectors to improve the cultural offer, for the benefit of all children and young people across Cambridgeshire, Norfolk, Peterborough and Suffolk.

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

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Norfolk and Norwich Festival Trust

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.

All of our work is underpinned by our ‘programme principles’ – our embrace of:

Norfolk & Norwich Festival’s goals are:

All of our work is underpinned by our core values, which 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.

4 Delivery of Activities

Overview

In 2022 Norfolk & Norwich Festival celebrated its 250[th] anniversary – a milestone that positions us as one of the country's oldest festivals. From its genesis as a hospital fundraiser, to one of the continents pre-eminent classical music events, to modern-day multi-arts festival, its longevity reflects our community’s embrace of the immense power of culture.

We hailed our rich heritage through a range of projects. A celebration of Jenny Lind, Fairytales & Nightingales, acknowledged our historic links to Norfolk and Norwich Hospital; we revisited a 1936 Festival commission – Vaughan Williams’ Five Tudor Portraits’ and heralded our anniversary from the rooftops with a series of 250 Fanfares.

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Looking to the future, we presented projects created for, or by young people, including Lost & Found Films, which brought together 80 children from across Norfolk for a red-carpet premiere of their own cinematic creations; Side by Side saw young Norfolk musicians create a county-wide music trail’ and over 400 children were introduced to classical music through work based on Nadia Shireen’s wonderful Billy and the Beast.

While all eyes were on May’s 250 celebrations, across the county our work goes on year-round. Norfolk Open Studios settled into its new autumn timeslot, bringing visitors to enjoy, and be inspired by the county’s makers and creators; November saw us delivering a series of exciting artists residencies cocurated with schools in Norwich and North Walsham; and our three-year Common Ground project concluded in March 2023 having challenged young people from across the region to engage and interpret their own local environment in new and exciting ways.

For a decade Festival Bridge forged and nurtured links between cultural organisations and schools, enriching the lives of tens of thousands of children. Funding for the national Bridge programme came to an end in March 2023 and we have been working hard to ensure the legacy is continued through a major new initiative – Festival Connect & Create – which launched in April 2023. We are delighted Arts Council England has agreed to support this work.

Norfolk & Norwich Festival: 13 May – 29 May 2022

Returning with its first full programme since the Covid-19 pandemic, the Festival launched on 13 May with Station House Opera’s Dominos. Over 10,000 people watched 7,500 giant dominoes topple through the streets of Norwich from Anglia Square to the Forum. Creating Festival Spirit across the whole city, Station House Opera’s Dominos brought communities together through participation and engagement - over 150 volunteers supported the construction of the 1.6mile line of blocks which took 28 minutes to topple.

The Festival continued with

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This included 42 new commissions made up of:

Following the lifting of the Covid-19 restrictions on travel we were once again able to programme works by 17 international artists/companies in the Festival.

The Festival: Audiences

The estimated total audience was more than 60,000. Of these an estimate 36,000 attended 42 free events with a third of our free event audience being first-time attendees and 41% were under 35 years old.

97% of our audiences rated their Festival experience as ‘good’ or ‘very good’ and 95% of audiences agreed the Festival is good for Norfolk & Norwich’s image.

“We loved the atmosphere at all of the events… (there were) outstanding performances of fresh and innovative music. Nice to not see the same old thing.” Audience Member

In total 13,891 individual tickets were sold through the Festival Box Office.

The Festival: Young People

Increasingly we are encouraging young audiences and enabling young artists to be part of the Festival. In 2022, of our total audience, over 5,400 were under 24 years of age and with support from our sponsor Alumno, the 18-25 discount ticket scheme provided over 800 subsidised tickets to young people. Works targeting our young audiences and participants included:

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“I felt scared and a little bit nervous, but now I feel really brave” Young Lost & Found Filmmaker.

“I didn’t think I would enjoy the technical side, but I love it and want to do more” 10 Minute Dance Party participant

The Festival: Accessible & Inclusive

We strive to make Norfolk & Norwich Festival for everyone. England is a diverse and exciting place and we seek to make our work accessible and reflect that diversity through our programme, our workforce and our audiences. As part of this mission we were pleased to include within the Festival programme:

Of our audiences:

The Festival wouldn’t be possible without our incredible volunteers. 182 individuals supported the delivery of the 2022 Festival. This included:

The Festival: Investing in Artists

Nurturing artists is at the heart of what we do. We support them through Festival presentations, new commissions and professional development projects. In 2022 this included:

nnfestival.org.uk/2022-2/

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Creative Communities

Away from the May celebration, Norfolk & Norwich Festival works year-round on a number of projects and initiatives to bring the transformative power of culture to communities across the region.

Creative Communities: Norfolk Open Studios, 24 September – 9 October

Norfolk Open Studios is an annual event which celebrates the creativity and talent of Norfolk makers and creators. Artists at all stages of their careers take part, from school and college students through emerging artists to established and professional artists.

2022 was the second year Norfolk Open Studios took place during the Autumn, from 24 September to 9 October.

