DoGuSign Envelope ID." 68039239-FE624E39-881E47CA6DB43587 Registered number: 09243292 Charity number: 1186255 INVISIBLE FLOCK CO (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
DoGuSign Envelope ID." 68039239-FE624E39-881E47CA6DB43587 INVISIBLE FLOCK CO IA Company Limited by Guarantee) CONTENTS Page Reference and Administrative Dgtsils of the Charity. its Trustges and Advisers Trustees. Report Independent Auditors. Report on the Financial Ststements 8-11 Statement of Flnanclal Actlvltles 12 Balance Sheet 13 Notes to the Financial Ststements 14-25
DoGuSign Envelope ID." 68039239-FE624E39-881E47CA6DB43587 INVISIBLE FLOCK CO IA Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021 Trustees J Audibert ARA Bertram B Elliot Dr CL Jewitt EM Rutherford C Schoeps Company registered number 09243292 Charity registered number 1186255 Registered office Unit8a Longside Jebb Lane Haigh Barnsley S75 4BS Independent auditors Cooper Parry Group Limited Chartered Accountants Slatulory Auditor One Central Boulevard Btythe Valley Business Park Solihull Wesl Midlands Bgo 8BG Page 1
DoGuSign Envelope ID." 68039239-FE624E39-881E47CA6DB43587 INVISIBLE FLOCK CO IA Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2021 The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 April 2020 10 31 March 2021. The Annual Report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confi'rm that the Annual Report and financial stslemenls of the charitable company comply with the current statutory requirements, the requirements of the charitsble company's governing document and the provisions of the Statement of Recommended Practice ISORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS1021 leffeclive 1 January 20191. sin the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Oblectlves and actlvltles Invisible Flock's charitsble objectives are., The promotion of the arts, in particular, but not exclusively, the art of drama. Our mission is lo redefine and disrupt traditional perceptions and models of global art practice. Drawing directly from the worfd around us we aim to create and foster relevant and contemporary practices that have a long lasting Iransformalive effect. Invisible Flock is driven by four core aims,. global connectivity, true innovation, collaborative processes and ecological action. Global Connectivity A connected world and celebration of diversity is a core mission of Invisible Flock. Our work addresses global themes, inspired by geographies, contexts, audiences and people, il is responsive and politically aware. Our aim is lo make artworks that allow people to be better connected and to participate in meaningful dialogues. We believe that our practice and our business is made stronger, more effective and agile through diverse, global networks and collaborations. We create artworks of global scale and access that help us have a better understsnding of each other, our lives and the challenges we all face in the world. True Innovation - We are committed to exploring how art and technology can create new and emerging practices that have a growing impact on society al large, across many sectors, communities and cultures. As technology is ever more present and enined in day lo day life placing digitsl innovations at the centre of what we create gives us unique levels of proximity and intimacy with our aUdienS, allowing us Unpredented reach and impact particularly in an environmentally changing wodd. Through our residencies and mentoring support programs we are commilled lo dismanding socio-economic barriers to innovation and the slruclural inequalities that perpeluale a pallem of contemporary storytelling techniques remaining in the hands of a select few. Collaborative processes - Working across disciplines and contexts we develop work with a rich variety of people as co-designers and participants in unique and meaningful ways. Placing collaborative processes at the heart of Invisible Flock's mission means we do not place boundaries around what we can create, who is involved and where il might exist. We are passionate about re-imagining art practices and working with others lo develop new hybrid forms of work. We strive lo break down the hierarchy of "expery, through the pooling of multiple experienceslskills our practice is stronger, more relevant lo our audiences and innovative in ils fomi. We believe in strong local collaborations. Where our work addresses certain themes, il cannot be made without the people living within that context, that il is not only the role of art to amplify knowledge but to truly make something together that has a positive impact both in their lives and locality. Page 2
