**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: - Sector Development - Strategic Leadership - Partnerships - National Marine Park 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: - Continued delivery of the High Street HAZ culture programme including ‘Meet me at the sundial’ and ‘two sides of the same coin’ commissions; - Successful delivery of the meanwhile use programme including the publication of a City Blueprint and commissioning an Ownership Study based on the report recommendations: - Expanding the community reporter model for the Made in Plymouth platform to help diversify voice and in turn audiences; - Contributed significantly to the successful delivery of the BAS9 programme, with the evaluation informing future decision-making; - Piloted the Tap-In initiative and produced an extensive evaluation report to guide future plans and technical specifications. - Developed and commissioned an anti-racism action learning set for the NPO’s to develop and improve our inclusion strategies; - Hosted multiple music forums to build the music network and publish the Music Action Plan. 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: - Sector support - Securing funding and investment - Leading cultural policy development 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: - select suitable accounting policies and then apply them consistently; - observe the methods and principles of the Charities SORP (FRS 102); - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards (FRS 102) 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 Charity will continue in business. 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: - Computer equipment 3 years straight line ## **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. Page 22 **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** Page 23 **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_| Page 24 **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. Page 25