‘The students that have participated were proud of showing their work to others. We had a school trip to visit Norwich and they were so glad to see their work in a proper art gallery’. Participating schoolteacher

‘Discovering great artists who practically live on my doorstep! I wouldn’t have known about them otherwise.’ Studio visitor

Creative Communities: Creative Learning

The Creative Learning programme delivered year-round arts activities to schools and isolated communities. In the 2022 Festival, Lost & Found Films of Norfolk, 10-Minute Dance Parties and Billy & The Beast all saw the Creative Learning team reaching out to hundreds of young people to offer them the opportunity to creatively input toward the 250 celebrations.

Creative Learning also delivery Artist at My Place – co-designed with schools, the initiative places artists into those schools most in-need. Enabling children to explore their creativity, the residencies are crafted to specifically fit the needs of the individual schools land their children. The programme aims to build a sustainable relationship with the schools year on year. Across 2022 6 Artist at my Place projects worked with 240 school children from economically deprived areas in Norfolk.

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Creative Communities: 250 projects:

From 2020 to 2022, we delivered a number of special 250 projects, designed to reach out to Norfolk communities over an extended period. While heavily affected by the pandemic, we were still able to bring these four projects to fruition.

Common Ground:

A three-year regional project supported by the National Lottery Heritage Fund, established to help young people discover, define and design their local heritage, Common Ground has creatively engaged with 13–25-year-olds to provide a range of creative and skills development opportunities. Working with heritage partners and artists it has provided youth with a voice as well as a new model of engagement for heritage organisations. Key statistics of the three year programme include:

Common Ground 2022 delivery projects included:

Lost & Found Films:

Lost & Found Films has seen artists, from various disciplines, collaborating with schools and young people to devise a series of films made around their imagined histories of Norfolk. Conceived by Andy Field of Forest Fringe, we showcased the work of eight schools in an exhibition at The Forum and held a special red-carpet premiere at Cinemas City during 2022’s Festival. A further three schools completed their films following the Festival and will be premiered at the 2023 Festival.

“I just think it would be fun for everyone to experience what we’ve experienced.” North Walsham Junior School Pupil

Festival Forever:

Festival Forever is a National Lottery Heritage Fund project that works with volunteers to research and record the 250 years of the Festival. In May 2022, the first 100 years of the Festival were presented in an exhibition at the Museum of Norwich at the Bridewell. In the second phase of the project, volunteers are researching the full 250 years, to create a digital chronical of the Festival’s history that will be launched at the 2023 Festival.

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The Guild of Wayfinders:

With direction from Lone Twin’s Gregg Whelan and Gary Winters, and collaboration with Creative Associate Jade-Marie Anderson, The Guild of Wayfinders brought together seven volunteers for a special tour of Norwich Guildhall for our 250[th] anniversary.

The tour, entitled Every Step is a Different Height, interlaced history, art and stories and took in the the Guildhall’s striking medieval architecture, courtrooms, crypt and more. The tour continued to take visitors around the building in monthly tours following the Festival.

Festival Bridge

Festival Bridge was a programme of the Trust and one of ten organisations funded by Arts Council England to deliver the Bridge remit across England with additional funding from the Department for Education. Festival Bridge worked across Cambridgeshire, Norfolk, Suffolk and Peterborough with a vision to ensure children and young people are equipped to shape the cultural and creative life that they want to lead and a mission to create and facilitate partnerships and networks that improve the cultural offer for all children and young people across this area.

Arts Council England funding for the national Bridge programme came to an end in March 2023. Ahead of the closing of the programme an independent evaluation was commissioned. This noted that Festival Bridge is recognised as an excellent source of sector knowledge and intelligence, with an extensive and valuable relationship network. Partners describe the Bridge as ‘informative’, ‘connected’, ‘experienced’, ‘conversationalist’, ‘expert’ and ‘observant’.

The evaluation in 2022 identified the success and impact of Festival Bridge has been to:

Festival Bridge supported partnerships in 2022 have delivered the following opportunities for children, young people and their families:

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In addition, a number of Festival Bridge legacy interventions have been implemented, these include:

5 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.

We continue to work to our Equality Diversity and Inclusion Plan and prioritise diversity and difference through our commissioning and artistic relationships - 32% of the 2022 Festival (32.4% 2021) programme was created by artists from diverse and different backgrounds.

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.

We believe the arts have an important role to play in exploring, communicating and taking practical action against issues around climate change and the environment. We recognise our operations and activity have an impact on the environment, but we are committed to measuring, understanding and reducing our impact. We seek to encourage dialogue and inspire change through our artistic and learning programmes, and in our work with artists, partners, networks and audiences.

Some of the things we’ve worked on this year include:

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Workforce Development

We continue to create entry level jobs through our Assistant roles in Production and Communications & Development. In 2022 the whole staff team engaged with ‘working with diverse communities’ training delivered by Diverse Matters. Following the confirmation of the 2023-2026 Arts Council England National Portfolio funding in October 2022 we embarked on an organisational restructure, ready for the introduction of Festival Connect & Create in April 2023.

Guildhall

In November 2021 Norfolk & Norwich Festival moved home to Norwich Guildhall. Bringing us right into the very heart of the city, we have made this iconic Norwich building our office and Festival Box Office. But we also extend an invitation to individuals and networks to share our space and help transform it into a hub for culture and heritage in Norfolk.

With funding from the Towns Deal, secured by Norwich City Council, and support from the Norwich Freeman’s Charity, we have already invested in several upgrades and have significantly improved accessibility to the building. We hope this will be the first of a number of improvements over the coming years.