DoGuSign Envelope ID." 68039239-FE624E39-881E47CA6DB43587 INVISIBLE FLOCK CO IA Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Ecological Action We are committed to activating art's role in the mitigation, creative response and global fight for climate justice and ecological repair. Our work explores the environmental crisis in all ils forms, from ecosystem decline, biodiversity loss, climate justice and psychoterralic grief. We are dedicated to exploring this most important issue of our lime and how art praCtIS can offer new perspectives, understandings and debate on these issues and engage with those often excluded from these conversations. We strongly believe that to tackle the climate crisis we must be working across all hazards and risks simultaneously, that to solve this we musl first tackle inequality. Our practice sits across multiple contexts and adjacent sectors, allowing us lo bring our creative thinking and unique way of employing technology to bear in conlexls as diverse as climate science, education, design, the development sector, urban planning and healthcare. We see our practice and our studio as a laboratory for how we think and live in a new ecological normal. A space both physical and conceptual for contemporary and future thinking about the world that surrounds us and how we live in it. We deliver a programme of ambitious, digital and public realm work that is relevant and critically engaged with contemporary society. We create a rolling talent development programme aimed at escalating the level of skill and experimentation with new digitsl art practices while exploring new forms of artistic excellence through cross cultural collaboration. The use of innovative technologies is the backbone of our projects, always pushing at the digital medium as a mechanism to engage and interact with audiences in new critical ways. Central to our practice is an exploration of the ecological crisis in all its forms, from ecosystem decline, biodiversity loss, climate justice and psychoterralic grief. We do this by working collaboratively, across multiple sectors. Achlevements and performance 2020121 was a challenging year, the pandemic had a subslanlial impact on the arts and culture sector. We had many large scale culminating projects planned with festivals, museums and galleries which were indefinitely postponed. Despite this Invisible Flock has been resilient and stsble, pivoting activity to focus on digital and online activity. We have continued to successfully maintain existing international collaborations and develop new ones remotely. In addition to engaging in the development and planning of new works. The result has been a very busy and productive year, with the launch of 7 new digitsl works, continued research and development of 9 other works while also hosting remote artist residencies and online workshops. Our strategic pwramme strands have enabled us lo prioritise resilience and ensure that the organisalion continues to be relevant and responsive. PUBLIC REALM Commissioned by Manchester Science Museum we continued development of Nada Bumi (Earth Tones) an interactive sensory exhibition that invites you to rethink your own relationship with some of the earth's most important ecosystems. The exhibition invites audiences to consider and critically engage with the human impact on landscapes in Indonesia and the Amazon. This work is a collaboration with Digital Nativ Ilndonesial and LABVERDE IBrazill. Unfortunately the exhibition did not take place as planned bul we hope to exhibit the work at the Wellcome Hub during 2021122. SOCIALL Y ENGAGED Duet 2. 0 - As part of our pivoted activity we collaborated with Quicksand to represent Duel for 100 days between June and September 2020. Duet is an app that pairs participating individuals and invites them to exchange details of their lives by answering a question a day. It was accessible lo participate in from anywhere across the wodd. This iteration of Duet sought lo provide an intimate and reflective Spa through which we could all directly respond lo this new world we find ourselves in, especially in light of COVID 19. The project engaged almost 800 individuals globally Page 3
DoGuSign Envelope ID." 68039239-FE624E39-881E47CA6DB43587 INVISIBLE FLOCK CO IA Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Hold,. Beyond Measure - In September 2020 we presented a short film as part of an online exhibition that presented workshops we developed with the Dementia Peer Support group in Leeds prior to the pandemic. This was a commission from the Cultural Institute al the University of Leeds. INTERNA TIONALL Y FOCUSSED Out From the Flood - With funding from the Finnish Institute we continues our collaboration with Subzero in North Finland and developed a durational, immersive and multi-sensory online experience connecting audiences with data from Oulanka National Park,. https.'Ilinvisibleflock.comloutfromthefloodl This project was launched in July 2020. IARA is an online artwork made in collaboration with LABVERDE as part of the Programa Pontes Oi Fuluro, supported by the British Council. This new artwork lara looks to understand the life cycle and stories of the Macacarecuia tree (Eschweilera lenuifolial, a tree species of the igapo forests Iseasonally-flooded forests on the margins of blackwater rivers flooded forests) and one of the oldest trees in the Amazon, approximately 1200 years old. http.'Iliara.invisibleflock.coml GALA is an international working group of 7 organisations responding lo the themes of river and ocean health. We participate in bi-monthly meetings and presented a social media intervention together during October 2020. IDEA TION Creative Responses lo Sustainability.. UK Green Guide is a publication we researched, designed and developed with the Asia-Europe FoundationlASEFI. The publication collects commissioned