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2023-07-31-accounts

Charity number: 1193093

PLYMOUTH CULTURE CIO

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

PLYMOUTH CULTURE CIO

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 6
Independent Examiner's Report 7 - 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Financial Statements 11 - 25

PLYMOUTH CULTURE CIO

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2023

Trustees L Hall, Chair
S Smith
V Pomery
J Evans
D Baker
C Bennewith
A Etheridge
Charity registered
number
1193093
Principal office
Plymouth University
Drake Circus
Plymouth
Devon
PL4 8AA
Chief executive officer
H Harris
Accountants
Griffin
Chartered Accountants
165 High Street
Honiton
EX14 1LQ

Page 1

PLYMOUTH CULTURE CIO

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2023

The Trustees present their annual report together with the financial statements of the Plymouth Culture CIO for the period 1 August 2022 to 31 July 2023.

Objectives and activities

a. Policies and objectives

Plymouth Culture exists to support the development of arts and culture across Plymouth and the South West Region. It is a development organisation which provides leadership, strategic planning and funding support to the culture sector.

The charity’s objectives are specifically restricted to promote, improve, develop and maintain public education and appreciation of the arts and culture across the city of Plymouth, and the wider area, for the public benefit by providing leadership, strategic planning and support to the cultural sector.

As outlined in the 2022/23 Business Plan the core activities for this period will be:

Page 2

PLYMOUTH CULTURE CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Objectives and activities (continued)

Achievements and performance

a. Main achievements of the Charity

Plymouth Culture is a small charity operating within Plymouth, Devon, within the cultural sector. The cultural landscape has been and continues to be incredibly challenging, with many organisations faced with funding cuts, rising costs and national or even global challenges, such as political instability, climate crisis, racism and health inequalities, that require the cultural sector to respond.

These pressures rightly require all cultural organisations to rethink and reposition so they remain inclusive and relevant. However, this landscape also creates instability and a level of vulnerability within the sector and the city. Plymouth Culture has, during this time, continued to play an important leadership role. Our power of convening remains paramount to the success of the organisation and enables us to bring partners together for strategic conversations to help sustain and grow the sector.

The work of advocacy, convening and brokering is not always visible as a tangible output but is our strength and uniquely positions Plymouth Culture. As such we can drive the cultural agenda, linked to the Culture Plan, and sit at the heart of partnership activity. We recognise we are operating within an ecology and that we are therefore seeking to affect system change. This takes time and consistency and we recognize that this strategic programme of work will continue to sit at the core of our organisation.

This period of time was pivotal because it saw the organisation successfully retain NPO status and therefore secure core funding from April 2023- March 2026 to continue this important work. This was an incredibly competitive process and whilst a positive outcome represents a funding cut in real terms given inflation and rising costs, so we will need to keep activity levels under review so as not to overstretch the organisation.

With reference to the business plan objectives, achievements to note include:

Page 3

PLYMOUTH CULTURE CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The target level of free reserves is set at three months operating costs, which is approximately £55,000. Reserves are currently held at £119,868. This provides sufficient time should the organisation lose existing funding streams to a) secure alternative sources of funding or b) close the organization, meeting immediate operational obligations including redundancy payments.

The reserves will be unrestricted and are intended to enable the organisation to deliver its core priorities which include, but is not limited to:

The trustees will call upon the reserves in order to maintain delivery against these priorities if required. The policy will remain under regular review in order to evolve with the financial requirements of the organisation.

c. Financial results

During the period, the charity received total income of £365,652 and had total costs of £432,885 giving a deficit of £67,233. Additional funds received from the HAZ and C-Care programmes has boosted income this year but this is directly related to delivery so is not anticipated to add significantly to profit and in turn reserves.

The charity receives core funding from Arts Council England (ACE) as a National Portfolio Organisation (NPO) and an unrestricted grant from Plymouth City Council (PCC) to support operating activities. The charity has secured a further three years of funding from ACE for the 2023-26 programme period, which is important for the future of the organization.

The charity has taken a prudent view on all other non-confirmed funding and assumed that none will be received from other sources in the next financial year.

Page 4

PLYMOUTH CULTURE CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Structure, governance and management

a. Constitution

Plymouth Culture CIO is a Charitable Incorporated Organisation, charity number 1193093, governed by its constitution dated 22 December 2020.

b. Methods of appointment or election of Trustees

Apart from the first charity trustees, every trustee must be appointed, for a term of three years, by a resolution passed at a properly convened meeting of the charity trustees.

In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.

Plans for future periods

As the pressures of funding continue it is important to continually review and reassess the work of the organisation. In particular we need to ensure our limited resources serve our strategic ambitions and that our staff team are not overstretched. The next year will be a period of time to embed the core NPO work and undertake brand review activity to realign our purpose and communications strategy.