6 Looking forward

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 was the last year of our two current funding agreements and from 2023 the ringfenced funding allocated to Bridge organisations across England ceased. In February 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. In October 2022 we were notified that our application was successful and have since worked to restructure to ready the team for the implementation of Festival Connect & Create.

Norfolk & Norwich Festival:

The Festival will continue to explore the unique physical and cultural identities of our place, providing an annual Norfolk celebration. We will:

Festival Connect & Create: A new initiative that develops our year-round work. Festival Connect & Create will generate vital opportunities to develop the creative and cultural lives of children, young people and communities across the east of England. We will:

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7 Financial Review of 2022

Consolidated results for the year to 31 December 2022 show overall net expenditure for the year of £231,334 (2021: net income of £212,824), including net expenditure of £70,784 (2021: net income of £137,780) on unrestricted funds. This net deficit is made up of a general fund surplus of £19,180 and a deficit on designated funds of £89,964. It was noted last year that the surplus in 2021 was principally due to a grant of £153,523 received for capital works on the Charity's new office. The corresponding expenditure was capitalised as a fixed asset and not recognised in expenditure, creating a mismatch and contributing most of the surplus. The net expenditure on restricted funds totalled in 2022 £160,550 (2021: net income of £75,044).

These results include those of the charity’s wholly owned trading subsidiary which donated £49,373 of profit to the charity (2021: £3,062).

Overall consolidated funds and net assets at 31 December 2022 totalled £906,460 (2021: £1,137,794) with unrestricted balances totalling £686,988 (2021: £757,772).

Income

Grants and donations

Consolidated grant and donation income totalled £1,960,120 (2021: £2,064,704).

The charity is an Arts Council England (ACE) National Portfolio Organisation (NPO) and during 2022 received funding from the Arts Council for both its core festival activity of £829,514 (2021: £829,514) and for the Festival Bridge programme £506,900 (2021: £509,200). In addition to this further funding of £30,933 (2021: £30,933) was received from ACE for Bridge project activities, £Nil (2021: £77,250) for Covid safety and seed funding of long-term projects and £Nil (2021: £40,000) for artistic and community support and creation.

The charity also received grants from Norwich City Council of £125,476 (2021: £284,323) this included a grant of £7,476 (2021: £153,523) to fund the improvement works to Norwich Guildhall. £8,083 (2021: £8,083) was received from Norfolk County Council who continued to fund our festival.

Donations from trusts and foundations totalled £41,740 (2021: £23,425), 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 £44,038 in 2022 (2021: £50,358) and consisted of income from our supporter scheme, donations made when booking events and gift aid. The value of donated goods and services decreased in the year to £34,516 (2021: £43,276).

Grant income from the National Lottery Heritage Fund totalled £229,964 (2021: £156,367), this was higher to the previous year due to the volume of activity.

Other government grant income included £Nil from District Councils (2021: 2,500), £12,765 from Kickstart Funding (2021: 9,475) and £1,750 from the Quebec Government Office (2021: £nil).

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Income from charitable activities

This income totalled £358,855 (2021: £268,806) 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 2022 was due to an increase of festival activities post the pandemic.

Income from other activities

This income was £128,323 in 2022 and consisted of fundraising event income, bar takings and corporate sponsorship (2021: £48,850).

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 2022 and 31 December 2021.

Expenditure

Total expenditure for the year was £2,678,949 (2021: £2,165,881) and includes all expenditure on the May 2022 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 2022 were £906,460 (2021: £1,137,794) of which £219,472 (2021: £380,022) related to restricted, leaving a balance of £686,988 (2021: £757,772) in unrestricted funds.

Unrestricted funds

Unrestricted funds are the general fund, and any funds designated for specific purposes by the Trustees. The unrestricted fund deficit for 2022 of £70,784 (2021: surplus of £137,780) represents a general fund surplus of £19,180 (2021: a deficit of £14,581) and a designated funds deficit of £89,964 (2021: a surplus of £152,361). A total of £16,848 was transferred into designated funds in 2022 (2021: £222,211) as detailed in note 16.

Restricted funds

Restricted fund balances at 31 December 2022 were £219,472 (2021: £380,022). The largest restricted fund is the Festival Bridge project which had a restricted fund balance relating to grant funding for future work of £169,743 (2021: £267,543). The Lost & Found Films project fund ended the year with a balance of £16,899 (2021: £60,977). These funds are expected to be fully depleted by the end of 2023. Other fund balances are as set out in note 16.

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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
Major event or intervention causing significant
systems failure		 Business continuity plans in place for office
operations – to protect staff and keep
organisation in operation.
Cyber Insurance inplace.
Change in direction by major funders:
- Arts Council England
- increasing demands on Local Authorities
especially in light of cost of living crisis		 Work closely with key stakeholders keeping
them involved in our strategic development and
to ensure we understand their priorities. 2023-26
will see development of FC&C which delivers
against ACE strategy.
Continue to demonstrate wider economic impact
and maintain close working relationship with
City Council in light of NCC leadership, staff and
elected
member
changes
and
around
development of The Halls, the Creative Compact
and Cultural Strategy.
Reduction in Local Authority investment in an
ever-changing political context and increased
pressure on Council budgets		 Continue to demonstrate economic impact and
maintain a close working relationship with City
Council to understand priorities for investment.
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 £270,381 at 31 December 2022 (2021: £249,900).