creative responses, articles and a series of over 30 conversations with artists, collectives and organisations based in the UK whose core practice is grounded sustainable, ecological, environmentsl andlor climate based understandings. https'.Ilcullure360.asef.orglmagazinelgreen-guide-ukl Through this process we were able to support a significant number of artists. Solastalgia / Land Body Ecologies - Our application lo the Wellcome Trust Hub Award was announced as successful in May 2021 we begin the year project in October 2021. The process was delayed by a year which gave us additional time to develop the project and partners further. The two-year research project, led by Invisible Flock, brings together a team of human rights activists, mental health researchers, scientists, and artists lo research the phenomenon of solastslgia. A developing field in global health, solaslalgia is defined as the emotional or exislenlial distress caused by environmentsl change, or commonly described as 'the feeling of homesickness while you are still at home., Through the lens of solaslalgia, the project aims to understand the lived eXperIenS of land trauma on marginalised and indigenous communities. Forest is a durational artwork about how we can imagine and build a symbiotic future with the natural world. Leeds 2023 commissioned an R&D period in which we developed the project and presented online workshops that facilitated a conversation on how ecological thinking, conservation and nature recovery practices can affect and be driven by an art practice and whether new models of thinking about site, resources, mentsl health and space can emerge. The Cost of Innovation + SidencIeS- Residencies are an important element lo our studio practice. The Cost of Innovation is a 3 year project during which we offer opportunities lo artists to join us in investigating models and tools for innovation in our sector. While physical residencies were not possible we created a longer temi opportunity for artists to work alongside us online in advan of a physical residency in 2021. Leeds Creative Labs - We worked with a research team from Leeds University exploring how the arts and humanities can engage with debates about the future of money and finance, working across ethics, literature, theology, media studies, visual and performing arts, design, economic history, and numismatics. Page 4
DoGuSign Envelope ID." 68039239-FE624E39-881E47CA6DB43587 INVISIBLE FLOCK CO IA Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 OTHER Faint Signals is an online inleracb've artwork commissioned by the British Library. An invitstion to slow down, an opportunity to experience an imagined British woodland, densely populated with sounds of nature from the British Library's archive. Each tile scrolled past unlocks a narrative and rich vein of sounds from the forest, all of which are based on real life environments, with wildlife, weather and other nature sounds reflecting the diversity and complexity of ecosystems in the Yorkshire region. https.'Ilfaintsignals.iol Blood Land Embrace is an animation we are facilitating by Majid Adin and commissioned by Journeys Festival. In October 2020 we presented an online teaser ahead of the full work being presented as an outdoor projection work in Manchester and Leicester during October 2021. A Portrait in Ten Parts is a collaboration with Umar Butt, commissioned by the ARC, Stockton. Development was postponed until we were able lo engage directly with the community in April 2021. Press was achieved across a number of online and printed national and international avenues including., inews.co.uk- featuring Duet The New Scientist- featuring Duet FAD Magazine - featuring Out From The Flood Business Next IChinalTaiwanl - featuring Duet Ocula - featuring Out From The Flood iNewspaper- featuring Out From The Flood and Duet Yorkshire Post- featuring Faint Signals Craven Herald featuring Faint Signals BBC Radio Leeds featuring Faint Signals Europeana Pro - featuring Faint Signals BBC - featuring Faint Signals As trustees responsible for Invisible Flock Co. we have tsken into account the Charity Commission's public benefit guidance including the following,. Making decisions to ensure our purpose provides public benefit Making decisions to manage risks of delrimenl or hami to our charity's beneficiaries or lo the public in general that might result from carrying out the purpose Making decisions about who benefits in ways that are consistent with the purpose Making decisions lo make sure any personal benefits are no more than incidental Page 5