With a view to our strategic leadership role, we will focus efforts on aligning the cultural agenda with other city priorities. We remain fortunate to partner with a local authority that continues to champion culture and there are significant opportunities to position culture as a mechanism for achieving city wide ambitions such as improving health outcomes, engaging communities, building civic pride and improving educational attainment. We consider this to sit within our strategic programme of work entitled ‘Cultural Place-making’ and drive this activity forward over the coming years.

Page 5

PLYMOUTH CULTURE CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

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

Approved by order of the members of the board of Trustees on _______ and signed on their behalf by: 26/03/2024

L Hall

Chair

Page 6

PLYMOUTH CULTURE CIO

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JULY 2023

Independent Examiner's Report to the Trustees of Plymouth Culture CIO ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 July 2023.

Responsibilities and Basis of Report

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institure of Chartered Accountants in England and Wales, which is one of the listed bodies.

Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Page 7

PLYMOUTH CULTURE CIO

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

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. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.

Laura Waycott FCA

Griffin Chartered Accountants 165 High Street Honiton EX14 1LQ Date: 14/05/2024

Page 8

PLYMOUTH CULTURE CIO

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2023

Note
Income from:
Donations and legacies:
4
. Other donations and legacies
Charitable activities
5
Total income
Expenditure on:
Charitable activities
7
Total expenditure
Net income/(expenditure)
Transfers between funds
14
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2023
£
-
174,860
174,860
171,228
171,228
3,632
29,302
32,934
27,157
32,934
60,091		 Unrestricted
funds
2023
£
53,964
136,828
190,792
261,657
261,657
(70,865)
(29,302)
(100,167)
159,944
(100,167)
59,777		 Total
funds
2023
£
53,964
311,688
365,652
432,885
432,885
(67,233)
-
(67,233)
187,101
(67,233)
119,868		 Total
funds
2022
£
53,964
472,535
526,499
494,708
494,708
31,791
-
31,791
155,310
31,791
187,101

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 11 to 25 form part of these financial statements.

Page 9

PLYMOUTH CULTURE CIO

BALANCE SHEET FOR THE YEAR ENDED 31 JULY 2023

Note
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one
year
13
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
14
Unrestricted funds
14
Total funds		 11,564
134,353
145,917
(26,515)		 2023
£
466
466
119,402
119,868
119,868
119,868
60,091
59,777
119,868		 22,684
194,674
217,358
(31,362)		 2022
£
1,105
1,105
185,996
187,101
187,101
187,101
27,157
159,944
187,101

The financial statements were approved and authorised for issue by the Trustees on _______ and signed on their behalf by: 26/03/2024

L Hall Chair

The notes on pages 11 to 25 form part of these financial statements.

Page 10

PLYMOUTH CULTURE CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

1. General information

Plymouth Culture is a Charitable Incorporated Organisation registered in England and Wales. The Charity registration number is 1193093 and the registered office address is Plymouth University, Drake Circus, Plymouth, PL4 8AA.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

Plymouth Culture CIO meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. 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 charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

Page 11

PLYMOUTH CULTURE CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

2. Accounting policies (continued)

2.4 Tangible fixed assets and depreciation

Tangible fixed assets costing £100 or more are capitalised 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 at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to 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, using the straight-line method.

Depreciation is provided on the following basis:

2.5 Debtors

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

2.6 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.7 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time 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.

2.8 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.9 Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

Page 12

PLYMOUTH CULTURE CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

2. Accounting policies (continued)

2.10 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Critical areas of judgment:

The Charity has provided estimates relating to the depreciation of fixed assets. These assets are depreciated over their estimated useful life.

Page 13

PLYMOUTH CULTURE CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

4. Income from donations and legacies

Unrestricted Total
funds funds
2023 2023
£ £
Donations 53,964 53,964

Included in donations is £53,964 (2022: £53,964) of donated facilities. The charity is grateful to University of Plymouth for the use of office space and facilities. The estimated value of these services is recognised within incoming resources as a donation and an equivalent charge included within rent costs.

Unrestricted Total
funds funds
2022 2022
£ £
Donations 53,964 53,964

5. Income from charitable activities

Mayflower 400 funding
Arts Council funding
Plymouth City Council funding
Other funding		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
-
-
-
135,448
152,860
-
22,000
1,380
174,860
136,828		 Total
funds
2023
£
-
135,448
152,860
23,380
311,688

Restricted income from Plymouth City Council includes distributions from other funders broken down as follows: £54,206 (2022 - £30,832) - Historic England (HAZ); £91,482 (2022 - £34,500) - Interreg (C-Care); £7,172 ( 2022 - £92,000) - Public Sector (ARG).