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.

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The trustees consider that the free reserves of £270,381 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%.

8 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 Professor John Last OBE

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

Brenda Arthur Chair Frances Berridge Development Committee Chair Kate Carreno Appointed 1 November 2022 Maanik Chadda Appointed 1 November 2022 Lucy Garland John Paul Garside Marc Jaffrey Karyn Maier Retired 16 August 2022 Martin Mitchell Corrienne Peasgood Festival Bridge Committee Chair Eva Pepper Retired 1 September 2022 Chris Sargisson Chris Yeates Finance Committee Chair

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Malavika Anderson Retired 1 November 2022

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

Artistic Director and Chief Executive Daniel Brine General Manager Brenda Seymour

9 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 2022 there were 11 Trustees (2021: 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 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 2022 The Trust operated three Sub-committees:

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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 2022. The Festival Bridge Committee and the Development Committee both met three times.

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. In August 2022 Trustees approved the additional appointment of Professor John Last OBE as a further Patron to the Trust.

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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10 Trustees' responsibilities statement

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

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

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s and group’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and the group and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

By order of the board of trustees

Brenda Arthur

Brenda Arthur (Aug 2, 2023, 11:47am) Brenda Arthur (Chair of Trustees) [Date] 02 Aug 2023

17

Norfolk and Norwich Festival Trust

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

Opinion

We have audited the consolidated financial statements of Norfolk and Norwich Festival Trust (the ‘parent charity’ together with its subsidiary forming the 'group') for the year ended 31 December 2022 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.

We gained an understanding of the legal and regulatory framework applicable to the group and charity, how it operates and considered the risk of the group and charity not complying with the applicable laws and regulations including fraud, in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements. In relation to the group and charity, this included employment law, financial reporting and data protection.

The risks were discussed with the audit team and we remained alert to any indications of noncompliance throughout the audit. We carried out specific procedures to address the risks identified.

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Norfolk and Norwich Festival Trust

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

These included the following:

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.

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:…………………………………………02 August 2023 Price Bailey is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

20

Norfolk and Norwich Festival Trust

Consolidated Statement of Financial Activities for the year ended 31 December 2022

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
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 (expenditure) / income
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
2022
2022
2022
2021
£
£
£
£
1,068,143
891,977
1,960,120
2,064,704
263,904
79,951
343,855
213,551
15,000
15,000
55,255
128,323
-
128,323
48,850
287
-
287
267
1,460,657
986,928
2,447,585
2,382,627
198,842
-
198,842
150,385
1,389,994
186,361
1,576,355
1,289,530
-
903,752
903,752
725,966
1,588,836
1,090,113
2,678,949
2,165,881
(128,179)
(103,185)
(231,364)
216,746
57,365
(57,365)
-
-
30
-
30
(3,922)
(70,784)
(160,550)
(231,334)
212,824
757,772
380,022
1,137,794
924,970
686,988
219,472
906,460
1,137,794

The statement of financial activities includes all gains and losses recognised in the period from 1 January to 31 December 2022. All income and expenditure derive from continuing activities.

The notes on pages 25 to 45 form part of these accounts.

21

Norfolk and Norwich Festival Trust

Charity Statement of Financial Activities for the year ended 31 December 2022

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
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 (expenditure)/income
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
2022
2022
2022
2021
£
£
£
£
1,117,517
891,977
2,009,494
2,067,766
263,904
79,951
343,855
213,551
15,000
15,000
55,255
360
-
360
5,703
287
-
287
267
1,382,068
986,928
2,368,996
2,342,542
120,253
-
120,253
114,489
1,389,994
186,361
1,576,355
1,289,531
-
903,752
903,752
725,966
1,510,247
1,090,113
2,600,360
2,129,986
(128,179)
(103,185)
(231,364)
212,556
57,365
(57,365)
-
-
30
-
30
(3,922)
(70,784)
(160,550)
(231,334)
208,634
757,771
380,022
1,137,793
929,159
686,987
219,472
906,459
1,137,793

The statement of financial activities includes all gains and losses recognised in the period from 1 January to 31 December 2022. All income and expenditure derive from continuing activities.

The notes on pages 25 to 45 form part of the accounts.

22

Norfolk and Norwich Festival Trust

Consolidated and Charity Balance Sheets as at 31 December 2022

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 Assets
Funds
Unrestricted - general
16
Restricted
16
Total Funds		 Group
Charity
2022
2021
2022
2021
£
£
£
£
235,380
163,115
235,380
163,115
-
-
1
1
235,380
163,115
235,381
163,116
260,971
305,034
358,897
331,296
629,186
811,111
531,258
784,847
890,157
1,116,145
890,155
1,116,143
(219,077)
(141,466)
(219,077)
(141,466)
906,460
1,137,794
906,459
1,137,793
686,988
757,772
686,987
757,771
219,472
380,022
219,472
380,022
906,460
1,137,794
906,459
1,137,793

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

The notes on pages 25 to 45 form part of these accounts.