DoGuSign Envelope ID." 68039239-FE624E39-881E47CA6DB43587 INVISIBLE FLOCK CO IA Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Flnanclal Revlew Arts Council England are Invisible Flock's principal funder and supported the oryanisalion with the following grants in 2020121., £198,558 - National Portfolio Organisalion £18.952 - Small Capitsl Grant Income was also achieved through the following stands., £5,254 - Ttusts and Foundation$ £5,500 - British Council £4,000 - Leeds City Council £60,924- Fees and Commissions Our lost revenue for 2020121 compared lo predictions is approximately £100,000. However we did not incur any irrecoverable expenditure after being careful not to undertake work or make purchases for projects where income was not secured. We undertook some projects where income did not cover full costs and required our own investment, but they ensured we were able to continue a steady oulpul, engage with audiences and limit the reduction in our programme. Reser•es pollcy It is the policy of the Iruslees to maintain free reserves up to a level that equates to 3 months operational expenditure plus redundancy costs for staff. Due to the large scale nature of our work we also need to consider substantial debtors costs within this figure. The calculated ambition for organisational reserves is therefore £201,856 12020.. £100,928). The level of free reserves at 31 March 2021 was £77,23212020.' £85,085). Golng concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue lo adopt the going concern basis in preparing the financial stslemenls. Further details regarding the adoption of the going cOnM basis can be found in the accounting policies. Structure, governance and management Memorandum and Articles The company is a Company Limited by Guarantee without a share capital. The Iruslees therefore do not have any interest in the share capital of the company. New trustees are advertised or applications invited, candidates are interviewed by Creative Director and Executs've Producer who recommend appointment to the board. Flnanclal rlsk management The Trustees have assessed the major risks to which the Company is exposed, in particular those related lo the operations and fInanS of the Company, and are satisfied that systems and procedures are in pla to mitigate exposure to the major risks. Page 6
DoGuSign Envelope ID." 68039239-FE624E39-881E47CA6DB43587 INVISIBLE FLOCK CO IA Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 ststement of Trustees. responsbllltles The Trustees (who are also the directors of the Company for the purposes of company lawl are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the stale of affairs of the Company and of its incoming resources and application of resources, including ils income and expenditure, for that period. In preparing these financial stalemenls, the Trustees are required lo.. select suitable accounting policies and then apply them consislenlly., observe the methods and principles of the Charities SORP IFRS 1021., make judgements and accounting estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial statements", prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Olsclosure of Infomiatlon to the audltors Each of the persons who are Trustees al the time when this Trustees, Report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order lo be aware of any relevant audit information and to establish that the charity's auditors are aware of that information. Approved by order of the members of the board of Trustees and signed on their behalf by.. DOGUSnedty. Trustee Dale.. 15 December 2021 Page 7
DoGuSign Envelope ID." 68039239-FE624E39-881E47CA6DB43587 INVISIBLE FLOCK CO IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF INVISIBLE FLOCK CO Opinion We have audited the financial statements of Ithe '¢harilable company'l for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balan Sheet and the related notes, including a summary of 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. Iuniled Kingdom Generally Accepted Accounting PracliTrl. In our opinion, except for the possible effects of the matter described in the 'Basis for qualified opinion. section of our report, the financial stalemenls.. give a true and fair view of the slate of the charitable company's affairs as al 31 March 2021 and of ils Incoming resources and application of reSoUrs, Induding its Income and expenditure for the year then ended., have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practice," and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for qualified opinion An audit was not performed for the year ended 31 March 2020 as the Charity does not meet the minimum requirements lo warrant an audit. As a SuIt the comparative figures are unaudited and as such we are unable lo determine whether adjustments lo the figures might be necessary. Our opinion on the current period's financial statements is modified because of the possible effect of this matter on the comparability of the current period's figures and the corresponding figures. We eonducled our audit in accordance with Intemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical sponsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is suffi'cient and appropriate lo 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 eoncern b8s1s of aceounling in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any materi81 uncert8inlies relating to events or conditions that, individually or collectively, may cast significant doubt on the Charitable Company's ability to continue as a going concern for a period of al least twelve months from when the financial statements are authorised for issue. Oui responsibilities and the responsibilities of the directors with respect to going concem are described in the relevant sections of this report. Page 8