Page 14

PLYMOUTH CULTURE CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

5. Income from charitable activities (continued)

Mayflower 400 funding
Arts Council funding
Plymouth City Council funding
Other funding		 Restricted
funds
2022
£
34,000
-
157,332
29,885
221,217		 Unrestricted
funds
2022
£
-
135,446
100,000
15,872
251,318		 Total
funds
2022
£
34,000
135,446
257,332
45,757
472,535

6. Analysis of grants

Mayflower 400 project
Literature Works
Cultural Investment Fund
Mayflower 400 project
Literature Works
Cultural Investment Fund		 Grants to
Institutions
2023
£
-
-
3,874
3,874
Grants to
Institutions
2022
£
34,208
829
20,093
55,130		 Total
funds
2023
£
-
-
3,874
3,874
Total
funds
2022
£
34,208
829
20,093
55,130

Page 15

PLYMOUTH CULTURE CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

7. Analysis of expenditure by activities

Culture and art
Culture and art		 Activities
undertaken
directly
2023
£
309,727
Activities
undertaken
directly
2022
£
335,613		 Grant
funding of
activities
2023
£
3,874
Grant
funding of
activities
2022
£
55,130		 Support
costs
2023
£
119,284
Support
costs
2022
£
103,965		 Total
funds
2023
£
432,885
Total
funds
2022
£
494,708

Analysis of direct costs

Staff costs
Community Development
Strategic Leadership
Project costs		 Total
funds
2023
£
120,502
17,645
6,800
164,780
309,727		 Total
funds
2022
£
110,139
29,375
70
196,029
335,613

Page 16

PLYMOUTH CULTURE CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

7. Analysis of expenditure by activities (continued)

Analysis of support costs

Depreciation
Advertising and Marketing
Rent
Accountancy fees
Bank Charges
Subscriptions
Travel
General Expenses
Staff training
Insurance
Legal and professional fees		 Total
funds
2023
£
639
46,431
54,029
6,562
523
3,476
2,113
4,304
-
207
1,000
119,284		 Total
funds
2022
£
970
30,020
54,344
6,661
549
1,898
702
4,797
1,501
39
2,484
103,965

8. Independent examiner's remuneration

The independent examiner's remuneration amounts to an independent examiner fee of £675 (2022 - £630) , and fees payable for all other services provided of £5,887 ( 2022 - £6,031 ).

9. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2023
£
111,390
6,757
2,355
120,502		 2022
£
101,546
6,437
2,156
110,139

Page 17

PLYMOUTH CULTURE CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

9. Staff costs (continued)

The average number of persons employed by the Charity during the year was as follows:

2023 2022
No. No.
Employees 4 3

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2023 2022
No. No.
In the band £60,001 - £70,000 1 -

The key management personnel of the charity consists of just the Chief Executive Officer. The total amount of employee benefits received by the key management personnel of the charity was £63,071 (2022 - £57,696).

10. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year ended 31 July 2023, no Trustee expenses have been incurred (2022 - NIL) .

Page 18

PLYMOUTH CULTURE CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

11. Tangible fixed assets

Cost or valuation
At 1 August 2022
At 31 July 2023
Depreciation
At 1 August 2022
Charge for the year
At 31 July 2023
Net book value
At 31 July 2023
At 31 July 2022		 Computer
equipment
£
2,910
2,910
1,805
639
2,444
466
1,105

Page 19

PLYMOUTH CULTURE CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

12. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2023
£
8,460
1,539
1,565
11,564		 2022
£
10,000
-
12,684
22,684

13. Creditors: Amounts falling due within one year

Trade creditors
Other creditors
Accruals and deferred income		 2023
£
2,837
428
23,250
26,515		 2022
£
30,248
484
630
31,362

Page 20

PLYMOUTH CULTURE CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

14. Statement of funds

Statement of funds - current year

Balance at 1
August 2022
£
Unrestricted funds
Unrestricted
159,944
Restricted funds
Cultural Investment Fund
644
HAZ
21,412
ARG
5,101
C-Care
-
PCEP
-
27,157
Total of funds
187,101		 Income
£
190,792
20,000
54,206
7,172
91,482
2,000
174,860
365,652		 Expenditure
£
(261,657)
(9,403)
(45,575)
(37,082)
(72,675)
(6,493)
(171,228)
(432,885)		 Transfers
in/out
£
Balance at
31 July 2023
£
(29,302)
59,777
-
11,241
-
30,043
24,809
-
-
18,807
4,493
-
29,302
60,091
-
119,868		 Transfers
in/out
£
Balance at
31 July 2023
£
(29,302)
59,777
-
11,241
-
30,043
24,809
-
-
18,807
4,493
-
29,302
60,091
-
119,868
11,241
30,043
-
18,807
-
60,091
119,868

Page 21

PLYMOUTH CULTURE CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

14. Statement of funds (continued)

Mayflower 400 - This is a project funded by Arts Council England, enabling Plymouth Culture to help artists and arts organisations in Plymouth's cultural sector to create projects which explore the Mayflower 400 story. This includes assisting with funding applications, brokering partnerships and leveraging funding for Mayflower 400 projects to celebrate 400 years since The Mayflower sailed from Plymouth to America.