02 Aug 2023 The accounts were approved by the Board of Trustees on …………… and signed on their behalf by:

Brenda Arthur

Brenda Arthur (Aug 2, 2023, 11:47am) Brenda Arthur

Chair of Trustees on behalf of the Trustees

23

Norfolk and Norwich Festival Trust

Consolidated and Charity Statements of Cash Flows for year ended 31 December 2022

Note
Cash flow from operating activities
Cash flows from investing activities
Investment income
Purchase of tangible fixed assets
12
Profit on disposal of tangible fixed assets
Cash (used in)/provided by investing activities
Cash flow from financing activities
Interest paid
Cash (used in)/provided by financing 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		 Group
Charity
2022
2021
2022
2021
£
£
£
£
(88,750)
(40,027)
(160,414)
(61,921)
287
267
287
267
(93,662)
(160,822)
(93,662)
(160,822)
200
-
200
-
(93,175)
(160,555)
(93,175)
(160,555)
-
(1,851)
-
(1,851)
-
(1,851)
-
(1,851)
(181,925)
(202,433)
(253,589)
(224,327)
811,111
1,013,544
784,847
1,009,174
629,186
811,111
531,258
784,847

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

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
2022
2021
2022
2021
£
£
£
£
(231,334)
212,824
(231,334)
208,634
21,197
5,570
21,197
5,570
(287)
(267)
(287)
(267)
-
1,851
-
1,851
44,062
(214,281)
(27,601)
(231,985)
77,612
(45,724)
77,611
(45,724)
(88,750)
(40,027)
(160,414)
(61,921)

The notes on pages 25 to 45 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

The trustees have considered the position of the Trust at the time of signing the financial statements, including its reserves, financial projections, and the renewed National Portfolio Funding from Arts Council England for the period 1 April 2023 to 31 March 2026. Based on this, the trustees have concluded that they have a reasonable expectation that the charity will have adequate resources to continue in operational existence for the foreseeable future, and at least twelve months from the date of signing these financial statements, they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

c) Group financial statements

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

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.

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Norfolk and Norwich Festival Trust

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.

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.

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Norfolk and Norwich Festival Trust

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/20% straight line Office equipment & fittings 25% reducing balance/25% straight line/10% straight line Production equipment 33.3% straight line Leasehold Improvements 10% straight line

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.

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:

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Norfolk and Norwich Festival Trust

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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Norfolk and Norwich Festival Trust

3. Grants and donations

Charity

Arts Council England grant
income
ACE NPO grant
ACE NPO Festival Bridge grant
ACE Festival Bridge Network
Expansion
ACE – Cultural Recovery Fund
ACE - PPP
Other government grant
income
Norwich City Council
Norfolk County Council
District councils
Kickstart Funding
Quebec Government Office
Other grants & donations
Trusts and foundations
National Lottery Heritage Fund
– Common Ground
National Lottery Heritage Fund
– Festival Forever
Norwich Freemans Charity
Individual giving
Donated goods and services
Donation from subsidiary		 Unrestricted funds
Restricted funds
Total
Total
2022
2021
2022
2021
2022
2021
£
£
£
£
£
£
829,514
829,514
-
-
829,514
829,514
-
-
506,900
509,200
506,900
509,200
-
-
30,933
30,933
30,933
30,933
-
-
-
77,250
-
77,250
-
-
-
40,000
-
40,000
118,000
130,800
7,476
153,523
125,476
284,323
8,083
8,083
-
-
8,083
8,083
-
-
-
2,500
-
2,500
5,203
2,210
7,562
7,265
12,765
9,475
1,750
-
-
-
1,750
-
27,040
11,000
14,700
12,425
41,740
23,425
-
-
229,964
156,367
229,964
156,367
-
-
34,442
-
34,442
-
-
-
60,000
-
60,000
-
44,038
50,358
-
-
44,038
50,358
34,516
43,276
-
-
34,516
43,276
49,373
3,062
-
-
49,373
3,062
1,117,517
1,078,303
891,977
989,463
2,009,494
2,067,766

Charity

The Charity’s ‘Grants and Donations’ total includes donations paid and payable from its subsidiary undertaking, Norfolk & Norwich Festival Limited, of £49,373 (2021: £3,062) and £1,515,421 (2021: £1,791,278) from government grants. This includes funds from the Arts Council England of £1,367,347 (2021: £1,486,897) which funded Festival Bridge and core funding for the organisation. Also, £148,074 (2021: £304,381) from local authorities; Norwich City Council £125,476 (2021: £284,323) and Norfolk County Council £8,083 (2021: £8,083), these grants supported the core activities of the organisation and £0 (2021: £153,523) received from Norwich City Council was received for the purposes of funding the Charity’s move to the Guildhall. There are no unfulfilled conditions relating to these grants (2021: None).

Donated goods and services refer to various items that relate to the 2022 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 £1,960,120 (2021: £2,064,704). Of this £1,068,143 (2021: £1,075,421) was unrestricted and £891,977 (£989,463) was restricted. The difference between amounts receivable by the Group and by the Charity in 2022 is accrued gift-aid of £49,373 (2021: £3,062) from the Charity’s trading subsidiary Norfolk and Norwich Festival Ltd.

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Norfolk and Norwich Festival Trust

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.