DoGuSign Envelope ID." 68039239-FE624E39-881E47CA6DB43587 INVISIBLE FLOCK CO IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF INVISIBLE FLOCK CO ICONTINUEDI Othgr information The other infomialion comprises the information included in the annual report other than the financial statements and our auditorfs report Ihereon. 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 lo the extent otherwise explicitly slated in our report, we do not express any form of assuran conclusion Ihereon. Our responsibility is lo 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 lo be materially misstsled. If we identify such material inconsistencies or apparent material misslatemenls, 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 infomialion, we are required to report that fact. We have nothing to report in this regard. Opinion on other mattors prescribod by the Companigs Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report for the financial year for which the financial slalemenls are prepared Is consistent with the financial statements. the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstalemenls in the Trustees. Report. We have nothing lo report in respect of the following matters in relation to which Companies Act 2006 requires us lo report to you if, in our opinion.. adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us,. or the financial slalements are not in agreement with the accounting records and returns,. or ertain disclosures of Trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for OLJr audit", or the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies. exemptions in preparing the Trustees, Report and from the requirement to prepare a Strategic Report. Responsibilities of trustees As explained more fully in the Trustees, Responsibilities Statement, the Trustees Iwho are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the Trustees determine is necessary to enable the pparatiOn of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial ststemenls, the Trustees are responsible for assessing the charitable company's ability lo continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis of accounb'ng unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but lo do so. Page 9
DoGuSign Envelope ID." 68039239-FE624E39-881E47CA6DB43587 INVISIBLE FLOCK CO IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF INVISIBLE FLOCK CO ICONTINUEDI Auditors. responsibilitigs for tho audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due to fraud or error, and lo Issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, bul Is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslatemenl 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 lo influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are Instsns of non-compliance with laws and regulations. We design procedures in line with our responsibilities, ouuined above, lo delect material misstalemenls In respect of irregularities, including fraud. The extent to which our prOdureS are capable of delecling irregularities, including fraud is detailed below. Our assessment focused on key laws and regulations the Charitable Company's has to comply with and areas of the financial statements we assessed as being more susTrptible to misstalemenl. These key laws and regulations included bul were not limited lo Complian with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant lax legislation. We are not responsible for preventing irregularities. Our approach to delecling irregularities included, but was not limited lo, the following.. obtaining an understanding of the Charitable Company's policies and procedu$ and how the Charitsble Company has complied with these, through discussions with the executive producer and walkthrough testing of controls., obtaining an understanding of the Charitable Company's risk assessment prosS, including the risk of fraud., designing our audit procedures lo respond lo our risk assessment., and performing audit testing over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the nomial course of business and VIewIng aecounting estimates for bias. In response lo the risk of irregularities in relation to non-compliance with laws and regulations, we designed procedures which included, but were not limited to.. agreeing financial ststement disclosures to underfying supporting documentation., reading the minutes of meetings of those charged with governance., enquiring of management as lo actual and potential litigation and claims and reviewing legal and professional expenses,. and reviewing correspondence with HMRC and associated parties., Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities arising from fraud are inherently more difticult lo detect than those arising from error. 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 misstalemenl 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 slatemenls, as we will be less likely lo 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 ConalMent, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-complian and cannot be expected lo detect non<omplianTr with all laws and regulations. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. www.frc.org.uklauditorsresponsibililies. This description forms part of our auditorfs report. Page 10