Cultural Investment Fund - This is a partnership between the National Portfolio Organisations in Plymouth to help creative individuals and organisations start cultural initiatives that will create long-lasting positive change in Plymouth. This fund will give creatives the power to test new ideas and develop new concepts that will have profound effects on the city's artistic and cultural agendas. A transfer has been made from Unrestricted funds to the Cultural Investment Fund of £Nil (2022: £4,121), in order to cover the deficit in the fund at the period end.

ARG – The Additional Restricts Grant (ARG) was administered by PCC and available to organisations legally required to close for Covid but not eligible for support grants or not legally required to close but impacted by Covid. As a strategic organisation responsible for supporting the cultural sector, Plymouth Culture was awarded two grants; £80k in March 2021 to support sector recover and £92k in September 2021 and £7k in 2022-2023 to support meanwhile use and film feasibility study.

C-Care – is an Interreg funded programme led by PCC. PC are a delivery partner responsible for the meanwhile use programme and associated business support and blueprint outcomes.

HAZ – is a Historic England funded programme administered by PCC. PC are the led partner for the cultural programme which runs until March 2024. The programme was approved following an application process and includes three strands of work 1) activation of space through cultural commissions 2) meanwhile use and 3) public art.

Plymouth Cultural Education Partnership (PCEP) – is a cross city partnership designed to improve and increase access to cultural opportunities for young people. We contracted a project co-ordinator to host a series of quarterly forums to bring together culture, education, youth and community sector organisations to network and share learning. The co-ordinator role was funded through PC internal funds and a contribution from TRP.

British Art Show (BAS) 9 – is a national touring show with Plymouth as a host city in 2022. The project was led by The Box with PC, KARST, AUP and UoP as partners. PC supported strategic development, city partnerships and marketing activity. Funding came from an ACE nationally significant project grant to UoP with PC as a delivery partner.

MESH – is an informal collective of creative networks which PC convenes. We seek to support each network with a small grant and share learning with and across the networks. The aim is to build a resilient and accessible creative ecosystem. Funded through PC NPO.

Made in Plymouth – is our public platform for showcasing and celebrating cultural activity happening across the city. It acts as a ‘what’s on’ guide highlighting events and venues. It is targeted at Plymouth residents and is intended to build and sustain new and more diverse audiences for culture. Funded through PC NPO.

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PLYMOUTH CULTURE CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

14. Statement of funds (continued)

Statement of funds - prior year

Balance at
1 August Transfers Balance at
2021 Income Expenditure in/out 31 July 2022
£ £ £ £ £
Unrestricted funds
Unrestricted 152,002 305,282 (274,925) (22,415) 159,944
Restricted funds
Mayflower 400 3,308 34,000 (41,429) 4,121 -
Cultural Investment Fund - 29,668 (29,024) - 644
HAZ - 30,832 (9,420) - 21,412
ARG - 92,000 (86,899) - 5,101
C-Care - 34,717 (53,011) 18,294 -
3,308 221,217 (219,783) 22,415 27,157
Total of funds 155,310 526,499 (494,708) - 187,101
Summary of funds
Summary of funds - current year
Balance at 1 Transfers Balance at
August 2022 Income Expenditure in/out 31 July 2023
£ £ £ £ £
General funds 159,944 190,792 (261,657) (29,302) 59,777
Restricted funds 27,157 174,860 (171,228) 29,302 60,091
187,101 365,652 (432,885) - 119,868

15. Summary of funds

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PLYMOUTH CULTURE CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

15. Summary of funds (continued)

Summary of funds - prior year

General funds
Restricted funds		 Balance at
1 August
2021
£
152,002
3,308
155,310		 Income
£
305,282
221,217
526,499		 Expenditure
£
(274,925)
(219,783)
(494,708)		 Transfers
in/out
£
(22,415)
22,415
-		 Balance at
31 July 2022
£
159,944
27,157
187,101

16. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Current assets
Creditors due within one year
Total
Analysis of net assets between funds - prior year
Tangible fixed assets
Current assets
Creditors due within one year
Total		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
-
466
60,091
85,826
-
(26,515)
60,091
59,777
Restricted
funds
2022
Unrestricted
funds
2022
£
£
-
1,105
27,157
190,201
-
(31,362)
27,157
159,944		 Total
funds
2023
£
466
145,917
(26,515)
119,868
Total
funds
2022
£
1,105
217,358
(31,362)
187,101

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PLYMOUTH CULTURE CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

17. Pension commitments

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £2,355 (2022: £2,156). £409 (2022: £484) was payable to the fund at the balance sheet date and are included in creditors.

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