4. Income from charitable activities

Group and charity
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
2022
2021
2022
2021
2022
2021
£
£
£
£
£
£
183,415
30,196
280
-
183,695
30,196
5,363
1,515
-
-
5,363
1,515
22,256
28,244
-
-
22,256
28,244
200
3,906
-
-
200
3,906
2,990
2,450
-
-
2,990
2,450
49,680
21,780
-
-
49,680
21,780
-
-
79,671
125,460
79,671
125,460
-
-
15,000
55,255
15,000
55,255
263,904
88,091
94,951
180,715
358,855
268,806

5. Income earned from trading activities

Fundraising events
Festival ‘Spiegeltent’ bar
Sponsorship		 Group
Charity
Unrestricted funds
Unrestricted funds
2022
2021
2022
2021
£
£
£
£
360
5,703
360
5,703
74,691
23,147
-
-
53,272
20,000
-
-
128,323
48,850
360
5,703

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.

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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		 2022
2021
£
£
127,963
43,147
(78,590)
(35,896)
49,373
7,251
(49,373)
(3,062)
-
4,189
97,928
26,265
(97,927)
(26,264)
1
1
1
1
-
-
1
1

6. Investment income

All of the group’s investment income of 287 (2021: £267) arises from money held in interest bearing deposit accounts. £287 of the investment income is unrestricted income and £0 restricted income (2021: £267 unrestricted and £nil restricted).

7. Expenditure on raising funds

Fundraising costs
Fundraising support costs(see note 8)
Operation of festival ‘Spiegeltent’ bar		 Group
Charity
2022
2021
2022
2021
£
£
£
£
98,183
93,486
82,767
79,531
37,486
34,958
37,486
34,958
63,173
21,941
-
-
198,842
150,385
120,253
114,489

All expenditure on raising funds is unrestricted.

31

Norfolk and Norwich Festival Trust

8. Expenditure on charitable activities

a. Analysis of expenditure on charitable activities – Group and charity

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)
Support costs (see note 8)
Total		 Norfolk &
Norwich Festival
Open
Studios
Festival
Bridge
Common
Ground
Total
Total
2022
2022
2022
2022
2022
2021
£
£
£
£
£
£
328,070
-
-
-
328,070
161,638
632,876
-
-
-
632,876
628,895
242,167
-
-
-
242,167
212,168
31,622
-
-
-
31,622
23,807
26,760
-
-
-
26,760
26,005
127,691
-
-
-
127,691
58,582
-
43,499
-
-
43,499
45,939
-
-
345,047
220,676
565,723
417,958
-
-
219,851
-
219,851
189,548
135,520
8,150
93,296
24,882
261,848
250,956
1,524,706
51,649
658,194
245,558
2,480,107
2,015,496

Expenditure on charitable activities was £2,480,107 (2021: £2,015,496) of which £1,389,994 (2021: £1,061,808) was unrestricted, and £1,090,113 (2021: £953,687) 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
2021
2021
2021
2021
2021
£
£
£
£
£
161,638
-
-
-
161,638
628,895
-
-
-
628,895
212,168
-
-
-
212,168
23,807
-
-
-
23,807
26,005
-
-
-
26,005
58,582
-
-
-
58,582
-
45,939
-
-
45,939
-
-
278,371
139,587
417,958
-
-
189,548
-
189,548
-
-
-
-
-
125,004
7,492
93,986
24,474
250,956
1,236,099
53,431
561,905
164,061
2,015,496

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:

32

Norfolk and Norwich Festival Trust

Core CALSA (Culture & Arts Leaders in Schools &
Academies)
Active Learning Trust
Westley Middle School
Moving IT On project
Cambridge Junction
New International Encounter (NIE)
Norfolk Museums
Norwich Puppet Theatre
Jumped Up Theatre
Rock Paper Scissors
The Fitzwilliam
The Junction CDC
The Sainsbury Centre for Visual Arts
Virtually There
We Are Unit Dance CIC
Partnership Investment
Climate Museum
Colchester Borough Council
East Suffolk Council
Other activities
East Suffolk District Council
Roja Arts CIC
The Elliot Foundation
Rewriting Rural Racism
Sheringham little theatre
Towards activities of Local Cultural Education
Partnerships
Creative Arts East
Lowestoft Rising
PHACE CIC
Young Norfolk Arts Trust
Suffolk County Council
Magic Acorns
UROCK Creative
Towards Let’s Create Pack activities
Norfolk Museums Service
20Twenty Productions
Babylon Arts Centre
Total		 2022
2021
-
-
-
1,500
-
1,500
5,000
5,550
1,500
1,500
5,000
5,000
5,000
5,000
36,330
10,000
500
3,000
10,000
-
28,962
-
34,404
1,800
29,305
4,000
-
-
25,000
-
3,000
510
25,000
-
20,000
5,000
-
-
-
-
-
-
-
-
-
-
-
-
-
1,150
-
500
-
23,982
25,000
27,906
2,500
-
25,000
30,000
219,851
189,548

33

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
2022
2022
2022
2022
2022
2022
2021
£
£
£
£
£
£
£
(see note 8)
(see note 8)
(see note 8)
(see note 8)
(see note 7)
14,143
1,226
21,809
4,164
5,637
46,979
54,406
21,948
1,254
14,822
4,289
5,770
48,083
46,155
30,597
1,749
20,666
5,983
8,045
67,040
60,280
9,944
568
6,715
1,943
2,614
21,784
22,882
32,431
1,853
21,897
6,328
8,524
71,033
71,424
-
-
-
-
-
-
2,968
15,860
894
230
104
4,110
21,198
5,571
10,597
606
7,157
2,071
2,786
23,217
22,228
135,520
8,150
93,296
24,882
37,486
299,334
285,914