DoGuSign Envelope ID." 68039239-FE624E39-881E47CA6DB43587 INVISIBLE FLOCK CO IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF INVISIBLE FLOCK CO ICONTINUEDI Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitable company's members those mallers we are required lo slate lo them in an Auditors, 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 charitable company and ils members, as a body, for our audit work, for this report, or for the opinions we have formed. Simon Atkins (Senior for and on behalf of Cooper Parry Group Limited Chartered Accountants statutory Auditor One Central Boulevard Blythe Valley Business Park Solihull West Midlands B90 8BG tutory Auditor) Dale". 16 Dec8mb81 2021 Page11
DoGuSign Envelope ID." 68039239-FE624E39-881E47CA6DB43587 INVISIBLE FLOCK CO IA Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021 Unrestrictod funds 2021 Restricted funds 2021 Total funds 2021 Total funds 2020 Note Income from: Donations and legacies Charitable activities other income 198,588 60,289 31,442 2,255 230,030 62,544 333,621 110,071 39,486 Total income Expenditure on- Raising funds Charitable activities 258,877 33,697 292,574 483,178 5,602 258,750 390 29,359 5,992 288,109 7,898 325,878 Total expenditure 264,352 29,749 294,101 333,776 Net lexpenditurellincome Transfers beeen funds 15,4751 12,3781 3,948 2,378 11,5271 149,402 15 Net movement in funds Reconciliation of funds.. Totsl funds brought forward Nel movement in funds 17,8531 6,326 11,5271 149,402 124,571 17,8531 67,913 6,326 192,484 11,5271 43,082 149,402 Total funds carrigd forward 116,718 74,239 190,957 192,484 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 14 to 25 form part of these financial statements. Page 12
DoGuSign Envelope ID." 68039239-FE624E39-881E47CA6DB43587 INVISIBLE FLOCK CO IA Company Limited by Guarantee) REGISTEREO NUMBER: 09243292 BALANCE SHEET AS AT 31 MARCH 2021 2021 2020 Notg Fixed assets Tangible assets Current assets 12 82,145 90,074 Debtors Cash al bank and in hand 13 24,686 92,533 58,023 47,787 117,219 105,810 Creditors.. amounts falling due within one year 14 18,4071 13,4001 Net current assets 108,812 102,410 Total net assets 190,957 192,484 Charity funds Reslricled funds Unrestricted funds 15 15 74,239 116,718 67,913 124,571 Totsl funds 190,957 192,484 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to enlilies subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. 5437E8TA8BCE41F . EM Rutherford Trustee Dale.. 15 December 2021 The notes on pages 14 to 25 form part of these financial statements. Page 13
DoGuSign Envelope ID." 68039239-FE624E39-881E47CA6DB43587 INVISIBLE FLOCK CO IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Ggnoral information Invisible Flock Co is a charitable company limited by guarantee domiciled in England and Wales, registration number 09243292. The registered Offi is Unit 8a Longside Jebb Lane, Haigh, Bamsley, England, S75 48S. Accounting policios 2.1 Basis of preparation of financial statements The Financial Ststements are prepared in Sterling 1£) which is the functional currency of the Charitable Company. The Financial Statements are for the year ended 31 March 2021 12020". year ended 31 March 20201. The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities". Slalement of Recommended Practice applicable lo charities preparing their accounts in aceordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Invisible Flock Co meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historic81 cost or transaction value unless otherwise slated in the relevant accounb'ng policy. 2.2 Going concern The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The trustees have Consided the level of funds held and the expected level of income and expenditure for 12 months from authorising these fin8nci81 slatemenls. The budgeted income and expenditure is sufficient with the level of reserves and 8 significant net current asset position of £108,812 for the Charitable Company to be able lo continue as a going concern. 2.3 Income All income is reeognised once the Charitable Company has entitlement lo the income, it is probable that the income will be received and the amount of income receivable can be measured lIablY. Gmnls are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specifie purposes bul not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, ils recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Other income is recognised in the period in which il is receivable and to the extent the goods have been provided or on completion of the servi. Page 14
DoGuSign Envelope ID." 68039239-FE624E39-881E47CA6DB43587 INVISIBLE FLOCK CO IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Accounting policios Icontinuedl 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, Including support costs inVoed in undertaking each activity. Direct costs attributable lo a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not atlributsble lo a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Charitable Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non- charitable trading. Expenditure on charitable activities is incurred on direcdy undertaking the activib.es which further the Charitable Company's objectives, as well as any associated support costs. All expenditure is inclusive of Irrecoverable VAT. 2.5 Taxation The Charitable Company is considered to pass the tests sel out In Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation lax purposes. Accordingly, the Charitable Company Is potentially exempl from taxation in respect of income or capital gains reTrived within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 2.6 Tangible fixod assgts and dgprgciation Tangible fixed assets costing £Nil or more are capilalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a reducing balan basis. Depreciation is provided on the following basis.. Plant and machinery Computer equipment Technical assets 15,/0 reducing balan 15,/0 reducing balan 15'/o reducing balan Gains and losses on disposals are determined by comparing the prOed$ with the carying amount and are recognised In the Stslement of Financial Aclivilies. Page 15