Analysis of governance and support costs

Analysis of governance and support costs
Audit fees
Board meeting costs
Staff costs attributable to governance activities
Irrecoverable VAT		 2022
2021
£
£
7,955
7,620
153
202
14,111
13,953
998
453
23,217
22,228
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
2021
2021
2021
2021
2021
2021
£
£
£
£
£
£
(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
19,711
1,192
15,332
4,359
5,561
46,155
25,615
1,556
20,024
5,822
7,263
60,280
9,078
591
7,601
2,855
2,757
22,882
32,336
1,844
23,726
4,913
8,605
71,424
1,177
77
986
370
358
2,968
4,094
253
31
12
1,181
5,571
9,298
574
7,384
2,294
2,678
22,228
125,004
7,492
93,986
24,474
34,958
285,914

34

Norfolk and Norwich Festival Trust

9. Net (expenditure)/income for the year

This is stated after charging:

This is stated after charging:
2022 2021
£ £
Operating leases 20,200 1,724
Depreciation 21,197 5,570
Foreign exchange gain/(loss) 30 (3,922)
Fees paid to auditor:
Audit 7,955 7,620
Non-audit services (tax advice and assurance) 860 2,910

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

Salaries and wages
Social security costs
Pension costs		 2022
2021
£
£
885,929
824,815
71,416
65,489
15,498
15,301
972,843
905,605

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 (2021: 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 £126,606 (2021: £130,614).

35

Norfolk and Norwich Festival Trust

Staff numbers

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

Norfolk & Norwich Festival
Open Studios
Festival Bridge
Common Ground
Fundraising and festival bar
Executive and support		 2022
2021
Number
Number
12.5
11.1
0.6
0.6
6.1
6.1
3.1
2.8
3.6
3.2
4.4
4.4
30.3
28.2
The average head count per month was 48 (2021: 43).
The number of staff who had employee benefits of more than £60,000 in the following ranges were:
2022 2021
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 2022
Additions
Disposals
At 31 December 2022
Depreciation:
At 1 January 2022
Charge for the year
Released on disposal
At 31 December 2022
Net book value:
At 1 January 2022
At 31 December 2022		 Computer
Equipment
Office
Equipment
and
Fittings
Production
Equipment
Leasehold
Improvements
Total
£
£
£
£
£
98,070
49,885
2,466
153,523
303,944
1,589
(70,737)
-
(46,719)
6,400
-
85,673
-
93,662
(117,456)
28,923
3,166
8,866
239,197
280,152
91,458
46,905
2,466
-
140,829
6,410
(70,737)
745
(46,519)
1,936
-
12,108
-
21,199
(117,256)
27,131
1,131
4,402
12,108
44,772
6,612
2,980
-
153,523
163,115
1,794
2,034
4,464
227,088
235,380

36

Norfolk and Norwich Festival Trust

13. Investments

Charity

The Charity investments total of £1 (2021: £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
2022
2021
2022
2021
£
£
£
£
87,809
41,988
87,809
41,988
83
145
83
143
173,079
247,494
173,078
250,557
-
15,407
-
15,407
-
-
97,927
23,202
260,971
305,034
358,897
331,297

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
2022
2021
2022
2021
£
£
£
£
125,262
69,487
125,262
69,487
30,606
22,994
30,606
22,994
20,130
11,710
20,130
11,710
23,723
21,700
23,723
21,700
19,356
15,575
19,356
15,575
219,077
141,466
219,077
141,466
Group
Charity
2022
2021
2022
2021
£
£
£
£
21,700
19,967
21,700
19,967
(21,700)
(16,767)
(21,700)
(16,767)
23,723
18,500
23,723
18,500
23,723
21,700
23,723
21,700

Deferred income comprises box office income in advance of the festival of £23,723 (2021: £ Nil). In 2021, deferred income also included project delivery income received in advance of delivery £3,200, sponsorship income for 2022 festival of £3,500 and Festival Bridge income of £15,000.

37

Norfolk and Norwich Festival Trust

16. Analysis of charitable funds

Analysis of movements in unrestricted funds (Group)

General fund
Designated funds
New database
Future programme investment
Rebrand & redesign
Property and equipment fund
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 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		 Funds
Income
Expenditure
Gains/
Transfers
Funds
1 Jan 22
(losses)
31 Dec 22
£
£
£
£
£
£
259,493
1,460,657
(1,482,024)
30
40,517
278,673
4,962
-
-
-
(4,962)
-
83,554
-
-
-
-
83,554
2,494
-
(2,495)
-
1
-
41,793
-
(1,537)
-
(18,197)
22,059
135,742
-
(61,232)
-
-
74,510
11,237
-
7,513
-
(18,750)
-
9,974
-
-
-
(9,974)
-
10,000
-
-
-
(10,000)
-
23,000
-
(15,202)
-
(7,798)
-
15,000
-
(19,230)
-
4,230
-
2,000
-
(896)
-
-
1,104
5,000
-
(1,625)
-
(3,375)
-
153,523
-
(12,108)
-
85,673
227,088
757,772
1,460,657
(1,588,836)
30
57,365
686,988
Funds
Income
Expenditure
Gains/
Transfers
Funds
1 Jan 21
(losses)
31 Dec 21
£
£
£
£
£
£
274,074
1,212,449
(1,142,343)
(3,922)
(80,765)
259,493
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
619,992
1,212,449
(1,212,193)
(3,922)
141,446
757,772

38

Norfolk and Norwich Festival Trust

Analysis of movements
General fund
Designated funds
New database
Future programme
investment
Rebrand & redesign
Property and equipment
fund
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 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		 in unrestricted funds (Charity)
Funds
Income
Expenditure
Gains/
Transfers
Funds
1 Jan 22
(losses)
31 Dec 22
£
£
£
£
£
£
259,492
1,382,068
(1,403,435)
30
40,517
278,672
4,962
-
-
-
(4,962)
-
83,554
-
-
-
-
83,554
2,494
-
(2,495)
1
-
41,793
-
(1,537)
-
(18,197)
22,059
135,742
-
(61,232)
-
-
74,510
11,237
-
7,513
-
(18,750)
-
9,974
-
-
-
(9,974)
-
10,000
-
-
-
(10,000)
-
23,000
-
(15,202)
-
(7,798)
-
15,000
-
(19,230)
-
4,230
-
2,000
-
(896)
-
-
1,104
5,000
-
(1,625)
-
(3,375)
-
153,523
-
(12,108)
-
85,673
227,088
757,771
1,382,068
(1,510,247)
30
57,365
686,987
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

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.

39

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 Guildhall fund previously ‘The office move fund’ is designated for costs that arise as a result of the office relocation in 2021.

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

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.

Fixed assets represents the net book value of all 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.

40

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
Guildhall Capital Project
ACE - CIN PPP
Lift Capital Project –
Norwich Freeman
Charity
Festival Futures
CL in Schools
Total restricted funds		 Funds
Income
Expenditure
Gains/
Transfers
Funds
1 Jan 22
(losses)
31 Dec 22
£
£
£
£
£
£
267,543
560,395
(658,195)
-
-
169,743
11,031
230,244
(245,558)
-
10,000
5,717
60,977
-
(44,078)
-
-
16,899
-
79,671
(79,671)
-
-
-
-
-
-
-
-
2,000
-
(2,000)
-
-
-
4,082
8,000
-
26,389
-
-
7,476
-
(8,000)
-
(26,500)
-
-
-
-
-
-
(7,476)
111
4,082
-
-
-
-
-
-
60,000
34,442
14,700
-
(11,411)
(14,700)
-
-
-
(60,000)
-
-
-
23,031
-
380,022
986,928
(1,090,113)
-
(57,365)
219,472
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
ACE - Cultural Recovery
Fund #2
Guildhall Capital Project
ACE - CIN PPP
NCC Experience
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

41

Norfolk and Norwich Festival Trust

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

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

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

Billy & The Beast Project - this relates to funding received from Norfolk Music Hub to produce a concert for children, this was delivered in 2022.

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.

Lift Capital Project was funding received from Norwich Freeman Charity to support the installation of a lift to make the Guildhall premises fully accessible.

Festival Forever is a National Lottery Heritage Fund (NLHF) project, supporting the Festival’s 250 anniversary celebrations. This is a volunteer led project to research, record and celebrate the history of Norfolk & Norwich Festival and the people whose lives it has touched.

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Norfolk and Norwich Festival Trust

Creative Learning Schools represents grants and donations towards ‘Take Part’ programme which encompasses participation, engagement, education and skills development – all with the aim of enabling lifelong creativity.

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.

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		 General
fund
Designated
funds
Restricted
funds
Total
funds
£
£
£
£
8,292
227,088
-
235,380
306,302
181,227
141,657
629,186
(35,921)
-
77,815
41,894
278,673
408,315
219,472
906,460
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

Analysis of assets between funds (Charity)

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
£
£
£
£
8,292
227,088
-
235,380
1
-
-
1
208,374
181,227
141,657
531,258
62,005
-
77,815
139,820
278,672
408,315
219,472
906,459
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
43

Norfolk and Norwich Festival Trust

18. Analysis of changes in net debt (Group)

At 1 Jan Cash flows Foreign At 31 Dec
22 exchange 22
movements
£ £ £ £
Cash 771 760 - 1,531
Cash at bank 810,340 (182,715) 30 627,655
Total changes in net debt 811,111 (181,955) 30 629,186
nalysis of changes in net debt (Charity)
At 1 Jan Cash flows Foreign At 31 Dec
22 exchange 22
movements
£ £ £ £
Cash 771 760 - 1,531
Cash at bank 784,076 (254,379) 30 529,727
Total changes in net debt 784,847 (253,619) 30 531,258

Analysis of changes in net debt (Charity)

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.

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 2022 there was £37,847 recharged by the Charity to the subsidiary with regards to employment costs (2021: £23,179). At the balance sheet date Norfolk & Norwich Festival Limited owed £97,927 (2021: £23,202) to the charity (as disclosed in note 14).

There are no other related party transactions.

44

Norfolk and Norwich Festival Trust

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		 2022
2021
Leasehold
Property
Leasehold
Property
£
£
16,300
16,300
60,000
60,000
133,750
148,750
210,050
225,050

There were no operating leases held by the Group in the year to 2022 with regards to Office Equipment. The operating leases in the year to 2022 relate to the Charity’s operating premises at the Guildhall, and a storage facility.

45