DoGuSign Envelope ID." 68039239-FE624E39-881E47CA6DB43587 INVISIBLE FLOCK CO IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Accounting policios Icontinuedl 2.7 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 2.8 Cash at bank and in hand Cash at bank and In hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. 2.9 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balan Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the selllement can be estimated reliably. Liabilities are recognised at the amount that the Charitsble Company anticipates it will pay to settle the debt or the amount it has reTrived as advanTrd payments for the goods or servi$ il must provide. Provisions are measured at the best estimate of the amounts required lo settle the obligation. Where the effect of the lime value of money Is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount Is recognised in the Statement of Financial Activities as a finance cost. 2.10 Pensions The Charitsble Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charitable Company lo the fund in respect of the year. 2.11 Fund accounting General funds are unreslricled funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charitsble Company and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes lo the financial statements. Restricted funds are funds which are to be used in accordanTr with specific reslriclions imposed by donors or which have been raised by the Charitable Company for particular purposes. The costs of raising and administering such funds are Charged against the specific fund. The aim and use of each restricted fund is set out in the notes lo the financial statements. Page 16
DoGuSign Envelope ID." 68039239-FE624E39-881E47CA6DB43587 INVISIBLE FLOCK CO IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Income from donations and logacies Unrestricted funds 2021 Restricted funds 2021 Total funds 2021 Total funds 2020 Grants 198,588 31,442 230,030 333,621 Total 2020 216,000 117,621 333,621 Income from charitable activities Unrestrictod Restricted funds funds 2021 2021 Total funds 2021 Total funds 2020 Fees and Commissions Services Talks and Wotkshops 59,614 93 582 59,614 2,348 582 101,885 2,255 8,186 60,289 2,255 62,544 110,071 Total 2020 105,071 5,000 110,071 Other incoming resources Unre$tri¢ted funds 2021 Total funds 2021 Total funds 2020 Exhibition tsx credits 39,486 Page 17
DoGuSign Envelope ID." 68039239-FE624E39-881E47CA6DB43587 INVISIBLE FLOCK CO IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Exponditure on raising funds Costs of raising voluntary income Unrgstrictod funds 2021 Restricted funds 2021 Total funds 2021 Total funds 2020 Marketing and PR 5,602 390 5,992 7,898 Total 2020 6,886 1,012 7,898 Anatysls of expendlture on charltable actlvltles Summary by fund type Unrestricted Restricted funds funds 2021 2021 Total funds 2021 Total funds 2020 Direct costs 258,750 29,359 288,109 325,878 Total 2020 283,190 42,688 325,878 Summary by expenditure type Total funds 2021 Total funds 2020 Stsff costs Depreciation Other Costs 2021 2021 2021 Direct costs 156,311 17,657 114,141 288,109 325,878 Total 2020 146,977 15,896 183,005 325,878 Page 18
DoGuSign Envelope ID." 68039239-FE624E39-881E47CA6DB43587 INVISIBLE FLOCK CO IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Analysis of expendituro by activities Activities undertaken directly 2021 Support costs 2021 Total funds 2021 Total funds 2020 Direct costs 75,219 212,890 288,109 325,878 Total 2020 135,734 190,144 325,878 Analysis of direct costs Total funds 2021 Total funds 2020 Activities 2021 Accomodalion Artists fees 13,1261 10,173 13,1261 10,173 9,247 4,999 8,109 7,610 1,213 38,243 11,890 30,223 7,200 16,400 600 Assistant producer Collaborating artists fees Installation and logistics Project and workshop materials Studio and Storage Travel and subsistence General manager Interactions engineer Project manager 9,040 185 9,040 185 16,199 16,312 577 9,690 16,169 16,199 16,312 577 9,690 16,189 75,219 75,219 135,734 Total 2020 135,734 135,734 Page 19
DoGuSign Envelope ID." 68039239-FE624E39-881E47CA6DB43587 INVISIBLE FLOCK CO IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Analysis of expendituro by activities Icontinugdl Analysis of support costs Total funds 2021 Total funds 2020 Activities 2021 staff costs Depreciation Accountancy Bank charges Computer running costs Insuran Leg81 and professional Office expenses Subscriptions Training Repairs and maintenance Developers fees 156,311 17,657 6,500 78 819 6,408 7,719 8,694 3,028 206 1,770 3,700 156,311 17,657 6,500 78 819 6,408 7,719 8,694 3,028 206 1,770 3,700 146,977 15,896 2,500 248 114 4,320 8,667 4,744 3,843 2,835 212,890 212,890 190,144 Total 2020 190,144 190,144 Auditors. remuneration 2021 2020 Fees payable to the Charitable Company's auditorlindependent examiner for the audivindependenl exam of the Charitsble Company's annual accounts s,soo 2,500 10. Stsff costs 2021 2020 Wages and salaries Social security costs Contribution lo defined contribution pension schemes 138,073 14,172 4,066 128,977 14,540 3,460 156,311 146,977 Page 20
DoGuSign Envelope ID." 68039239-FE624E39-881E47CA6DB43587 INVISIBLE FLOCK CO IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 10. Stsff costs {continuod) The average number of persons employed by the Charitsble Company during the year was 412020.. 41. 2021 No. 2020 No. Employees No employee reiVed remuneration amounting lo more than £60,000 in either year. Total key management personnel remuneration for the year was £119,51612020.' £119,524). 11. Trustees. remuneration and expenses During the year, no Trustees reiVed any remuneration or other benefits12020.' £Nill. During the year ended 31 March 2021, no Trustee expenses have been incurred12020'. £Nill. 12. Tangible fixed assets Plant and machinery Computer equipment Technical assets Total Cost or valuation At 1 April 2020 Additions 21,526 10,668 79,898 9,728 112,092 9,728 At 31 March 2021 21,526 10,668 89,626 121,820 Depreciation At 1 April 2020 Charge for the year 5,974 2,333 4,059 991 11,985 14,333 22,018 17,657 At 31 March 2021 8,307 5,050 26,318 39,675 Net book value At 31 March 2021 13,219 5,618 63,308 82,145 At 31 March 2020 15,552 6,609 67,913 90,074 Page 21
DoGuSign Envelope ID." 68039239-FE624E39-881E47CA6DB43587 INVISIBLE FLOCK CO IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 13. Debtors 2021 2020 Trade debtors 17,224 143 7,319 8,214 49,479 330 other debtors Prepayments and accrued income 24,686 58,023 14. Creditors: Amounts falling due within one year 2021 2020 Other taxation and social security Other Creditors Accruals and deferred income 1,237 670 6,500 900 2,500 8,407 3,400 Page 22
DoGuSign Envelope ID." 68039239-FE624E39-881E47CA6DB43587 INVISIBLE FLOCK CO IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 15. ststement of funds ststomont offunds - curront year Balance at 31 March 2021 Balance at 1 April 2020 Transfers inlout Income Expenditure Unrostrictod funds Dosignated funds Research and Development Fund 39,486 39,486 General fund$ General Fund 85,085 258,877 1264,3521 12,3781 77,232 Total Unrestricted funds 124,571 258,877 1264,3521 12,3781 116,718 Restricted funds The Cost of Innovation 67,913 18,942 2,255 118,1641 16,2941 13751 19411 11 1721 12,8031 3,831 72,522 14,0391 Earth Tones Finland Hold Leeds Inspired Forest 375 4,000 3,000 5,500 3,059 Wellcome Seed Fund 11,8281 Walk Like A Bee 2,697 67,913 33,697 129,7491 2,378 74,239 Total of funds 192,484 292,574 1294, 1011 190,957 The Research and Development Fund is a fund designated by the Trustees lo support future innovation. Reslricled Funds noted above relate to individual grants and agreements lo deliver artistic projects with the exception of The Cost of Innovation which relates to a grant lo purchase capital items. Transfers beeen funds relate lo the allocation of overheads to individual projects or the lop up of funds lo projects where there are small project deficits. Page 23
DoGuSign Envelope ID." 68039239-FE624E39-881E47CA6DB43587 INVISIBLE FLOCK CO IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 15. ststement of funds Icontinuedl ststomont of funds - prior year Balance at 31 March 2020 Balanco at 1 April 2019 Transfers inlout Income Expenditure Unrostrictod funds Dosignated funds Research and Development Fund 39,486 39,486 General fund$ General Fund 43,082 360,557 1290,0761 128,4781 85,085 Total Unrestricted funds 43,082 360,557 1290,0761 11,008 124,571 Restricted funds Calalysl The Cost of Innovation Earth Tones Finland Hold Leeds Inspired Nada Bumi Wellcome Seed Fund 17,799 78,389 7,226 5,998 3,209 10,000 113,1121 113,5091 13, 1981 11 1681 12,1481 110,5651 14,6871 3,033 14,0281 14,8301 11,0611 67,913 122,621 143,7001 111,0081 67,913 Total of funds 43,082 483,178 1333,7761 192,484 Page 24
DoGuSign Envelope ID." 68039239-FE624E39-881E47CA6DB43587 INVISIBLE FLOCK CO IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Analysis of net assets botwgen funds Analysis of net assets between funds - current year Unrestricted funds 2021 Restricted funds 2021 Total funds 2021 Tangible fixed assets Current assets Creditors due within one year 18,837 106,288 18,4071 63,308 10,931 82,145 117,219 18,4071 Total 116,718 74,239 190,957 Analysis of net assets between funds - prior year Unrestricted Restricted funds funds 2020 2020 Total funds 2020 Tangible fixed assets Current assets 22,161 105,810 13,4001 67,913 90,074 105,810 13,4001 Creditors due within one year Total 124,571 67,913 192,484 17. Related party transactions The Charitable Company has not entered into any related party transaction during the year, nor are there any outstanding balances owing beeen related parties and the Charitable Company at 31 March 2021. Page 25